Mortgage Questions for moving home! - Can I keep same mortgage?

clanger1

Hi, please could someone help me out with what may be a simple answer!


Husband and myself want to move to a house with roughly the same valuation as ours, but which needs renovating.


We have a mortgage at present and equity in the property.


Can we switch the existing mortgage to the new property, or does it have to be paid off/ended/whatever and a new mortgage arranged?


Can I also borrow some of the equity when switching?


obviously we are looking to do this in the most cost effective way, with minimum arrangement fees etc, so any help and ideas would be helpful. I know I could have sought help from a IFA or mortgage advisor but feel that id like answers from independent sources before I go anywhere that may be influenced by commission etc!


Thanks in advance.

Let_Us_See

Most, but not all lenders, will allow you to port (transfer) your mortgage to another property - subject to the usual terms and conditions. Check your current Key Facts Illustration (KFI).

Additional lending should be available subject to affordability.

Thrugelmir

You'll need to make a full mortgage application for the new property.

Your lender may allow you to port your existing mortgage terms and conditions.

Release of equity may be possible.

Give your existing lender a call and see what's possible. Then look around the market for comparable options.