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Mortgage help please

5 replies

Flora4 · 12/08/2022 22:37

Currently own a property with ex husband, now on the market.
What kind of mortgage would I need for my new property? Previous plans have fallen through so feeling a bit stressed / worried about sorting it all out.
I’m assuming once the house is sold the current mortgage is paid off (as it is in 2 names) and then we have a split of equity. So would I need to remortgage, take out a brand new mortgage (but not a first time buyer) or home mover mortgage?
Am going to book in with a mortgage advisor asap but just thought I’d ask here in the meantime. Thanks for any replies.

OP posts:
caringcarer · 12/08/2022 22:41

No not a remortgage if a different property. Just a bog standard mortgage. Shop around for good rates and I would advise you to fix for at least 3 year, even 5 years if you can get good rate. You will need Agreement in Principle from your lender most likely before EA will take you seriously.

Flora4 · 12/08/2022 22:44

Thank you @caringcarer. Am going to get a AIP asap. And definitely going to fix mortgage, currently on variable as mortgage term ran out just as selling and it’s costing a lot more.

OP posts:
caringcarer · 12/08/2022 23:05

You can get AiP online. Much quicker.

pusheenthecat · 13/08/2022 22:06

Also worth checking if your current mortgage with ex-h is on a fixed rate and if you can port it.
I was able to do this which
a) meant we didn't have any early repayment charges
b) allowed me to take the lower rate for the remaining time of that fixed rate (in my case 3 years)

Mortgage broker worked it all out for me and cost of porting vs cost of taking out a new one so I could see it in plain figures.

pusheenthecat · 13/08/2022 22:08

An sorry - cross post - never mind. Good luck!

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