Mortgage query

6 replies

Fidgety31 · 30/05/2023 18:24

Hi . I am selling my house for £205k And I still owe £55k on the mortgage

The house I am buying is £175k .

Will I still have to go through a full mortgage application ? As my new mortgage will be less than my existing one .

OP posts:

Overthebow · 30/05/2023 18:27

Are you taking out a completely new mortgage or porting your old one across and paying some off? If a new mortgage you’ll likely have to go through the full application.

titchy · 30/05/2023 18:30

Yes - your lender will want to be assured that the new property is suitable to lend against.

LordEmsworth · 30/05/2023 18:31

So you're reducing your mortgage by £40k, to £15k?

If you are keeping the same mortgage but paying off £40k - you'll need to pay admin fees but no new application.

If you are paying off the full amount & taking a new mortgage/moving lender etc - yes, it will be a new application. But unless you have a poor credit history or no income, a £15k mortgage should be straightforward...

Original poster

Fidgety31 · 30/05/2023 18:31

Yes I’m looking to stay with the same lender and
move my mortgage and pay it off as much as I can

OP posts:

Twiglets1 · 31/05/2023 07:47

So why not ask the lender @Fidgety31 what the process will be?

CloudlessSunnyDays · 31/05/2023 09:23

If you are with Nationwide it's considered a whole new mortgage with part on the existing terms and the remainder on new terms. Mortgage is separate to repayment vehicle.

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