Ahh help

Hightop789

Hi me and my wife bought our first ever property 3 years ago through a scheme called LIFT basically we own the property but when we sell we owe the Scottish ministers 40% of the sale. We are wishing to sell and move to a bigger property using a part exchange agents. Is it possible for us to move our mortgage to another property and top it up to pay for the rest of the property?? We are new to all this and really could do with some help . Hopefully this makes sense to someone

kingstreet

What you are describing isn't legally possible.

You can transfer the rate from one mortgage to another, but you can't transfer a mortgage from one property to another.

When you sell your current property, you pay off the current mortgage and (in your case) second charge.

You then start a new mortgage on the new property. As I said, you may be able to transfer the rate from the old mortgage to the new one with any increased borrowing being on one of the lender's new products.

The new mortgage is subject to status, valuation and affordability and reflects the lender's current policy. You won't get to borrow the current amount again without first being able to justify it, as if you were a new borrower.