Moving and mortgages

**northernladuk** · 11 January 2016, 19:23

What does your contract say?

**chopper** · 11 January 2016, 20:07

Who is the mortgage with?

When you move, although you can port your existing mortgage product to the new property, you would indeed be reassessed for affordability based on your new circumstances. If the new property requires a bigger mortgage, then the difference between your existing mortgage and the new one would require a current product.

If your mortgage provider doesn't accept you (i.e. they aren't contractor friendly, or you don't meet their lending criteria) but another provider will then you would need to pay the early redemption charge to get out of your existing one.

**SlipTheJab** · 11 January 2016, 21:29

Originally posted by chopper View Post

Who is the mortgage with?

When you move, although you can port your existing mortgage product to the new property, you would indeed be reassessed for affordability based on your new circumstances. If the new property requires a bigger mortgage, then the difference between your existing mortgage and the new one would require a current product.

If your mortgage provider doesn't accept you (i.e. they aren't contractor friendly, or you don't meet their lending criteria) but another provider will then you would need to pay the early redemption charge to get out of your existing one.

+1 I had exactly this, my mortgage is made up of 2 separate loans, I was permie when I did move though so was able to continue with my original lender.

**SueEllen** · 11 January 2016, 22:41

Originally posted by northernladuk View Post

What does your contract say?

Rather mean but when I took out a longer fix the mortgage provider told me at least 3 times verbally plus in their documentation in decent sized print, what I needed to do if I want to move during the term.

Some now use the portability of their 5+ years fixes as a selling point.

Simply as no mortgage provider wants to end up in another mis-selling scandal like they had with endowment mortgages.

**northernladuk** · 11 January 2016, 23:55

Not mean.. It's tongue in cheek..

Am surprised at the comments about porting to more expensive houses though. Something must have changed because this was a no no awhile back. You couldn't have two products against one asset even if it was the same lender. It would make sense if the it's the same lender and the house is worth more than the two mortgages but I'm sure that's how it used to be.

**mudskipper** · 12 January 2016, 06:00

Originally posted by northernladuk View Post

Not mean.. It's tongue in cheek..

Am surprised at the comments about porting to more expensive houses though. Something must have changed because this was a no no awhile back. You couldn't have two products against one asset even if it was the same lender. It would make sense if the it's the same lender and the house is worth more than the two mortgages but I'm sure that's how it used to be.

Nope, we did the same some 17 years ago. The mortgage was made up of two parts with different interest rates.

**SlipTheJab** · 12 January 2016, 07:12

Originally posted by northernladuk View Post

Not mean.. It's tongue in cheek..

Am surprised at the comments about porting to more expensive houses though. Something must have changed because this was a no no awhile back. You couldn't have two products against one asset even if it was the same lender. It would make sense if the it's the same lender and the house is worth more than the two mortgages but I'm sure that's how it used to be.

Are you sure and have you asked your mortgage adviser?!

**TheFaQQer** · 12 January 2016, 09:36

Originally posted by mudskipper View Post

Nope, we did the same some 17 years ago. The mortgage was made up of two parts with different interest rates.

We had similar when we moved here 13 years ago - one mortgage was ported from YBS and then a top-up mortgage for the balance of the house. They were at the same rate though.

I still have the mortgage account, but with a zero balance - just in case I need yo do something daft like buy another church...

**NibblyPig** · 12 January 2016, 09:54

When I got my mortgage I was earning a lot less than I am now as a contractor. I got my mortgage with Santander. I could ask the mortgage broker for his opinion I suppose, but I suspect I'd at least need a year of accounts or whatever so would probably have to wait until December at the earliest anyway. Cheers for the advice

Moving and mortgages