Question about mortgage deposits

matth76

Hi

My partner and I have owned our flat for the last 2-3 years (all on my salary) but would soon like to start looking for a house as she will be earning at the end of this year. Our current mortgage is with the Halifax and thankfully they have been very good with us. We have another 3 years with them on a tracker mortgage. My question is if I stay with my current mortgage lender do I need to find another deposit? Do they just "change" the borrowing amount or do they have to completely stop our current mortgage (we don't have a redemption fee ) and then create a new application meaning we need to find a whole new deposit?

Unfortunately it looks like our flat has probably broken even with all the downturn in housing prices if not gone into negative equity like the majority of home owners.

Thank you for any help.

_Andy_

You'll still need a deposit on the new place. You should be able to 'port' the mortgage over but you'd still need to meet criteria thus needing a deposit.

matth76

Thanks for your help with this.