Mortgage Advice - Moving House

jacknight

Hi,

I recently split with my partner and we've found a buyer for our house we have a mortgage on together.

It's a five year mortgage and were just coming up to the end of the second year so there are penalties for ending the mortgage early which I estimate to be a few thousand pounds.

Would it be possible that the Mortgage company would transfer the mortgage into my name on a new house to prevent the penalties?

Also, it's likely the house I get on my own would be worth less money so I wouldn't need the mortgage to be as big. Would it be possible to reduce it?

I know people will say ask the mortgage company... I just don't want to flag it on there system just yet what's happening.

Thanks

Thrugelmir

jacknight wrote: »

Also, it's likely the house I get on my own would be worth less money so I wouldn't need the mortgage to be as big. Would it be possible to reduce it?

Then you'd be redeeming the mortgage not transferring it.