Keeping mortgage deal when moving house?

oldskoo1

I'm very clueless when it comes to mortgages and re-mortgages

Currently we are on a lifetime tracker at 0.29% above base rate with a floor of 2%. So currently paying 2.29% with a 54% mortgage.

We are thinking of moving and we would need to borrow another 50k or thereabouts.

Is it possible to move, borrow more and keep the same mortgage deal.


Thanks

holly_hobby

You need to check the t&cs of your mortgage offer to see if the deal is portable (which in essence means that you can transfer the same amount of borrowing to your new property (subject to status checks), with any extra on a qualifying current product offered).

Hope this helps

Holly

Yorkie1

Also bear in mind that even if the product is portable, that does not guarantee that the lender will a) port across the existing amount, and b) grant the extra amount. You will be applying for a new mortgage on the new property and will be reassessed against current lending criteria - it's just that if granted, the new mortgage would be in 2 parts / on 2 rates.

oldskoo1

Thanks for the advice - we will dig out the paperwork and have a look


Cheers