Mortgage Help

rush1884

Apologies in advance for my lack of knowledge in this area.

Currently I have a mortgage of 95k on a house worth 135k, me and my wife are looking to move and purchase a house for approximately 300k. My question is - would we need to either go to our current mortgage provider and increase the lending through them or (alternatively) pay the early repayment charge of approximately 4.5k and get another lender.

Are these the only 2 options or are you able to continue with the mortgage with the current provider and then get another mortgage for another mortgage provider for the extra money that is needed. i.e 95k from one lender, 150k from another lender, and 55k in equity?

Any help would be much appreciated.

kingstreet

Your options are;-

repay existing mortgage on sale, take new mortgage with existing lender and "port" rate from old mortgage to new one (if permitted) and borrow the extra money on one of the lender's new products

or

repay existing mortgage on sale, paying any early repayment penalty, take new mortgage with new lender for the product you want for the whole amount being borrowed.

Any house move requires a whole new mortgage, to which the rate from the old one may be ported. Either way, full status, affordability and valuation will be checked.

In answer to your direct question, you can't transfer a mortgage from one property to another so you can't have one but with lender A, another with lender B etc. A first charge is required and you can only have one of those per property.