Moving house and mortgage

geordiepaul2001

Hi all,

It looks like I may be soon moving house and with it ending my Natwest fixed rate mortgage early.
Iam unsure of a few points and I am hoping you can help.

1. Do I need to get a redemption certificate for my current mortgage before I can apply to a different lender for a new mortgage?

2. The house builder has said they will give me a £5000 gifted deposit. Does this come to me or go via their solicitor to my lender?
Also, at what point do I need to advise them of this?

I hope this makes sense.

Paul

amnblog

Take you mortgage with you to avoid the penalty on redemption.

The gifted deposit 'goes into the pot' on completion it does not go to your lender by forms part of your deposit effectively.

(Not allow lenders will consider the gift as part of your deposit so speak to your lender about it early on in the process)

geordiepaul2001

amnblog wrote: »

Take you mortgage with you to avoid the penalty on redemption.

The gifted deposit 'goes into the pot' on completion it does not go to your lender by forms part of your deposit effectively.

(Not allow lenders will consider the gift as part of your deposit so speak to your lender about it early on in the process)

I am looking into that now, given the fact that it may cost over £2000 to get a new mortgage (and get out of my old one) it may be worth it for the remaining year.

Also I have 28 years left til I retire from my profession, and my wife 40 years. Will the mortgage company only allow me to got up to a 28 year max?