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Abbey mortgage and moving questions

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  • Abbey mortgage and moving questions

    Hi, I wonder if you could help me understand my options.

    I have a Santander mortgage, which has just come to the end of its fixed term, I have just agreed to another two years fixed. My credit history is not perfect I am rated as ''FAIR''. I spoke to my Bank to see if they would be interested in me, but they said no I had to have a rating of ''Good''. I have therefore decided to stick with it.
    I have debts of 13K, overdraft - personal loan, and credit cards.. Am I correct in thinking that if I keep the mortgage, sell the house I am in, and take the mortgage with me at the same amount £27K, that I will not have to be credit scored again to port it elsewhere ? my current house value is £195K. If I purchase a house for say £155K - £160K, the £190K less the 13K I owe would leave me with £177K less £6K for buying and selling and 1K for stamp duty ish... would leave me with £170 to purchase a new one including the mortgage!? I havnt sold or moved in a while, and I just dont remember how it all works. My intention is to with the £170, say purchase at £160K put ten grand in the bank keep 6K for decor changes and new car and set my finances strait, and use the 4K left over to pay off a bit more mortgage every year... hope that all makes sense ? and and am I correct in my assumptions - Many thanks Jan

  • #2
    Re: Abbey mortgage and moving questions

    I'm afraid it may not be that simple. Even if you're moving an existing mortgage to a new property most lenders will credit score you again, as well as possibly going through the underwriting process again, meaning they may withdraw the mortgage you already have.

    Give the existing lender a call and ask them what is the process involved in transferring your existing mortgage to a new property if you want to sell your current one and buy another one. Also ask them if they would credit score/underwrite you again.

    Without knowing your full details/circumstances, the above should only be considered as general advice, rather than specific advice for your personal case.

    Hope that helps
    Ailan - ALQ Mortgage Consultancy
    Best Mortgage Rates

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