Can someone please explain Mortgages to me

[hughjarssss]

We have a repayment mortgage which is a fixed deal which ends in January.
We are hoping to sell soon.

Can we transfer this mortgage onto a new property?

What happens if the mortgage is more than the new property is worth?

Oh and if we transfer it would we still have to pay any early repayment fees which we may incur?

You need to check the terms and conditions to see if the mortgage is "portable". If it isn't and you sell before the end of the mortgage term you may well have to pay an added amount to redeem it.

Even if your mortgage is portable, I can't imagine a situation where a lender will permit the transfer onto a property of a lower value than the outstanding mortgage.

At the moment, it's a struggle to get a mortgage with less than a 25% deposit.

most mortgages are 'portable' so you can transfer it to a new house, or add to it to buy a more expensive house.

if you add to it you will have to apply for whatever rates are available at that time with your lender for the extra money you need.

if you need less money for your new house, ie you can pay some of your mortgage off then you will pay whatever early repayment charges are applicable. some let you overpay anyway so not necessarily a problem.

best thing is to ring your lender. there are so many different products out there.