Mortgage query

[Fidgety31]

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 .

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.

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

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...

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

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

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.