Mortgage Advice Required pleeeeeeese!!

debt_collector

I currently have an outstanding interest only mortgage with Northern Rock of £90,014.84p with a 21 year 8 months remaining term, interest rate of 5.09%. I have a secured loan with Northern Rock which is repayment at 7.44% remaining term of 21 years 4 months, balance of £5322.87p. My total outstanding balance is therefore £95,337.
My sallary is £28000 p/a. If I sell my house, I think I will be lucky if I get a £3000 profit from it.

My question is this: I am currently thinking of selling up and moving home. The propertys i have seen range from £137000 - £150000. Im not hopeful that I will get a mortgage on my wage for the above amounts therefore think that I will have to rent. Can anyone suggest a company etc that may be able to help me or point me in the right direction??

Regards

Martin_Moore

Debt Collector,

If you are lucky to get 3k profit would you have any other capital to use as deposit. ???

If you have a 5% deposit depending on your credit rating you might get up to 5 times your income. (depends on credit scoring)

Most of the 100% deals have been withdrawn and those that still lend have very conservative income multiples 3.5 x income.

From what you wrote it sounds as though you will still be tied in. Check the mortgage offer to see if the loan is portable (i.e able to use on different property, although another credit search would probably apply)

If you got a Together product in the first place you had a good credit rating anyway, if you have not had any problems then that should still be the case.

Basically if you have a 5% deposit it might be possible. Dont forget stamp duty kicks in at 125k

kevinchapman82

Even if it was originally portable, it would no longer meet the lenders criteria, so would be declined. It is only the product that is portable, not the lending policy.

As you suggest, getting a 5% deposit together seems to be the way forward.

debt_collector

Unfortunatly I would have no other capital. I do have a together mortgage and my early repayment charge end date is October 01st 2008. Not sure if it is portable, havent enquired yet. I think my best bet is to sell my house, rent a property then when I get a job at my new location I am in a position to rent again without having to wait until my house is sold??