Moving house

Talesin

Hi, can anyone help with this one...
I am currently paying my debts off via PayPlan, I have the chance of a new job but it will mean relocating to another part of the country. Obviously I will need to sell my house and buy another, what happens with my mortgage ? Will I be able to get one? or can I swop houses and keep the same mortgage?
This new job pays about 40% more than my current one so is well worth going for, I just don't know how or if I will be able to sort out a move.
Any help or suggestions will be gratefully received.

Thrugelmir

Suggest you sell and rent. Use the released equity to repay your debts and start rebuilding your credit rating.

SGE1

Speak to your mortgage provider - some mortgages can be 'ported' across to a new home, others can't.

kingstreet

Unfortunately you can't transfer a mortgage from one property to another. As SGE says, some lenders have portable products, but if the lender won't give you a new mortgage because of your credit history there's nothing to port the current product to.

Sadly there is no lender who will guarantee you a new mortgage with them just because you already have one.

A lender's decision to lend to you will be based on your income and affordability, your loan to value and your mortgage payment and credit history. They will want to know about every credit account - defaults, judgments, missed and late payments.

If you haven't already done so, get a copy of your credit file from each of the three credit reference agencies to see what is registered against you. Don't sign up to a scheme which tells you your credit score as these are indicative only and lots of people think they will be rejected but are successful and still more think their score guarantees them a mortgage, then they are turned down.

Talesin

Would renting my current property out and renting one in my new location be an option? The increase in pay will allow me to clear my debts years before I would be able to otherwise.

kingstreet

Talesin wrote: »

Would renting my current property out and renting one in my new location be an option? The increase in pay will allow me to clear my debts years before I would be able to otherwise.

That's feasible. You need to obtain consent to let from your lender and spend a good while reading up on becoming a landlord.