Moving 2nd time, Do I get an Mortgage AIP again?

L011ip0p

Hi,

So were currently in our first house...looking to move.
Put out house on the market but Im confused as to the next step,
does it work the same as a first time buyer? Do I need to get a mortgage agreement in principle?

We spoke to our current lender and they said they 'port' the mortgage to the new house and add the extra onto the existing amount ??? So do I actually need to get this in writing first? with the amount they are now will to lend us?

Thanks!

Moneyminded

You have 2 options when you complete the sale of your current house

1. Pay off the balance of your existing mortgage on completion and obtain a mortgage for the full amount (may attract an early repayment charge) with another lender
2. Port your existing mortgage to the new house and ask your current lender for additional borrowing

To be an attractive buyer of any other house you need to have an offer on your own.

To get an idea of what you could obtain from an mortgage provider use an online affordability calculator or speak with your existing lender

SameOldRoundabout

We opted to get an AIP from our current lender. We are also porting and adding on but estate agents like to know you’ve got an AIP. You don’t NEED to but it will come in handy if you come across a sticky agent.