Selling home - advice re Woolwich mortgage required

georgeb_2

Hi, I have a flat which I bought 10 years ago with a Woolwich lifetime tracker mortgage. I have about £55k left on the mortgage. I am now preparing to sell my home and buy a bigger place with my girlfriend and have a few questions that someone might be able to help me with:
Firstly do I need to tell Woolwich that I am selling up? I am planning to move the mortgage to a new property as I would to keep the good rate I am on. I don't need to borrow anymore money though.
Secondly, do you think I will have any problems moving the mortgage to a new property or will I need to start a new mortgage again on a new deal?
Thanks in advance...

GMS

If your mortgage is portable then you can APPLY to move it to another property.

Portability does not mean a simple switch over. It would be a whole new application meaning you would need to meet lending criteria at the point of application. You would redeem the current mortgage and take a new one on the same terms as the old.

Speak to Woolwich to make sure you are eligible.

Thrugelmir

georgeb wrote: »

Firstly do I need to tell Woolwich that I am selling up?

You won't be able to sell your existing property without them knowing.