Moving house - alliance & leicester mortgage

stevie_wonder

Hi,

we're planning on selling up and moving to another area. We've got an alliance and leicester mortgage (2 yr fix). What do I need to do with A&L re buying a new house? Does it get transferred or does a new one get taken out? Costs?

Stevie

homer_j_3

You can approach the A&L for understanding your options surrounding transferring your mortgage. It is not an automatic right and would require further underwriting.

Whether its right or not for you will depend on the products they can offer and the charges you will have to pay.

herbiesjp

Indeed, ask them if yuo can port your mortgage across to the new property (that is if there are penalties to pay to leave them). That way you will not have these penalties to pay. Any extra borrowing will need to be topped up using a current mortgage deal the have on offer.

The whole mortgage (exisiting and new amount) will be treated like a new application and so will be fully underwritten again. So if your cirucmstances have changed i.e partner not working, or recently gone self employed, you may not always fit the lending criteria.

Might be worth while giving A&L a quick call, or have a chat with a whole of market adviser

HTH