Am I trapped in this house?

[Orchidlady]

A few years ago I got into terrible trouble financially, lost business, huge debts ( 2009) I am now on debt management plan, mortgage up to date but my credit history is pants. I would like to move house but don't think I would get a mortgage so trapped now. Is this correct? I believe mortgages are not transferable

Really wafer is that possible. I actually like to down size is possible. Did your borrowing stay the same? lots of charges?

It'll depend on the terms of your mortgage but many are portable. I've moved with an existing mortgage before.

Well to me in makes sense because they know your history. I have kept mortgage payments up to date to a couple of years, in fact even making over payments. It is an interest only mortgage. I know if I have ti go through credit checking I would fail miserably

Ours is "portable". But even if not if they know your situation then they've already taken your credit history into account surely so they may be able to offer a similar mortgage if you want to downsize.

Oh you have given me hope, I will call in the morning. When I took out the mortgage my credit history was great. Thanks to the events in 2008/9 nearly lost everything. Slowly pulled it all together. Hope it is good news with the Halifax.

A portable mortgage does not necessarily mean you can move if to another property It often only means that if you meet the criteria for a new mortgage you do not have to pay an early redemption fee You need to check with the mortgage company

If you want to move house and port your mortgage then you have to apply to your existing lender as if you were applying for a brand new mortgage and it will depend on you passing the credit score (amongst other things, such as the amount if equity in the property and affordability of the mortgage). If the application is declined there's probably little you can do - as unfair as it may seem, your previous relationship with them, and the fact you've never missed any payments won't alter a credit score decline, as the application will be based on your credit rating as it stands today. Naturally I don't know which lender your mortgage is with, but I think they all pretty much apply this criteria to some degree...sorry if that's not what you wanted to hear - I'm a mortgage adviser so if you want to pm me for more info I'm happy to help.