Although I have lurked on here before, and thought what a helpful site it was, this is my first post, Any help would be appreciated.
Three years ago, we remortgaged . We got a tracker three year rate with Alliance and Leicester - all arranged via a mortgage broker, without any problems. We told him at the time, we would be moving house at the end of the three years, and he suggested a portable mortgage - ideal, as he said we could transfer it to the new property.
We got an offer for our house, and its about to complete.We put an offer in on a property,which was accepted. Contacted the broker to sort out the porting of the mortgage, and a new rate .....only to find "porting" meant the rate, not the mortgage to the new property.
Also, Alliance and Leicester is now under Santandar. We were really stressed to find we had to apply for a new mortgage (after thinking it would just move with us). We have spent an hour on the phone fillling forms in - and they did a credit check, which came back fine.
The property we are buying is £125,000. We have a £48,000 mortgage on the old house. We will have £87,000 to put towards the new house, therefore reducing our mortgage to £38,000.
We did have an interest onlly mortgage, but they have said they can only offer us a 12 year repayment mortgage, obviously more money per month,but manageable.
They are ringing back tomorrow,for a 90 minute interview, with a Santandar mortgage advisor. We have to have bank statements, payslips etc. This is to assess our affordability. We are already stressed about this, because due to a water tank burst in the old house, we have paid to have the work done before selling. Obviously this has stretched our finances somewhat,something we could do without when applying for a mortgage!! We have gone up to our overdraft limit in the last month. We immediately transferred funds from our savings account to cover this.
My question is,will the spending on our current account over the past two months, and the overdraft useage, scupper our mortgage application?
We have no credit card amounts outstanding,nor any HP payments or loans. We have £10,000 in a savings account for emergencies.
Our broker said we would be better stay with Santander to avoid the ERC from them, and the new mortgage fee if we moved lenders.
Just wanted to ask if you thought we stood a chance of getting a new mortgage with this lender?
Thanks for your help!
Three years ago, we remortgaged . We got a tracker three year rate with Alliance and Leicester - all arranged via a mortgage broker, without any problems. We told him at the time, we would be moving house at the end of the three years, and he suggested a portable mortgage - ideal, as he said we could transfer it to the new property.
We got an offer for our house, and its about to complete.We put an offer in on a property,which was accepted. Contacted the broker to sort out the porting of the mortgage, and a new rate .....only to find "porting" meant the rate, not the mortgage to the new property.
Also, Alliance and Leicester is now under Santandar. We were really stressed to find we had to apply for a new mortgage (after thinking it would just move with us). We have spent an hour on the phone fillling forms in - and they did a credit check, which came back fine.
The property we are buying is £125,000. We have a £48,000 mortgage on the old house. We will have £87,000 to put towards the new house, therefore reducing our mortgage to £38,000.
We did have an interest onlly mortgage, but they have said they can only offer us a 12 year repayment mortgage, obviously more money per month,but manageable.
They are ringing back tomorrow,for a 90 minute interview, with a Santandar mortgage advisor. We have to have bank statements, payslips etc. This is to assess our affordability. We are already stressed about this, because due to a water tank burst in the old house, we have paid to have the work done before selling. Obviously this has stretched our finances somewhat,something we could do without when applying for a mortgage!! We have gone up to our overdraft limit in the last month. We immediately transferred funds from our savings account to cover this.
My question is,will the spending on our current account over the past two months, and the overdraft useage, scupper our mortgage application?
We have no credit card amounts outstanding,nor any HP payments or loans. We have £10,000 in a savings account for emergencies.
Our broker said we would be better stay with Santander to avoid the ERC from them, and the new mortgage fee if we moved lenders.
Just wanted to ask if you thought we stood a chance of getting a new mortgage with this lender?
Thanks for your help!