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Moving house - alliance & leicester mortgage

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

Comments

  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    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
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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