If I move house and need a bigger mortgage will they extend my current mortgage?

johnnyboyz

I've got a portable lifetime tracker(base +.89) with the woolwich, about 9 yrs left to pay £130k on a £400k house.

If we move to a bigger house and inrease the mortgage by say £50k will they extend this mortgage to £180k at the same rate or will I have to take out a 2nd £50k mortgage?

I'll try and give them a ring but just wanted to get some thoughts first?

supersunshine

Hi

I think if you have a 'portable' mortgage it must mean you can keep the mortgage if you move home. I am assuming that a lot of people who move getting larger mortgages so unless they have it written that you cannot extend the mortgage then I can't see how they can refuse? I may be completely wrong though. Give them an call and see what they say.

Newbird

They will lend you more if you qualify on income, but you need to establish whether this would be at the same rate/deal as your original loan or not. Doubtful methinks in this present climate, but worth a try.

getmore4less

The extra borrowing will be on one of the current deals, you may qualify for SVR.

You may be able to get your reserve extended(SVR) now so when you come to move you don't need to ask for more money.


What I would do is extend the term as much as possible to preserve as much capital as you can on the low rate, it is probably to late to go to interest only they(Barclays) seem to have stoped that but worth asking.