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Moving Home - Mortgage question
me1234
Posts: 35 Forumite
We currently have a mortgage on a property worth £95k and are looking to move to a bigger house next year. We aim to have the mortgage down to £55k outstanding before moving.
We are looking at a house around the £240k mark and calculations suggest that I will need £180k mortgage. I just wondered how this would work - does the £55k I will have outstanding on the first mortgage be transferred over (at the same current rate), therefore I will only actually need an additional £125k? at a different rate?
Not sure how this process works - any help/advice would be much appreciated.
We are looking at a house around the £240k mark and calculations suggest that I will need £180k mortgage. I just wondered how this would work - does the £55k I will have outstanding on the first mortgage be transferred over (at the same current rate), therefore I will only actually need an additional £125k? at a different rate?
Not sure how this process works - any help/advice would be much appreciated.
0
Comments
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if you sell your house for 95 k, minus the outstanding mortgage you will have 40k to play with, not including fees of course.
Do you have enough salary to cover the x4.5 to reach 240k?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Yeah - current mortgage is in my name only but next mortgage will be joint therefore should be able to cover the increase0
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The existing mortgage is repaid from the sale proceeds, but you may be able to "port" the rate from it to the first part of a new mortgage with the same lender if you want to, and if you qualify for it.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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