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Need advice asap on my mortgage! urgent.

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  • Need advice asap on my mortgage! urgent.

    hey guys.

    We remortgaged roughly 7 years ago with Barclays on a tracker with 100,000 which is down now to around £80,000.

    We have decided to sell our home and want to take the mortage with us, our home have been valued at £175,000, the house we want to purchase is £165,000.

    I called barlcays to discuss and they basically said all thier mortgages are transferable subject to an asessment of any changes in our circimstances they advised to call into a branch and make an appointment with a mortgage advisor.

    When we remortgaged, my husband and I were both in full time employment but he has to come out due to ill health (he had kidney failure and has just had a transplant so he should be back at work within the next year.

    I am still in employment and we do have around £14,000 in savings.

    Do you think this will be a problem as we really want to move!

    Thanks x
    Last edited by pat butcher; 13-07-2010, 07:31 PM.

  • #2
    Re: Need advice asap on my mortgage! urgent.

    Hi there,

    From the info you've given it's impossible to say if you'll be able to transfer your mortgage, and in reality only Barclays can give you the answer so you need to follow their advice and make an appointment to discuss.

    Barclays will re-assess your circumstances and make a judgement based on your ability to afford the monthly repayments for the remaining term of the mortgage, even if you've never missed a payment before they are still obliged to follow this process to ensure that they continue to lend responsibly.

    The fact that you are down to one wage may not in itself prevent you from transferring your debt, it all depends on the precise circumstances including the amount of your income and outgoings, how many children you have, any other income you may receive, the term of the mortgage, the mortgage interest rate and a number of other things.

    You really need to speak to a Barclays adviser as soon as possible, but don't be too despondent, there's a chance they may say "yes"!

    Even if they say "No" then all is not lost, there may be another lender around that might help instead.

    Good luck.
    Property for sale in Torquay