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Ive got a mortage but how do I transfer it to new property? advice needed please
jasmin49
Posts: 37 Forumite
I dont have a clue so would be grateful if someone could explain how this works. Ive a mortgage and want to move houses, do I need to sell this house pay off the mortgage and get a new mortgage on the new property OR can I transfer the mortgage to the new house? Thanks
0
Comments
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You have to apply for a new mortgage, as every mortgage is secured against the property the funds were originally lent on.
But, if it fits lender criteria, you can transfer your current "scheme" to the new house... i'e. keeping the same interest rate and termsI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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