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Change a joint mortgage to a single applicant mortgage on a new property.
justwhat
Posts: 725 Forumite
Current mortgage joint 45k on a 400k property. I want to buy a property at around 130k, retaining a the 45k mortgage on new property as a single applicant.(remainder will be paid in cash)
400k property will not be sold. Current total income around 16k. (SE & PAYE, all joint Accounts)
Will i be able to port the mortgage or will it have to be a new application ?
Really want a simple solution and trying to avoid jumping through hoops. lol
400k property will not be sold. Current total income around 16k. (SE & PAYE, all joint Accounts)
Will i be able to port the mortgage or will it have to be a new application ?
Really want a simple solution and trying to avoid jumping through hoops. lol
0
Comments
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You could use the savings you have, that you are going to use to fund the difference between your new mortgage and the new home value to clear the current mortgage. Then you apply for a new mortgage on the new property.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Yes , i wanted to avoid that as that is a brand new mortgage application. Was hoping to port across, unsure if that's possiblesilvercar said:You could use the savings you have, that you are going to use to fund the difference between your new mortgage and the new home value to clear the current mortgage. Then you apply for a new mortgage on the new property.0
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