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Quick/Silly Question.....
EdwardR_2
Posts: 21 Forumite
Hi, I have a quick question which may appear a little silly.
I have mortgage of £120k and hope to sell our house for £200k as we want to move. Our mortgage is with halifax. We don't intend to increase the mortgage.
My question is if we move what is the process for moving the mortgage? Do we have to complete a new mortgage application? Or will halifax just complete survey etc to check house is a safe security and thats it?
Thanks
I have mortgage of £120k and hope to sell our house for £200k as we want to move. Our mortgage is with halifax. We don't intend to increase the mortgage.
My question is if we move what is the process for moving the mortgage? Do we have to complete a new mortgage application? Or will halifax just complete survey etc to check house is a safe security and thats it?
Thanks
I am a mortgage adviser - MSE does not 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
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assuming the mortgage is portable, yes0
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They will also run new credit check and make sure that existing income meets criteria etc, so as long as nothing has changed.I am a Mortgage Adviser
You 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 -
Porting is treated like any other mortgage application
So you need to meet criteria on all fronts
Please remember that criteria has changed dramtically over the last year or so, and therefore you may find porting not as easy it may appear.
There are no guarantees that a lender will agree to port your deal, especially if you now fall outside of their lending criteria.I 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 -
Porting is always based on lending criteria. It alsways has been but its likely to be tougher now. Assuming your circumstances have not changed for the worst tho you should not get to worried...yet.
You need to go speak to the lender and see what they say. It will be a case of telling them all of your circumstances and seeing if they are likely to be happy with them.
Is there a tie in period that forces you to stay with them? If not then it may be better to look at other options and see if its possible to get a better deal elsewhere? On the other hand you may have a fantastic deal already and its more a case of making sure you meet the criteria to keep it.
As I said speak to your lender and check the others to compare deals.Here to help and be helped!
New to MB, running profit, £16 from MB, £30 cashback!0 -
Thanks.
We are tied in for the next 5 years at 4.54%. Our income has changed, it is now lower than its used to be due to recession etc so we would proabably not meet there income multiples anymore....... so that would rule a move out then if thats the case??
Oh and our mortgage is portableI am a mortgage adviser - MSE does not 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 advice0 -
so that would rule a move out then if thats the case??
Oh and our mortgage is portable
Well, only a broker with your full details, or the Halifax would be able to answer that question for you I'm afraidI 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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