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Selling question.

shjo558
shjo558 Posts: 1,550 Forumite
1,000 Posts Combo Breaker
in Mortgages & endowments
I currently have a small mortgage with 21 years left, although with my overpayments it would be paid off in around 8 years.

I will be putting my house on the market shortly to buy a larger property and obviously will need a bigger mortgage.

My question is, when I sell, is my existing mortgage just paid off and do I have to buy a new mortgage, or, can I just keep the existing mortgage and increase it saving a fortune in fees?

Thanks

Comments

  • Cannon_Fodder
    Cannon_Fodder Posts: 3,980 Forumite
    You can usually port the existing mortgage to the new house. Check with your Lender.

    The extra you need, would require a top-up product at today's rates, and the usual checks for income/affordbility/credit history.

    Although, the Lender/product might permit additional borrowing on favourable terms, so check with them.
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