fixing mortgage advice

Cookie82

Hi

We have recently moved on to halifax standard variable rate of 3.5% after coming off a fixed deal at 6.5%. We are looking to move in the next year to a larger house. I just wondered if there would be any problems with us fixing for another 2years if we decided to move in that time....can we get a 2nd mortgage on top.? Also we have only ever been with halifax and are looking to move to YBS ( 2yr fixed deal @ 2.89%). Do we need to inform halifax we are looking to move deals or is it like changing gas/elec supplier and they sort it all for you??? these are our vital stats!:

Mortgage: £136000 over 20 years
house value: £225000
currently paying 3.5 % SVR

Thanks in advance

herbiesjp

Whilst you can fix now, and get a "portable" product, there are no guarantees that the lender will agree the porting when you need to move.

It will depend on your circumstances at the time of the move and lender criteria - it is treated like a brand new mortgage and fully underwritten again.

So if you fall outside of criteria for even a small reason, they can refuse the porting and then you would have to pay a penalty the get out of the mortgage and move into the new property.