Buying a house ?

emerald21

Hi we are in the process of selling our house and buying another. The difference in price is about £20,000. Do we have to pay off the mortgage we have first then take out another mortgage for the new property please or can we just get £20,000 added on for the price of the next property. Thank you.

ACG

You may be able to port your existing mortgage and take out a further advane for the difference, but you would have to check with the lender.

Alternatively you can apply to a different lender for the full amount you need on the new property, your current mortgage would be cleared with the sale of your current property and the difference paid to you to use as a deposit on the new place.

emerald21

ACG wrote: »

You may be able to port your existing mortgage and take out a further advane for the difference, but you would have to check with the lender.

Alternatively you can apply to a different lender for the full amount you need on the new property, your current mortgage would be cleared with the sale of your current property and the difference paid to you to use as a deposit on the new place.

Thank you but the thing is the mortgage company have a £5,000 fee if you move before 10 years and this is 9 so how would that work out please.

The property is £20,000 dearer .