Paying off Mortgage

Juzzyh

We are in the very lucky position of having a couple of months left before we have payed off our mortgage. I would love some advice on the best way forward. We are looking to move at some point and this would require us to go for another mortgage. My main concern is that would we have to jump through the usual hoops of reapplying for a mortgage. We have heard of a few friends who have had real trouble getting a new mortgage even though they have had an unblemished record. Would we be better off to reduce our repayments and keep the current mortgage rolling then look to increase the loan at a later date?
Any advice very welcome.

AnotherJoe

Won't make any difference if you'll be applying for a much bigger new one on a new property you'll have to go through all the affordability shenanigans again.

amnblog

Whether you apply for a bigger mortgage to move home, a smaller one, or keep your lending the same, the whole thing will need to be underwritten.

Therefore not paying off your current mortgage makes no difference.

AnotherJoe

Presumably amnblog, paying off would make the process slightly easier regards paperwork and solicitors etc as there would be no existing mortgage to take into account and it's one less party to delay the process ?

amnblog

There is a mountain of paperwork in any case.

Such is the insane regulation and legal process in this country.

Juzzyh

Thank you. I thought that was probably the case but always good to get the views of those in the know:D