Mortgage offers and subsequent moves

druss_the_axeman

Hi all,

After some advice, durh, obviously :-)

Situation is this, we were going to buy a new home but the purchase fell through. We had already paid for the valuation, which had taken place, but we were going to add the mortgage application fee to the mortgage.

We have now asked if we can move our existing mortgage onto the new product to get a better rate than we we're getting. The problem is it's a 10yr fixed rate and we'd still like to move house, hopefully soon.

I guess what I want to know is what is your opinion of the best way forward ?, do we go ahead and transfer our existing mortgage and hope that the particular lender still has a good deal when we eventually move so we can "top up" our mortgage to buy the new house, or do we write off the current application fee, nearly £600 of it!, and look for a mortgage product when we eventually find another house to buy ?, or a third alternative seems to be, move our current mortgage, then get a second mortgage to cover the excess when we find another house.

Any opinions, any alternatives, and suggestions of a way forward. I'm thinking here that it seems a shame to have effectively wasted a grand on a survey and £600 on a morgage application, I know it's peanuts in the long run, but right now it's a lot of money.

Thanks in advance
Druss

UK007BullDog

First of all you need to check your current mortgage that you can "port" it over to a new property. If you can then I would ask the same lender for a top-up if you need to borrow more. make sure that the top up ends at the same time as the original first mortgage so when its time to remortgage you can do so with the whole lot.