if i change my mortgage and take out a fixed deal for say 5 years, can i move house within that 5 year period, transfer the mortgage to the new property and not incurr any charges?
2007-07-05 05:39:58 · 11 answers · asked by Tucker 1 in Business & Finance ➔ Renting & Real Estate
Wow. That's a lot of NOs! And, unsurprisingly, the only ones who have a location in their profile are from the USA.
The correct answer is that, of course, it depends on your mortgage conditions. And seeing as I was getting a fixed mortgage a couple of months ago, I found out that the vast majority of mortgages in the UK these days are transferable (i.e. can be moved from house to house).
As long as the house you are buying is worth at least as much as the mortgage, then I can't see why they'd complain anyway.
One firm who I can confirm have all their mortgages as transferable is Nationwide. They have very good rates too.
2007-07-05 06:41:59 · answer #1 · answered by Steve-Bob 4 · 0⤊ 0⤋
No, mortgages are tied to the subject property more so than the borrower. Sometimes a different borrower can "assume" a mortgage on a property but a mortgage cannot be transfered between properties.
The property is the collateral in the loan.
You can often find a very similar product to use to purchase the new property. Call the person that did your last loan and I'm sure they will be happy to help
2007-07-05 12:47:49 · answer #2 · answered by vintagechuck 1 · 1⤊ 1⤋
Sorry, The mortgage is not conveyed with the property. When you sell , you will be given your equity, and the new owners will have a brand new Mortgage on the house. Im sure if you have this certain mortgage program you like, your Bank or lender can get you into a similiar one for your newest home.
2007-07-05 13:20:52 · answer #3 · answered by Keith G 1 · 1⤊ 1⤋
Nice to know that in the UK transferable mortgages are offered. In the US, the concept gets floated every time rates are low, as seen in this BankRate.com article from 2003. However, there are entrenched interests that make it impossible for it to happen here.
Except for one lender: E*Trade Mortgages offers a transferable mortgage. Don't know about the details, but goes to show that it's possible.
Besides, the questioner never said where he's from. Forgive the Americans: they only know what they know.
2007-07-05 14:31:25 · answer #4 · answered by CMass Stan 6 · 1⤊ 1⤋
No you can't. When you get a mortgage it is a single lein on the specific property and buildings.
As well everytime that you get a mortgage you need to credit qualify. So if you move, the lender will want to see that you have credit worthiness and the abilitly to repay.
2007-07-05 12:52:32 · answer #5 · answered by roybfizbo 2 · 1⤊ 1⤋
No, mortgages attach to specific properties. When you sell a secured property the mortgage must be paid in full to clear title for the new buyer.
2007-07-05 12:46:08 · answer #6 · answered by mazziatplay 5 · 2⤊ 1⤋
No.
The mortgage is for a specific property. If you sell the house and buy a new one, you must pay off the first mortgage and obtain a new one.
2007-07-05 12:43:31 · answer #7 · answered by Tim 7 · 2⤊ 1⤋
No. Each mortgage is specific to the property.
2007-07-05 14:53:01 · answer #8 · answered by Expert8675309 7 · 0⤊ 1⤋
No the mortgage is secured on that property that the lender have the deeds too.
2007-07-05 12:49:58 · answer #9 · answered by 121aloraphotos 6 · 1⤊ 1⤋
Ask your Mortgagor they make the conditions you agree to
2007-07-05 12:49:07 · answer #10 · answered by Scouse 7 · 1⤊ 0⤋