Remortgage - should we stay or should we go? (so confused)

sa_06

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nikki1520

I'd look for a mortgage now - just make sure it's portable. When we last moved house we moved our exisiting morgage with us, so it was secured against the new house and took another product from the same provider to make up the difference.

HSBC and first direct have some nice sounding offers at the mo, with I think a £99 fee. Worth a lookey!

sa_06

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blueberrypie

Even if you have a portable mortgage, a new property will be treated as a new application - you still have to qualify on income, loan-to-value, etc. There's no guarantee that you will be able to take a mortgage with you. It's as well to be aware of this if you are considering moving in the next couple of years - you probably don't want to take a three-year fix and then find yourself lumbered with ERCs because your new property doesn't fit the lender's criteria (or the lender has stopped lending, or for any one of a hundred other reasons).

dimbo61

You dont give your income or LTV when you bought the property and what its worth now but after a 5 year fix you still owe £50K so approx 80% LTV now ?
Unless you are going to make massive OP,s over the next few months/years when you consider moving you might be looking at 90% LTV for your next place and even if you have a good deal most will only allow you to keep the same LTV IE below say 75% when porting the mortgage.