Mortgage question....

hezza86

Im hoping someone can help or advise.

We have a financial advisor before people ask,
we currently live in a flat we have re-mortgaged once our 4 years fixed rate finished and we took out a fixed rate which has us fixed till 2013.
Now we took the mortgage as we were intending to look at moving to a house in 2011.and our current mortgage doesnt give us extra charges etc if we move.

Now if we do move and look into increasing our mortgage to buy a new house, im hoping there will be some equity on the flat (not much but hopefully some)
Now my question is if we move and keep our current mortgage company and just increase the amount do we have to pay a deposit on the new property???

sorry if thats confusing,mortgages confuse me at the best of times. we will be going to see our mortgage advisor next year to see if we can afford to move but i just wanted to know if we needed to pay a deposit....

GMS

You will need a deposit for a new mortgage. Minimum 10% but the more the better.

If you port(transfer) your current mortgage you must meet criteria at the time.

If the mortgage you have now is 90% LTV (for example) you will potentially get 90% LTV on the new property. How you find the 10% deposit is down to you, whether from proceeds of sale of current property or savings.