Remortgaging and moving

iwbus

Right here's an easy one for you. I've had my flat for about 7 years and could get a better deal if I remortgaged but if I do this am I tied to living in the same property for a certain time? What happens if I want to move, maybe 6 months after changing mortgage?

:money:

Slayerx

It really depends it shouldnt be too much on issue as long as the solocitors who do the conveyancing register the new charge pretty quickly. I would advise them if you go ahead with it that you will be selling the house shortly after the remortgage. Also because your looking to sell shortly after remortgaging that could end up expensive if the lender enforces an early redemption penalty if you pay off the mortgage early.

Miss_Penny_Pincher_2

Hi Iwbus - I think as long as the remortgage is with a mortgage that is 'portable' you can transfer it if you want to move. Our mortgage with Nationwide is portable and I've heard this is more common these days.

Slayerx

Good idea Penny forgot about that.

herbiesjp

Even if it is portable, and you needed to borrow more, you would have to be pretty certain tha the lender would be able to give you the extra funds.

To iwbus - you could always go for a re-mortgage with a lender on a scheme that has no early repayment charges i.e. free to sell after 6 months if you want