moveable mortgage?

hamblettamaud

i bought a house in june 08.

however, i have decided i no longer want to live in it and want to move to somewhere with a better location location location.

i understand from my mortgager (halifax) that i can transfer my mortgage. but i also understand that i need to do this within three months in order to reclaim the mortgage cancellation fee (it would be £5,000 in my case).

how does this work? i'm clueless.

feisty1

phone them and they will explain

Portability allows a customer to transfer certain products from an existing Halifax mortgage to a simultaneously completed new mortgage with the Halifax when they move home
For more information call 08458 50 37 05. Lines are open 8am to 8pm Monday to Friday, 9am to 4pm Saturday.

Richard_Webster

Unless you complete the sale and purchase on the same day you will have to pay the penalty when you sell. This is because at that point they don't know you are going to complete another purchase using the same mortgage deal. You then get a refund if the subsequent purchase goes through with the same mortgage product within their time scale of 3 months or whatever.

You do need to watch this as most lenders will not provide the refund until after completion of the new purchase, not as an extra to the mortgage money set to your solicitor on completion.