only bought home 6mths ago, can we transfer mortgage to new property?

[sleepinbeauty]

hi, we only bought our first home in Feb but now we need/want to move town so have to sort out what happens with the mortgage. weve got a 2yr fixed rate, and were going to buy a home of the same value as the one we re in now. so can we just transfer the mortgage?or will we be charged a huge amount???
i tried phoning our mortgage company loads, they just put me on hold for 20mins each time!!!

You cannot transfer a mortgage. You will have to redeem the mortgage on your current home and take out another on your new home. You can of course stay with the same lender.

However, do factor things such as stamp duty, estate agents' fees and other disbursements into your calculations. It may not be a case of merely borrowing the same amount of money as your current mortgage if you do not have enough money otherwise to cover these items.

I thought that some mortgages are portable - which means you can take it with you when you move?? You will need to check with your lender. If not, you will probably be charged an Early Repayment Fee if you move within the fixed rate period. Of course you will also need to pay for a valuation survey to be done on your new house, plus stamp duty and other fees that Freckle mentioned. Moving house is a very expsnive business!!

yes most mortgages are transferable. lots of people move house in the middle of the mortgage period. you only normally pay a penalty for paying your mortgage off, or reducing it, not if it would be the same amount or more. i used to be a bank manager for natwest, and that was how it worked there.

Some mortgages can be taken with you.You will still need a mortgage valuation etc but your rate and any offers will remain Check your offer and see if it says portable.