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can you transfer a mortgage to a new property?

(11 Posts)
MamaChris Mon 04-Aug-08 12:34:59

we're hoping to buy a house, but need to move fairly quickly. when we spoke to the owner, I asked if she'd looked into getting a mortgage for wherever she's moving to, because I'm worried in this market that can take a while. she said she hadn't looked into it, but assumed everything would be fine because they already have a mortgage for their current house and will just take it with them. can you really transfer a mortgage to a new property? I thought you had to re-mortgage to move? (haven't had a mortgage before so don't know these things!)

lalalonglegs Mon 04-Aug-08 12:57:08

99% of time, yes.

lalalonglegs Mon 04-Aug-08 12:57:51

She will still need bank to value your house etc though.

lalalonglegs Mon 04-Aug-08 12:58:33

Sorry, I mean house to which she is moving (crying baby in one arm).

MamaChris Mon 04-Aug-08 13:26:38

thanks lala

bunyanvillas Mon 04-Aug-08 14:01:42

Hmm, be careful - we moved just before Christmas and rather naively assumed that we could simply transfer our mortgage over. Well. Nationwide said a big fat "NO"!! And we then had to scout around for an alternative. Luckily we managed to remortgage through Abbey. You are right to double-check this - especially, as you say, in the current market!

mumblechum Mon 04-Aug-08 14:06:10

No, they can't just transfer it. The money you pay goes to the sellers solicitors. They must clear the mortgage immediately. The sellers may get a mortgage with the same lender for the next property and may transfer the fixed term aspect from the last one, but it will be a new mortgage charged against their new property.

SazzlesA Mon 04-Aug-08 14:10:58

Message withdrawn

MamaChris Mon 04-Aug-08 14:13:37

did it take more/less time to transfer than arrange a totally new one?

SazzlesA Mon 04-Aug-08 14:25:18

Message withdrawn

OneLieIn Mon 04-Aug-08 14:28:20

Yes, you can transfer mortgage (but it is like a remortgage) depending on what you do need - ie do you need more or less money?? FYi, we are moving and just spoke to Barclays, they say their mortgage department is super quiet at the moment, so they expect to process in 10 days which is really quick.

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