mortgage transfer

onlylookingforaquietlife

can we sell our home, and take existing mortgage to new house, while purchasing a 2nd larger mortgage, legal? any downfalls?

holly_hobby

In a word .. no.

You are unable to transfer mortgage lending between properties, only mortgage products i.e fixed, discount, tracker, etc (and only IF it is noted as a portable product in your mortgage t&cs).

Hope this helps

Holly

kingstreet

If you wish to move, you approach your existing lender and apply for a new mortgage with them on the new property. If you are accepted following the usual checks, they may allow you to port, or transfer, the rate from your current mortgage (for the remaining time) to your new one on completion.

If you need to borrow extra money, this will normally be given on one of the lender's new products. A reduction in borrowing will trigger a payment of a proportionate early redemption penalty if any applies.