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Transferring a mortgage

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  • Transferring a mortgage

    Is it possible to transfer a mortgage? I am tied into a mortgage for another 18 months but i am looking to move. My current house will sell for 125k but i am looking to buy a house for 100k but want to avoid charges for early repayment?

  • #2
    Re: Transferring a mortgage

    1. How much do you owe lender?

    2. What did lender say when you asked them?

    3. Do you meet their current lending criteria in terms of income etc?
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.


    • #3
      Re: Transferring a mortgage

      Most, but not all, mortgages are portable. Ask your lender or check over the terms of your mortgage offer.

      Even if your mortgage is portable you will still have to make an application to your lender to transfer the debt and your request will be assessed under the lender's standard application criteria and may not necessarily by approved.

      Portability enables the contract to be transfered to a new property but is not an absolute right to do so. If you are buying a lower priced property then you may not be able to transfer the whole value of your current mortgage if this is above, or close to, the purchase price of your new property.

      Speak to your lender or discuss with a local independent mortgage adviser - this question cannot be answered without more specific information about your individual circumstances and this is best done during a face to face discussion with a qualified person who can have sight of the paperwork regarding your current mortgage terms and conditions.
      Property for sale in Torquay



      • #4
        Re: Transferring a mortgage

        As already mentioned most lenders will allow you to port your existing mortgage to another property.

        As for fees, if you transfer less than your current mortgage balance you may have to pay a fee based upon the amount you are not porting across; i.e. the amount that you are paying off.

        However, the fee should not be full redemption penalty.

        If you need any further help or advice please contact me.