Moving House and Remortgaging

Addd

Hello.


So I'm looking to apply to swap my mortgage provider whilst in a fixed term. I'd done all the maths a couple months ago regarding the early repayment etc. and it was worth it but It was a bit to early to apply so now im back on it. However, now I also want to move house asap.


My question is, can I get this all done together? What is the process if I want to change my mortgage provider at the same time as buying a more expensive home whilst in a fixed mortgage?


Can you do that or would I have to do one thing at a time?
Would doing it one at a time mean two lots of solicitors fees?
Is it just as simple as looking for a new mortgage provider for the amount I want to borrow?
Can I also incorporate the early repayment charge onto that new mortgage?


Thank you to anyone who can help.

amnblog

Addd wrote: »

Can you do that or would I have to do one thing at a time?

You can do that in one go

Addd wrote: »

Would doing it one at a time mean two lots of solicitors fees?

No

Addd wrote: »

Is it just as simple as looking for a new mortgage provider for the amount I want to borrow?

Finding the right Lender may or may not be simple

Addd wrote: »

Can I also incorporate the early repayment charge onto that new mortgage?

Yes, simply by borrowing more.

Hutchd97

Hi,

Yes it can be done all at the same time, basically work out your current mortgage balance + the ERC, take that away from the sale price of your current house, this would give you the equity you have to use. Make sure you have factored in any costs (stamp duty/solicitors/estate agents and removal fees), that basically then leaves you with how much you have a deposit for the new house and how much mortgage you need.

I would ask why you would want to leave your current provider and pay the ERC? I assume it would be portable? You have said you have done the calculations so I just assume you are fixed into a high interest rate at the moment?

Many thanks

Addd

Hutchd97 wrote: »

Hi,

Yes it can be done all at the same time, basically work out your current mortgage balance + the ERC, take that away from the sale price of your current house, this would give you the equity you have to use. Make sure you have factored in any costs (stamp duty/solicitors/estate agents and removal fees), that basically then leaves you with how much you have a deposit for the new house and how much mortgage you need.

I would ask why you would want to leave your current provider and pay the ERC? I assume it would be portable? You have said you have done the calculations so I just assume you are fixed into a high interest rate at the moment?




Many thanks

Yes that's the reason I was paying the ERC. Decided to have a look if I could save and I could.


Can you actually add stamp duty, solicitors fees etc to your new mortgage by borrowing more?


Thank you for the replies.