Moving house without a portable mortgage

thomasanchovie

Our house is up for sale as I'm relocating due to work and spoke to my existing mortgage lender regarding what sort of price range we can look at based on our sale price and the fees associated with it.
We were hoping to buy a similar priced property to ours, maybe slightly cheaper to cover the costs associated with moving but we've found out our mortgage isn't portable so we'd have to sell our house, re-pay the mortgage and take out a new mortgage.
Does anyone know if its possible for us to re-mortgage now with a different lender with someone who can provide a portable mortgage so that when we do sell we can transfer the mortgage to a new property?
The problem is all the new deals that our existing lender went through with us we're at a higher interest rate to our current one so would increase our monthly outgoings for what would possibly be a cheaper house when ideally we want to keep it as it is or reduce it.
I'm planning to speak to some more mortgage brokers in the next couple of days but thought I'd check here first in case it's a daft question.

getmore4less

Portable just means you can take the same deal with you not the mortgage.

There is still a renewal so just look for a deal when you move and keep the current deal if it is cheaper.

Get out all your T&C and make sure that it really is not a portable deal, if it is a good one they may just be telling you it is not portable and hope you don't check.

Any new lender will want to do valuations etc, so why incur charges/fess for 2 mortgage changes.

natman

Hi,

Dont be too upset that the mortgage deals have increased, many have. Many coming to the end of fix rate deals or tracker products ending may be going on to a higher % rate.
But yeah its worth comparing what you are being offered to other lenders.

We have recently moved -
I had a current Mortgage for £25,000 and the mortgage product was really good - 0.5% above base rate for the life of the mortgage.

We sold our house for £135,000 and our offer was accepted on our new home for £205,000, therefore the difference between the house prices was - £70,000, but I had outstanding mortgage for £25,000, so to sell and to buy the house I would need an amount of £70k + £25k = 95k

I first spoke to my current provider to see if i could add 70k to my existing product but they refused, but highlighted that my current product could be ported to my new property and the additional monies(70k) could be provided with an alternative mortgage product.
So the main thing from here was do i stay with current provider on two products or move to a new provider for the whole amount.

One thing to bear in mind is you can only have one mortgage company per house - i.e I had an existing Britannia Mortgage i could not transfer the 25k to my new house then take out the 70k with another mortgage provider - this is not allowed. Just one main company can be the sole mortgage holder.

Its much harder these day to get a mortgage never mins a really good one.
Good luck