First time selling house

Steor1234

Hi we are looking at selling are first house i have heard you can move your mortgage to your new house is this true?? And would we just need to pay the differents?? Or how does it work

We are looking at selling are house for £95,000 and are looking at house around the £135,000 so could we move are mortgage or would it be easier to start again

.sorry if it's a daft question

Thanks Ste

VICSH

We are 'porting' our existing rate and borrowing additional on a higher rate so for example:
The house has sold for 100,000
Mortgage outstanding 75,000
New house is 130,000
£75,000 at old rate 2%
£55,000 at new rate 3.9%

Best thing to do is make an appointment with you existing lender and see what they offer you.

InMyDreams

You can't 'move' a mortgage. You have to pay it off and start again. But what you can sometimes do is take the new borrowing (or part of it) out on the same terms as your old one. That's probably what you are thinking of. But even if you can do this, you do still have to start again with a new application for a new mortgage on the new house. (Obviously you can also use any proceeds from the sale of your old house when purchasing the new.)

johnnybebad2000

Go back to the person or bank that arranged your first mortgage if you were happy with them. Porting as it is called, is the name given for taking your existing rate with you to a new property. Usually although not always, as a means not to pay a high early repayment penalty. However many lenders recently have changed their terms on porting and it is quite normal for them to require the sale and purchase to be simultaneous.