Any way to keep this deal?

Bluemeanie_2

Hello,

currently on a 3.19 base rate rate tracker with HSBC. Presently at 70% LTV. (Was swapping to better rates using HSBC's online tool as LTV got smaller, but they have put their rates up, so this is still lowest I'm elibile for).

When we have enough equity in this current house to put a 20% deposit down on out next one, we are putting house on the market.

I think our house will be difficult to sell so if we get a buyer we would have to snap their hands off. Problem is, I don't want to be forced to find my next house in a hurry to have somewhere to move to, so am going to either stay with family or rent for however long it takes.

However, does that mean formally paying off the mortgage in full and then starting from scratch again? Rather than just remortgaging with HSBC?

I'm not obsessed with staying with them necessarily. They are just the best rate tracker I can find.

kingstreet

When you sell a property, the mortgage has to be repaid in full to provide the buyer with unencumbered title.

A remortgage is a change of lender via a new mortgage on the same property.

If you are buying a new property, you take out a whole new mortgage at the point of purchase. Your previous lender may allow you a period in which you can find a new property and still "port" the terms of the old mortgage over to the new one. If borrowing more, the additional borrowing will normally be offered on one of the lender's current products. You won't get the increase on your old rate, only what you owed at the point of repayment. You need to ask the lender for its terms and conditions.

Please note - portability still requires you to satisfy the lender's current criteria. There is no guarantee the lender will lend to you again if there has been a change in your circumstances.

Bluemeanie_2

kingstreet wrote: »

When you sell a property, the mortgage has to be repaid in full to provide the buyer with unencumbered title.

A remortgage is a change of lender via a new mortgage on the same property.

If you are buying a new property, you take out a whole new mortgage at the point of purchase. Your previous lender may allow you a period in which you can find a new property and still "port" the terms of the old mortgage over to the new one. If borrowing more, the additional borrowing will normally be offered on one of the lender's current products. You won't get the increase on your old rate, only what you owed at the point of repayment. You need to ask the lender for its terms and conditions.

Please note - portability still requires you to satisfy the lender's current criteria. There is no guarantee the lender will lend to you again if there has been a change in your circumstances.

Fab thanks for explaining that so well. No point worrying about porting it then. Will just focus on finding the dream house.

No change of circumstances, (other than increased salary) still got clean credit file, no debts (other than mortgage), no dependants etc. Currently OP by between £300 and £550 a month so nearly there!