Timeline for How is my [UK] bank calculating mortgage porting affordability?
Current License: CC BY-SA 3.0
11 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Jun 3, 2016 at 22:32 | history | tweeted | twitter.com/StackFinance/status/738860982978629632 | ||
| Jun 2, 2016 at 17:33 | vote | accept | CommunityBot | ||
| Jun 2, 2016 at 14:27 | answer | added | Vicky | timeline score: 4 | |
| Jun 2, 2016 at 13:34 | comment | added | Vicky |
OK. I don't think it's relevant how much you paid originally for the house or how much of your mortgage you have already paid off. From the lender's perspective, they will assume you need new mortgage = purchase cost of new house - (sales value of old house - outstanding mortgage amount on old house). Then they will look at the new mortgage amount against your salary.
|
|
| Jun 2, 2016 at 8:50 | history | edited | user42773 | CC BY-SA 3.0 |
added 4 characters in body
|
| Jun 2, 2016 at 8:49 | comment | added | user42773 | Sorry, yes. The initial valuation was higher than the current, but the gap was paid for at the time to make up the difference. The equity now (market value minus outstanding debt on property/customer ownership?) on the old is 60. Property prices have gone down in the region I am selling from, and not recovered yet, which explains the numbers mismatch. | |
| Jun 2, 2016 at 7:23 | comment | added | Vicky | What do you mean by "there is 60 equity on the mortgage"? Do you mean your original mortgage was 160 and you have paid 60 off already? | |
| Jun 1, 2016 at 21:28 | history | edited | user42773 | CC BY-SA 3.0 |
added 31 characters in body
|
| Jun 1, 2016 at 16:38 | history | edited | user42773 |
edited tags
|
|
| Jun 1, 2016 at 15:22 | review | First posts | |||
| Jun 1, 2016 at 16:17 | |||||
| Jun 1, 2016 at 15:13 | history | asked | user42773 | CC BY-SA 3.0 |