Moving house - halfway through a nationwide fixed term mortgage advice

CockersSpan

Just a quick question to see how it works. We're currently half way -5 years, into our nationwide fixed mortgage (it was 10 years at 5%), we have finished renovating the house we're in and thiking about moving now.

I remember asking at the time about moving house and remember the advisor telling us we can take our mortgage with us where we move onto, how does this work?

Anyone got any advice or experience of doing this? Our next house will be a leap of around 40k - does it mean we get a whole new mortgage that includes it or do we get an extra mortgage at 40k?

Obviously when we are looking to move we will be taking appropriate advice just scoping it out now!

avenida

You cannot use the same deal on the extra amount you want to borrow and it runs as a separate account and separate direct debit, you also have to have the extra amount running for the same length of time as your current mortgage.

I am with nationwide too and I rang and asked as we are on the same boat

Good luck with selling though, we are having a mare, 10 months in 1 offer (ridiculous) and 4 viewings

dimbo61

You MAY ? be allowed to transfer the mortgage to a new property and borrow the rest from Nationwide if they are happy with the figures!
You would then have 2 parts to your mortgage
Try and arrange that both parts finish about the same time