Buying a new property - Mortgage help

maxtuuuu

Hi guys,
I recently sale agreed on a property i bought a year ago (first house) and renovated. I have since had an offer accepted on a new property to do the same again.

My mortgage at the time of buying was 79k over 25yrs. After a conversation today with an adviser they have said that the term needs to be extended to 32yrs to borrow 77k (existing on mortgage)
Does this seem a normal going on?
My circumstances have not changed, no change in income, if anything its better as i now have a business that's doing more than my annual income alone, however i know they wont take that into account without 2 years of records.
You'll have to excuse my ignorance, i'm new to property/mortgages i was under the impression that the existing mortgage was 'ported' across onto a new property and no change in the term?


Thanks for your time, Max :j

kingstreet

A mortgage cannot be transferred from one property to another.

When the current property is sold, the mortgage is repaid. If you qualify for a new mortgage with the same lender, you may be able to "port" the rate from the old mortgage to the new one IF you qualify.

Since 26 April 2014, we have been subject to the "MMR" regime and what was possible before, may not be possible now.