Hi, I hope I'm posting this in the right place. I haven't moved for 10 years and when we bought our flat we were first time buyers. I am finding moving/increasing the mortgage very confusing!
We've got a buyer for our flat for £192,500 and we've had an offer of £262,500 accepted today on a house. My Dad's also giving us £15,000 to help things. At the moment we've got a £72,000 mortgage with RBS on a fixed rate till November 30th this year. We can't get out of this mortgage without paying a 3% penalty so we need to port it I think.
We need to borrow £140,000 more to get our new place
So my questions are...
What will RBS do to add the £140,000 to the exsiting mortgage?
Will we have to start a new mortgage as well as out current mortgage?
Do we get to keep our current rate till november on the new borrowing (2.19%)?
Will our mortgage still end in November so we can move it?
Will we be stuck with RBS forever?
I'm normally quite financially savyy but this has me a bit stumped. We've agreed an 8 week completion just to complicate matters!!
Hiedi
We've got a buyer for our flat for £192,500 and we've had an offer of £262,500 accepted today on a house. My Dad's also giving us £15,000 to help things. At the moment we've got a £72,000 mortgage with RBS on a fixed rate till November 30th this year. We can't get out of this mortgage without paying a 3% penalty so we need to port it I think.
We need to borrow £140,000 more to get our new place
So my questions are...
What will RBS do to add the £140,000 to the exsiting mortgage?
Will we have to start a new mortgage as well as out current mortgage?
Do we get to keep our current rate till november on the new borrowing (2.19%)?
Will our mortgage still end in November so we can move it?
Will we be stuck with RBS forever?
I'm normally quite financially savyy but this has me a bit stumped. We've agreed an 8 week completion just to complicate matters!!
Hiedi