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How long after completing on a mortgage can you apply for another one?

(3 Posts)
rosieposey Mon 11-Jul-11 08:16:46

Hi, does anyone know how long you should wait (because of credit ratings ect) before you are able to apply for another mortgage?

We recently took out a mortgage on our property. We have been here 18 months and our last mortgage provider was a bit rubbish so we have just completed on a mortage with Woolwich a month ago - our first payment is due out anytime now. We have been discussing moving to a nearby village for the last couple of weeks - our DC's go to school there and its something that we have been considering for a while. We took out the new mortgage last month to do some things to this house and to consolodate a bit of debt as we borrowed an extra 25k

Our current mortgage is just over 3x our income and we would need to go to approx 4x or just under that to move to this village as property is slightly more expensive - we need approx another 60k. The property price range we are looking at is around the 300 mark - we would have an approx 25 percent deposit with the equity that we have in this house.

How long should we wait or pay this mortgage for before applying for another one so that we can move house? 3 months, 6 months? Not sure as we were going to hang on here for a year or two but if possible would really like to move in the nearer future.

CogitoErgoSometimes Mon 11-Jul-11 10:37:54

Usually, obstacles to changing mortgage are things like early redemption penalty clauses, administration fees and the speed with which documentation gets moved around. (I waited months for deeds once) Best to check with your current lender if they have any minimum agreement period applicable to the product you've bought.

rosieposey Tue 12-Jul-11 17:46:44

Ok thanks smile

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