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Tranfering a mortage???
c.anning
Posts: 1 Newbie
I am selling my house and buying another, i have a mortgage. I would like to know if anybody know that if my mortgage is going to be the same if i need to reapply for the mortgage if i am staying with the same lender or can i simple transfer it over to the other house as long as the lender is happy with the house i want to purchase. I have phoned the lender and they said i have to reapply for the mortgage but is this legally true or are they just trying to make more money?
Thanks, hope someboby can help me.
Thanks, hope someboby can help me.
0
Comments
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You have to reapply as your mortgage will be reassessed according to present lending conditions. Portability isn't automatic so you need to have a salary multiple and LTV which the bank is happy with.0
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