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Can a mortgage be transferred between properties

edited 30 November -1 at 1:00AM in Mortgages & Endowments
4 replies 2.8K views
onlyrozonlyroz Forumite
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edited 30 November -1 at 1:00AM in Mortgages & Endowments
I have an excellent mortgage on my current house (base + 0.5%), and I doubt very much that I would be able to get a better deal elsewhere at the moment.

If I were to move house (upgrading to bigger property) would I be able to transfer my existing mortgage to the new property? Ideally, I would like to transfer the mortgage and either increase the loan amount or get a second mortgage, to cover the difference in value between the two properties.

Does anybody know if this is possible?

Replies

  • Most mortgages are 'portable' although they're treated as a new application (i.e. you'll need to meet current criteria)
    The further amount will be on whatever rates are available by the lender today though
  • herbiesjpherbiesjp Forumite
    8.5K Posts
    Just to be clear - portability is not guaranteed, and is where a lot of people have come unstuck.

    The reason for this is either lenders have changed criteria and/or the circumstances of the applicant have changed.

    Run it past your lender to see if they will agree the port and top-up for you.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Fairdo_2Fairdo_2 Forumite
    442 Posts
    Northern Rock used to have a little advertised option to be able to borrow more on the same rate, but this was when deals were a lot higher anyway. Otherwise, as stated above, you would have to fit their affordability criteria and borrow the additional amount through the same lender on their current deals, but you should be able to keep the outstanding amount on the same deal.
    Property also needs to be suitable security for them aswell, so check with your current lender first.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • onlyrozonlyroz Forumite
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    Thanks for the info. We'd probably meet the criteria because there's plenty of equity in the current house. This is all probably a few years away anyway, but I've been worried that we'd be forced to take out a completely fresh mortgage with terms much less favourable than the ones we currently have, if we moved. I'll ask the lender (was Abbey, but I think it's now Santander).
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