| Away from politics, viruses, football or bigotry... 16:49 - Jun 18 with 898 views | clive_baker |
Anyone know anything about mortgages?
How does it work if you're in your fixed term and want to move house to somewhere that'll require borrowing more money? In my simple mind there's 2 choices:
A) Pay an early repayment fee to exit existing lender and get a new mortgage on your new property with a different lender. Not ideal given these fees can be high.
B) Move your current product over to a new, bigger one with the same lender. How does this bit work, is it a completely new application? And If my wife isn't currently on my mortgage, but would need to be added to be able to afford the new gaff, would that likely make it a different application / scenario?
I've never moved before, still in my first place, but I can imagine it's a relatively common thing unless people normally try and time moving with the end of a fixed period? |  |
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| Away from politics, viruses, football or bigotry... on 16:55 - Jun 18 with 884 views | Kieran_Knows |
I'll watch over this thread as I'm in the same position (currently 10 months in to our next 2 years fixed rate). |  |
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| Away from politics, viruses, football or bigotry... on 16:58 - Jun 18 with 862 views | BanksterDebtSlave |
The bank gets free money and lend it to you.....you get fleeced....hope this helps. |  |
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| Away from politics, viruses, football or bigotry... on 17:09 - Jun 18 with 854 views | Keno |
Drop Osborne one-nil a PM
He is the man for mortgages |  |
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| Away from politics, viruses, football or bigotry... on 17:17 - Jun 18 with 843 views | eastangliaisblue |
When i moved a few years ago, i carried the one i have over to the new house. I needed to borrow a bit extra, so took another mortgage out. |  | | |
| Away from politics, viruses, football or bigotry... on 17:31 - Jun 18 with 800 views | sparks |
They call it "porting" the mortgage to the new property. You may not get the same deal on the extra- but essentially you need to call them and ask what they can do... |  |
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| Away from politics, viruses, football or bigotry... on 17:47 - Jun 18 with 766 views | Marshalls_Mullet |
I would think B is the most likely option. Shouldn't be a huge problem if you fit the affordability criteria. |  |
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| Away from politics, viruses, football or bigotry... on 17:50 - Jun 18 with 753 views | Dubtractor |
| Away from politics, viruses, football or bigotry... on 17:17 - Jun 18 by eastangliaisblue |
When i moved a few years ago, i carried the one i have over to the new house. I needed to borrow a bit extra, so took another mortgage out. |
Exactly what I was going to say. Its simple enough. |  |
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| Away from politics, viruses, football or bigotry... on 18:19 - Jun 18 with 732 views | linhdi |
It will be explained in the T&Cs in your paperwork when you took out the loan. Approach varies a lot, so I'd read your own documents rather than rely on guesswork from whichever wfh call person you might get through to on the phone. |  | | |
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| Away from politics, viruses, football or bigotry... on 08:18 - Jun 19 with 623 views | itfcjoe |
Basically you end up with 2 mortgages, the existing one stays as is and the further borrowing is a new one.
I think I currently have 4 - old house, extra borrowing when moved, extra borrowing to pay for building works and a further tranche when we finished the house
Get 4 statements, 4 accounts, etc but just one payment made |  |
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| Away from politics, viruses, football or bigotry... on 11:54 - Jun 19 with 554 views | Brookermg |
Yes, they annoying and frustrating.
Had a mortgage agreed in principle in March. Agreed a price for the house we are trying to buy, submitted the full application. 2 days later lockdown occured, All mortgages applications are then automatically rejected. This was frustrating, but I can understand why.
Last week, submitted another mortgage application, everything agreed in principle, made the formal application. Received letters to say this was underway, surveys etc were being arranged. I thought great, its going through this time we can start to get things moving (pardon the pun). Today been told because of our furlough, the mortgage is rejected. But they would be happy to approve the mortgage if we were not on Furlough.
Don't understand this at all, the agreement in principle was submitted and approved using a furlough wage. WTF!
Sorry for venting my frustrations on here. |  | | |
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