Hi
I was wondering if anyone can give me some advice.
I am in the process of selling my flat and porting the existing mortgage and then borrowing more to enable me to buy the house. The figures are below:
Mortgage being ported over: £181,000
Extra borrowing: £124,000
Value of Property: £365,000
My existing lender (Woolwich) has said that they can lend me the 124K at 4.89% fixed for 4 years (fee £499). My question is that can I borrow from another lender as my LTV will only be (124k/365k) = 34% or will the new lender look at the debt as whole and include the 181K that I have with Woolwich and calculate the LTV is 84%.
I hope that makes sense..! :D
I was wondering if anyone can give me some advice.
I am in the process of selling my flat and porting the existing mortgage and then borrowing more to enable me to buy the house. The figures are below:
Mortgage being ported over: £181,000
Extra borrowing: £124,000
Value of Property: £365,000
My existing lender (Woolwich) has said that they can lend me the 124K at 4.89% fixed for 4 years (fee £499). My question is that can I borrow from another lender as my LTV will only be (124k/365k) = 34% or will the new lender look at the debt as whole and include the 181K that I have with Woolwich and calculate the LTV is 84%.
I hope that makes sense..! :D