Additional Borrowing Advice

croboy

Hi,

I need to raise around 15k and as i have around 50k equity in my property this is my preferred method to raise the cash.

My mortgage is a 10yr fixed openplan with woolwich and my worry is that they say the 15k will have to be paid back immediately if i move house and wouldnt be consolidated into the mortgage if i moved to a bigger property within the next 10 years (very likely)

So-if i moved in the future to a bigger house and took out a bigger mortgage could i pay back the 15k from the equity in the house i would be selling or would i have to take a seperate loan to pay this 15k back first before i could move???

TangentMan

Woolwich mortgages are portable aren't they? So you can just port your existing mortgage to your new property.

Even if you have your extra £15k on your overdraft (they call it the Reserve), that will get ported across won't it?

Have a chat to one of their call centre types i am sure they will be able to advise.