Moving a mortgage with no equity or deposit?

mattleeds

Hi all?

Sorry if this sounds a bit thick but Im after some advice regarding my mortgage. Basically we are on a Woolwich lifetime tracker which tracks at 0.29 above base rate so a great deal at the moment. We paid £115K for our house 4 years ago and now are quite desperate to move but are looking to only get about the same amount after fees etc when selling. We dont have any savings to put towards a new house. But me and my wife both have good jobs and we earn over £60k a year between us. we are hoping to buy somewhere for around £190-£200K. Would be be able to transfer our mortgage? Would we need to pay it off and start again?(About £104K on it).

Any advice would be gratefully appreciated.

Thanks Matt

_Andy_

You won't be able to port it without a deposit.

opinions4u

mattleeds wrote: »

Sorry if this sounds a bit thick but Im after some advice regarding my mortgage. Basically we are on a Woolwich lifetime tracker which tracks at 0.29 above base rate so a great deal at the moment. We paid £115K for our house 4 years ago and now are quite desperate to move but are looking to only get about the same amount after fees etc when selling. We dont have any savings to put towards a new house. But me and my wife both have good jobs and we earn over £60k a year between us. we are hoping to buy somewhere for around £190-£200K. Would be be able to transfer our mortgage? Would we need to pay it off and start again?(About £104K on it).

Two basic principles:

1) When you move house the old mortgage has to be repaid. If you need to borrow to fund the new house purchase you need to apply for a new mortgage.

2) Portable mortgage products can have their terms and conditions applied to the new mortgage, subject to meeting the lender's underwriting criteria at the time.

So you will need to find a deposit to be able to fund the new purchase. If you can't, you're not moving.