moving house with self cert mortgage ?

phill68

I have an existing self cert mortgage thats about 5 years old, we are thinking of moving house but i'm unsure if i can move my current deal to a new property, what i don't want to happen is i sell my house my self cert mortgage is paid of from the funds from the house sale and i can't then get another self cert mortgage !! hope thats clear

Senior_Paper_Monitor

You will not get another self cert mortgage.

You may be able to port your current mortgage - but will almost certainly have to meet the lender's current criteria (full affordability etc) to do so, let alone any additional borrowing.

Thrugelmir

Research your mortgage position prior to making any plans to move.

phill68

I've been reading my paperwork and it states that my mortgage is 'portable' would i still need a new application

Thrugelmir

The port is merely the transfer of existing terms and conditions, primarily the interest rate.

As SPM says you'll need to comply with your lenders current lending criteria. As the move will be in effect a new application.

GMS

Who is the current lender?

Why do you need a self cert mortgage?

herbiesjp

Do you not have verifiable income?