paying ERC charge and moving

Marvel123

we are 15 months into our 5 year fixed nationwide mortgage @ 2.19%
we want to move as our house but need a bit of advice on moving mortgage and how it works
we are prepared to pay the 7k ERC, and with a deposit we would need roughly the size of mortgage we currently have for a new property.

is it a case of moving mortgage to a different property or do you need to go through whole application again ( our income is about 6k then wen we applied )

Thrugelmir

Have you considered porting the mortgage to the new property? A full application will still be required. 

Splash21

Doing the same with HSBC and porting the mortgage. It won't be worth paying the 7k, unless you personally just want to. 

Marvel123

thank you both so porting seems possible - confirmed with Nationwide

could you provide further assistance if possible please? 

-we have o/s balance of £155k on mortgage, if we sell our house for £280 , we would have £125 equity
-our income has gone down and affordability calculator says Nationwide would lend us £145
does that mean it would till be possibly? would we need to make the £10k difference up from savings? 

Marvel123

I'm trying to work out what price we could go to on a new property to see of it's worth porting , or just selling up 

getmore4less

Whatever you do this is going to be expensive.

Why do you needed to move that is not clear.

Marvel123

getmore4less said:

Whatever you do this is going to be expensive.

Why do you needed to move that is not clear.

we are prepared to lose a bit of money, as the other alternative is to sell up and rent 
 we have issues with the house ( personal )  and would rather sell now whilst prices are at a preminum in our area 

dimbo61

Put home up for sale !
Find new property ? Budget £250/260,000
Port current mortgage 

Thrugelmir

Marvel123 said:

thank you both so porting seems possible - confirmed with Nationwide

could you provide further assistance if possible please? 

-we have o/s balance of £155k on mortgage, if we sell our house for £280 , we would have £125 equity
-our income has gone down and affordability calculator says Nationwide would lend us £145
does that mean it would till be possibly? would we need to make the £10k difference up from savings? 

Buy a cheaper property and reduce the size of the mortgage. Have you factored in how much it's going to cost you to move?