Moving when in a fixed mortgage

[nwdx]

Hi everyone,

Can anyone help me please?

We would like to move but just fixed our mortgage for 5 years

We owe about £280k and believe our house is worth around £440k

We don't want to borrow anymore so what budget could we look in if we don't put in any savings?

Obviously top end £440k but what would the bottom bracket be?

Could we move somewhere for £320k and take out the £120k equity? Or no because we are fixed in?

Thanks

Is your mortgage portable?

@hauntedvagina we ported it last time so had two parts - both with Halifax but since then we've moved both parts onto a 5 year fix

@hauntedvagina so maybe? I'm not sure 🤦🏻‍♀️

The main thing is to check your mortgage is portable. You won't be able to change the LTV i don't think, so you are now just under 65%, you wouldn't be able to buy somewhere cheaper without paying a chunk of the mortgage off to keep it at that. Large overpayments will be subject to an ERC though.

Did you tell your broker you were thinking of moving when you took out a 5 year product?

Best thing to do is speak to the broker who set this up for you. They'll know the product you're on and if you can port, what your ERC's are, etc... they'll be able to work out all your figures and establish the best route for you to take.

Yes it may be possible. We were able to buy a cheaper property without any penalty so check with the lender

Nearly all mortgage products are portable these days. It'll be in the Ts and Cs you were sent when you took the product out.