How Portable Is My Mortgage?

im2020

Am planning to sell and move to a larger house. Presently have a lifetime tracker mortgage on very favourable terms.

If I need to borrow more money should I expect to:

1. be able to continue with present mortgage terms for existing amount and for the additional amount, or

2. continue with present terms for existing amount only and have to accept new terms for additional amount, or

3. have to accept new terms for the whole loan amount.

Thanks in advance for any help/views.

IM

beecher

First you need to check if your mortgage is portable - phone your lender, or check your mortgage offer.

You would normally port over your existing mortgage, and borrow the additional amount on whatever deals they have now.

Your lender will look at the lending criteria they have now, rather than what they might've had when you took out your mortgage so you'll need to have an LTV they're happy with.

_Andy_

im2020 wrote: »

Am planning to sell and move to a larger house. Presently have a lifetime tracker mortgage on very favourable terms.

If I need to borrow more money should I expect to:

1. be able to continue with present mortgage terms for existing amount and for the additional amount, or

2. continue with present terms for existing amount only and have to accept new terms for additional amount, or

3. have to accept new terms for the whole loan amount.

Thanks in advance for any help/views.

IM

2) But you need to check with your lender