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garf123gsd | 15:59 Wed 21st Jun 2006 | Business & Finance
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good afternoon to you all,
this is my first time so please bare with me.
basically i am going to sell my house and i need to get �113,000 to clear the decks so to speak,obviously for more would be good.
can anyone tell me what i can do if it sells for less,is there any way that i can make up the difference to get the mortgage that i need,i was curious from a safety-net point of plain english view.
all help much appreciated cheers garf
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Welcome to the world of AB, we'll see if we can help, if we can. Are we to assume you want to raise �113k to clear your existing mortgage and maybe other debts by selling your house? If it were to sell for less, you would still have a debt to someone. But what new mortgage are you then hoping to set up?
If you need to clear all of your existing finance in order to be able to borrow enough to purchase your new home, should your house sell for less than �113,000 you could approach Northern Rock, or Mortgage Express both of whom offer mortgages for up to 125% of the property value. For example, if you were buying for �150,000 but needed to clear an extra �10,000 of debt, you could perhaps borrow �160,000. Have a read on N Rock's website about their "Together" mortgage. Be aware though that unless you put down a deposit on your new house the interest rate you pay is likely to be significantly higher... and whatever you do don't choose a mortgage with "Higher Lending Fees" (used to be known as Mortgage Indemnity Premium / Guarantee) as this is money for old rope as far as you're concerned.
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thanks to you all for your much appreciated help and advice,this has allayed a lot of fears of mine and i dont feel so ashamed now,you know how it is some people can be quite judgemental upon first impressions cheers garf

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