Moving house and getting a larger mortgage

liz09

Hi all,

We're looking at moving from our flat to a house in the local area. We haven't had an offer accepted yet but we don't want to move any further in the process until we're sure of the situation.

We have a 5year fixed mortgage which still has 3.5 years to run and we can port this apparently to the new property.

We would need to raise around 20-30 k in additional cash to purchase the new property, we have a Bristol and West Mortgage. The LTV would stay the same by us putting additional deposit in.

I have had pay rises equating to around 2k and my partner has had around 1k pay rise, my P45 (due to bonusses) also came in higher so I could probably use that also. I'm sure this probably isn't enough to secure the amount we need, any advice?

Secondly, if we move do they effectively credit check us again for the first mortgage, as since then my partner has consolidated some debt into a joint largish loan. Basically what I don't want to happen is they credit check us say we can't port the mortgage and then try and take our current mortgage away. We have never missed a payment.

Any advice appreciated.

Cheers
Liz

Conrad

Liz in a nutshell, yes the entire application is re - underwritten, as to do otherwise would be deemed irresponsible lending, afterall, you could now be unemployed for all they know.

liz09

Ok so does that mean that by putting in a new mortgage application they could pull our current mortgage, or are we safe in the knowledge that if they reject us for a larger mortgage we can still stay where we are and continue with what we already have arranged?