Is this Possible - Moving House

Jips1971 · 30 August 2013 at 1:21PM

Scenario

At present I have a Mortgage for £55,000 on a house worth £110,000 with only 6 (I think) years left to run at £742 a month, and its portable.

I am locked into my tracker deal until Nov 2014

So far so good.

Now, I have inherited £40,000, and have seen a house we would like to move into at £135,000, but.....

I don't want my mortgage to increase either in term, amount or payments.

If we manage to sell and buy at the correct prices, can I at some part of the process of exchanging etc give the mortgage company the difference, hence everything else stays equal, and I am just making up the difference between the old and new house prices.

dotdash79 · 30 August 2013 at 1:25PM

yes, however you will need to be re-underwritten to ensure you still meet the criteria.

Jips1971 · 30 August 2013 at 1:27PM

I guessed we would need to be done again anyway.
The bank were trying to offer me a massive mortgage, and the wifes eyes lit up, but I have the choice of be mortgage free next year, or buy a bigger house and live with the mortgage for a few more years.

Still plan to over pay this year and next year by 6k to reduce it further anyway