We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Transferring mortgage over to new house
skm1981
Posts: 189 Forumite
Anything to do with numbers just hurts my brain and I'm really confused so hoping someone can help.
So we currently owe about £70k on our mortgage. We are in the process of moving and the cost of the new house will leave us mortgage free. Our current mortgage term ends in December and looking at the early redemption fee, it would work out cheaper to continue paying the mortgage until the term is up in December than to pay the early redemption fee. So when we move, is it just a simple case of transferring our mortgage across and we'll continue paying the same amount we do now until December and then pay the rest off in full then?
So we currently owe about £70k on our mortgage. We are in the process of moving and the cost of the new house will leave us mortgage free. Our current mortgage term ends in December and looking at the early redemption fee, it would work out cheaper to continue paying the mortgage until the term is up in December than to pay the early redemption fee. So when we move, is it just a simple case of transferring our mortgage across and we'll continue paying the same amount we do now until December and then pay the rest off in full then?
0
Comments
-
No. When you sell the house, you'll settle the mortgage.
You could potentially port the mortgage to the new property, but that's subject to meeting their criteria and may involve a new minimum term.
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards