Portable Mortgage

sven13

I have a mortgage which I transferred to one I am assured is totally portable if I move house and without costs. I have been made redundant and am considering using some of my payment to move to a larger house which is £20,000 dearer. I would like to keep my mortgage the same and pay the difference. I can afford to keep paying the mortgage for at least 18 months if I am unemployed.
1. Is this a good idea
2. Will I have to tell the bank about my circumstances/produce payslips etc when I move the mortgage or is it just a straight swap without filling in all the forms again. I hope to be back in work within 6 months.

I am not trying to pull a fast one, but the property market is low here at the moment and the mortgage value would be around 1/3 of the property value.

Thanks

Leon_W

Even though your mortgage is portable, all lenders treat these as basically new applications and will require wage slips and any other documentation and references as they see fit.

_Andy_

You will not be able to obtain a mortgage (porting or otherwise) whilst unemployed.

sven13

I thought it might be something like that. Shame as I've seen just the house and it probably won't be around long.

getmore4less

Another one will come along soon enough, got a buyer for yours yet?

Using up cash to move(expensive) without future income lined up is a very risky approach, what happens if the new job ends up being 200 miles away?

sven13

Hi, I know things like this seem like a good idea in your dreams but are not always practical. I wouldn't move for work anyway, although I would travel a reasonable distance. I hadn't got further than the planning so no house for sale or anything. I'm unlikely to find another house like the one I've seen which makes it all so maddening. If I get a temporary job or fixed term contract, do you know how I will stand with the mortgage then?