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Moving home with existing mortgage

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  • Moving home with existing mortgage

    I am currently with Haliax. I have a mortgage on a shared ownership house for £70,000 of which I paid a 3% deposit taking it to £67,900. I have recently seen a house of the same value as my exisiting mortgage. Would it be a case of transferring the exisiting mortgage of the same value to a different property?

    As the deposit was paid for a property of £70,000 and the property I am looking at is of the same value would it be a case of just paying for the legal fees and not another deposit, as all the values would stay the same and a deposit would have been paid on my current property?

    Also as the total property value is under £150,000 am I right in thinking that I would be saving on Stamp Duty as well?

  • #2
    It's possible you could transfer the mortgage, but you'll need to talk to Halifax about whether any restrictions may be in place, or any extra costs that may be incurred.

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    • #3
      Mortage providers usually want to value a property themselves when deciding how much they are prepared to lend on it so you really need to speak to Halifax.

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      • #4
        You will still require a tangible deposit, i.e. someone will need to pay the same or more than what you paid for your home to allow you to put a deposit down on the new house.

        You need to speak with halifax as I think they have now limited the Loan to Value they offer on shared ownership cases.

        You are also only liable for stamp duty on the price of the part of the property you bought i.e. if your share was £70,000 that would be what you bought and therefore avoid Stamp Duty.
        Worldwide Financial Planning is a specialist independent provider of Large mortgages.

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