Moving house - Keeping Mortgage?

Miss_Daisy_3

I'm in need of some advice.

We are looking to move house and are probably going to buy for the same price as we sell. We want to keep the mortgage we have.

What is the process, will they charges us anything to do this? Is it classed as re-mortgaging??

All help appreciated
(i'm with the Portman BS who are merging with Nationwide)

danjberry

it will be classed as a purchase. you will have to speak to your lender to make sure the deal you have it "portable" which means carrying it over to the new property. It will depend on the lender but a new Valuation will need to be carried out and you will probably have to pay an admin fee for all the new searches and underwriting

Miss_Daisy_3

Thanks danjberry

I was expecting to pay some kind of admin fee, just hoping it's not the full redemption costs :eek:

danjberry

if your porting the same amount i cant imagine they will charge you an early repayment charge. if you are porting less a charge may be applicable on the difference

Indispensable_Hobbes

in porting a mortgage its likely that an erc will be charged (if applicable) when you redeem the first loan and that may be refunded in full if you take the same amount to the new property or higher. Where i work there is a 3month grace period to find another property.

As for fees i'd guess there will be valuation fee and the discharge of mortgage fee, a porting fee.

Its not a remortgage as you are taking the same terms and conditions to another property. If you move and take another product then you will get charged for a review I'd imagine.

Give them a call to discuss it, I doubt you get enquiring.

herbiesjp

Please also note that this will be treated as a brand new mortgage application, so it will be subject to the normal underwriting criteria i.e verification of income, address, ID etc.

If your incomes have gone down, the lender may not be able to agree the mortgage amount for you.