Redundant but want to move house

suppertime

Hi

I currently have a fixed rate mortgage with Santander but would like to move house.

I was recently made redundant but have an income protection insurance policy, so paying the current mortgage is not a problem.

I don't want to borrow any more money, just move my current mortgage onto another property - do you think it would be possible?

The Mortgage is less than 50% of the value of the property.

Thanks

Simon_gloster

suppertime wrote: »

Hi

I currently have a fixed rate mortgage with Santander but would like to move house.

I was recently made redundant but have an income protection insurance policy, so paying the current mortgage is not a problem.

I don't want to borrow any more money, just move my current mortgage onto another property - do you think it would be possible?

The Mortgage is less than 50% of the value of the property.

Thanks

How much do you owe by the way and is it a single application?

You will not be able to move house without an income. Although you only want to borrow 50% of the value, the property could be worth £40K or £4million, meaning your incurance may not be sufficient.

Some income/payment protection plans only pay out for 12 months (depending on what you have).

If Abbey do agree a mortgage for you, and you fall into arrears and go for reposession, it would be far harder for them to reclaim their money back if you complain that you shouldn't have been given it in the first place.

Wait until you find employment, then start the house buying process as you'll be wasting your time approaching them now.

kingstreet

suppertime wrote: »

move my current mortgage onto another property - do you think it would be possible?

A mortgage cannot be transferred from one property to another. As you sell the first property, the mortgage is repaid and a new mortgage starts on the new property. This is subject to the usual checks on credit worthiness and affordability.

Portability may allow you to move the rate/terms of your old mortgage to a new one, but you need to be able to qualify for that new mortgage first.

Without an income, you will not qualify for the new mortgage. Sorry.

suppertime

Many thanks. Makes total sense, though such a shame when the whole reason for moving is to be better off while not earning.

Thanks again.

Thrugelmir

suppertime wrote: »

Many thanks. Makes total sense, though such a shame when the whole reason for moving is to be better off while not earning.

Moving costs a considerable sum of money. Better spent paying off the mortgage maybe.