Splitting up, taking current mortgage to new property to avoid redemption

rach83

Following on from my message earlier. Is it possible to sell my current property which I own with my partner but still hold on to my current mortgage solely and go off and buy another property on my own. I wouldn't need a mortgage for the size I have now. I would be reducing it by about £35,000. By doing that would I avoid the redemption?

Thanks

dwsjarcmcd

Yes, you can do it but you would only reduce the redemption charges proportionately, not avoid them altogether.

Prudent

Perhaps it might depend on your kind of mortgage. I can do this with mine. It is portable and can be moved to another property and it is flexible which means as long as it is not paid off in full there is no penalty. Though there would be an admin fee.