Can I take my mortgage product with me?

continualdiamond

I was a 1st time buyer 4 years ago and have a 100% mortgage.

Can I take my mortgage with me?

I've never missed a mortgage payment and been looking at shared ownership ones today, ones that people are selling as opposed to new builds.

But I probably wouldn't end up with any deposit from selling my flat to put towards a house.

So am I able to take the 100% mortgage product with me or not?

Probably a dumb question but thought I'd ask.

redpete

Depends on whether the Ts & Cs of your mortgage allow you to move it to another property; if you don't know then ask the lender, no-one here will know.

Trying_to_be_good

You'd have to meet the lender's current lending criteria, if it's portable (i.e. movable to a new property), and I don't think current crietria will be 100% - more likely 80 to 85% max. You also need to check the current value of your place, as it may be worth less than you paid. If you've been on an interest only mortgage that would definitely put you into negative equity and needing to pay any excess back to the lender. Even with repayment, after four years you won't have made much of a dent in the capital you owe.

If you can contact your lender, they shoudl be able to tell you their criteria and the balance outstanding on your current mortgage, to compare with the value of your property. Good luck with your property search.

joolley

Ask them. If it was a portable product and you continue to meet their criteria, yes. If either one of these is a no, then the answer id no. Ask.