Some details first:
I have a Woolwich interest only lifetime tracker at BBBR+0.18% on a 60% LTV.
Property is estimated at 250k with 130k equity, balance of 120k.
Mortgage started in the summer of 2007.
Salary is 55K
We are now thinking of moving house.
Assuming a salary multiple of x4, I estimate a maximum loan valve to be 220k, with the addition of 130k equity, total budget of 350k.
Assuming the above is roughly right can you shed some light on the following:
1) Would I be able to port my current mortgage even though the total equity/ loan ratio (LTV) will change from the requisite 60% as the equity (130k) ratio will drop to 37% for a house purchase of 350k.
2) If I can port, then the additional mortgage (100k) could be any qualifying Woolwich product?
3) Can you think of any issues with this intention?
Thanks
Compounded
I have a Woolwich interest only lifetime tracker at BBBR+0.18% on a 60% LTV.
Property is estimated at 250k with 130k equity, balance of 120k.
Mortgage started in the summer of 2007.
Salary is 55K
We are now thinking of moving house.
Assuming a salary multiple of x4, I estimate a maximum loan valve to be 220k, with the addition of 130k equity, total budget of 350k.
Assuming the above is roughly right can you shed some light on the following:
1) Would I be able to port my current mortgage even though the total equity/ loan ratio (LTV) will change from the requisite 60% as the equity (130k) ratio will drop to 37% for a house purchase of 350k.
2) If I can port, then the additional mortgage (100k) could be any qualifying Woolwich product?
3) Can you think of any issues with this intention?
Thanks
Compounded