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When to move vs mortgage expiry

2 replies

Applestrudel71 · 11/05/2024 16:04

sorry I’m sure this is a very basic question but I’m still finding out how this works.
We have a mortgage (our first), fixed 5 years (luckily at 2.2%) until June 2026. It’s a small house but expensive (250k outstanding).

I have had some (100k) inheritance recently and would love to put it towards a slightly larger home. DH isn’t keen. The plot is small also so extending is not really possible. Attic is too small and no garage, so need to keep some space for stuff.

Can we move any time? Do we have to wait until after we remortgage? Do we just sign up for another mortgage at x% over y length of time. Then it is ok to move part way through the next term? How does it work?

OP posts:
Newbeginningsandhappy · 11/05/2024 16:06

I was able to port my existing mortgage and take out an additional mortgage for the new house.

CissOff · 11/05/2024 16:06

Check with mortgage provider, but they would usually allow you to port your current mortgage across to a new property. This can be a useful if your current mortgage is on a lower rate than what you would be offered for anyone

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