Moving and Morgage situation

[dragonfly00]

Does anyone have any advise for me. I would love to move house, maybe even downsize but not sure how it works with the mortgage company. The problem is that due to the credit crunch it is fair to say my credit rating is now pretty naff. I am completely up to date ( no arrears) and everything has now settled down but I am pretty sure if I applied for a fresh loan it would be declined. Is there any way around this or am I now tied to this house. Is anyone else been in this situation.

Is your mortgage portable? Give your mortgage company a quick buzz. If it is you can move it to another property. I do not know how easily this is done because I do not know anyone who has done it.

Your existing lender, because you have never defaulted on the mortgage, may give you a better reception than a new lender who only has your (naff) credit rating to judge you by. Even if you stay with the same lender and borrow a similar amount of money, the terms have to reflect the new property and you could expect some administration charges. Worth making a few phone-calls.

Thanks for your thoughts, I did give the mortgage company a bell but short of going through a full application they could offer little advise. I really don't want to that @ this stage as that in itself can damage your credit scoring. Um!!