Mortgage when selling and buying

NI_Sense

Hi.

Please can someone advise me on the best approach when looking at a future mortgage application in an awkward situation. Basically I am selling my house and hopefully buying another at the same time. As it stands the mortgage deal for the home I am selling (my home) is coming to an end in July 1st 21. The rate is 1.89%. It is portable. If I sell my current home and buy a new house and complete that purchase before the 1st of July 21 say May 21, is it simply a matter of porting the 1.89% mortgage to my new house in May, then applying for new one starting 1st July? Sorry big sentence. Basically would appreciate any strategies you guys could think of to keep things simple before I proceed with a full mortgage application.

Carl2510

It’s not as simple as that, I’m no expert but It depends on what price the next property is going to be, say it was higher and you needed to borrow more let’s say current mortgage is 150K and you need to borrow another 50K your original 150k will be at your current rate hopefully as that’s the plan. But the extra could be at a different rate. Hopefully someone with more knowledge will come along and help you with your question.

NI_Sense

Carl2510 said:

It’s not as simple as that, I’m no expert but It depends on what price the next property is going to be, say it was higher and you needed to borrow more let’s say current mortgage is 150K and you need to borrow another 50K your original 150k will be at your current rate hopefully as that’s the plan. But the extra could be at a different rate. Hopefully someone with more knowledge will come along and help you with your question.

Hi thanks for your reply. The house I'm buying is a lower price.