Can I transfer my existing mortgage to a new property?

LaJolla

Hi

I currently have an IVA. I owe about 27k. My property that I own (mortgaged) is now worth 150k. I have a mortgage for 130k. My insolvency practitioner believes it is not enough equity for the creditors to want to ask for a remortgage. The property was recently (last year) in negative equity when property prices fell.

I want to or rather need to move to another area in England. My insolvency practitioner tells me I can buy a new property (sell my existing one) only if it is the same value or less and my mortgage broker tells me transferring my current mortgage might be ok. I can find a property that fits is around the same price if not less, that is not my concern.

I wondering whether my mortgage provider would agree to such a transfer. Do banks usually accept transfers of a mortgage to one property to another? Will there be credit checks done? I'm a little worried, what are my options if any? Do I wait until the equity on my existing property rises to pay off my IVA early?

getmore4less

Was the original deal portable?

If it was you may be able to get a new mortgage on the same terms.

You can't transfer a mortgage to another property, it will allways be a new one and they will do new checks.

LaJolla

I just read the mortgage offer and it tates that it is portable on moving house at Fixed Rate