Transferring mortgage to a new property

(3 Posts)
BungleofWimbledon Thu 30-Jul-20 09:33:05

I’ve recently lost my job, and although currently looking for another I know this isn’t likely to happen any time soon in the current climate.

Just before lockdown I fixed my mortgage for a further five years. The plan was always to move closer to family. I’m looking to buy a property that is of the same value if not a little less than my current property.

Can I transfer my current mortgage to my new property or will I need to reapply and go through all of the affordability checks again?

I currently have enough savings to pay the mortgage for the next three years, so not worried about my capacity to pay it - although I appreciate the bank might be!

Any advice / wisdom gratefully received.

OP’s posts: |
AbbieFB Thu 30-Jul-20 09:39:50

You will need to go through all the checks again, sorry.

Whilst some lenders will ‘port’ a mortgage, it is essentially the terms of the mortgage they transfer, not the offer of the mortgage itself.

BungleofWimbledon Thu 30-Jul-20 09:45:23

AbbieFB

You will need to go through all the checks again, sorry.

Whilst some lenders will ‘port’ a mortgage, it is essentially the terms of the mortgage they transfer, not the offer of the mortgage itself.

Thanks for replying - better start the relentless search for a new job then!

OP’s posts: |

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