If I fix my mortgage, what happens if we move house?

(7 Posts)
LifeIsAChanging Tue 25-Mar-14 19:49:13

Looking to remix mortgage for 2 years to reduce payments. But think will also end up moving in the next year. Current mortgage is worked out on current job and DHs, but I'm loosing that, so I will be unemployed soon, with no prospect of returning to work.
If we fix and move house, can we just transfer the mortgage? Or do we need to pay the early repayment?
Also will they only then lend us based on DHs salary if we move after my job ends?

LondonGirl83 Tue 25-Mar-14 19:50:47

You can port your existing mortgage usually

cupcake78 Tue 25-Mar-14 20:33:28

Either move your mortgage to the new house if possible or you pay your way out of it. Can be pricey

LifeIsAChanging Tue 25-Mar-14 21:15:38

Thanks, will check with lender if can port it if move

schmalex Wed 26-Mar-14 02:02:40

Generally if you port you still have to meet the bank's financial criteria, so if your income has dropped it could be a problem.

LifeIsAChanging Wed 26-Mar-14 10:59:21

Thanks schmalex, that was what I was worried about. It is shit that we could keep affording paying the repayments and would be less than renting but on paper we can't.

Lottie4 Wed 26-Mar-14 14:13:50

Just check with them that you can transfer the mortgage. We've recently been into Halifax and Lloyds Bank and you can transfer with both of them.

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