moving mortgage?? what happens?

sansavaria

I am thinking of downsizing to a smaller house to save money on the mortgage until I can get a better deal.

I have a 90% mortgage at the moment. We paid 100k, mortgage 90 +fees, and now owe about 89k. The deposit was vendor gifted.

If I buy a house for say, 65k, and move my mortgage over, what happens? The mortgage is fully portable.

Will my payments just go down?
Will they ask for a deposit?

I just don't really know what happens...

beecher2

You don't say when you bought, and how much the house is worth now. You may well be in negative equity, and would need to come up with a deposit to move. If you bought a house for 65k, you'd probably need to come up with at least £6,500, and have enough money for fees and the cost of moving. You will have to satisfy your lender's present lending criteria. Phone up your lender and ask them.