Moving House With a Mortgage || UK || 2023

In this video a qualified mortgage and insurance advisor explains how it works when you own a property with a mortgage and want to move.

In this short explainer video Elliot explains the steps involved, from working out your equity, to applying for the mortgage on your next property.


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[mircea]

Well explained, and very clear. Good job mate. Thank you.

[YG-wyfs]

Great video explaining the details. Thanks. I am on a 5 year fixed with a low interest rate (< 2%) that is due to end in Dec this year and looking to buy another property. Instead of selling, if I were to let my property out, and I get a consent to let on my current repayment mortgage - will I be able to release equity for my next purchase?

[Rz]

Thank you for the great explanation. My question is: we live in a house that we renovated and made profit on, but haven’t taken out the equity yet. We would like to move, but because we have a low interest rate, we would like to keep the current mortgage and take it to the next home (port). How do we take the equity from our current home, while taking this mortgage to the next home? Any recommendations please?

[Luminous-yz]

Brilliant video. Thanks alot. If i want to port and purchase a property with same value, for example if I bought the property for £190, 000 and I have paid off £20, 000. Looking for a next property in the same value.. Will it be £170, 000 or could I look at a property worth the original amount of mortgage, which is 190, 000.

[dcw]

Does the mortgage include the interest owed? Or just the original figure?

[Kam-fmtq]

Can I just ask please. So if I want to sell the property, port the existing mortgage and apply for small additional borrowing secured against the new property do I need to obtain a decision in principle first or do I contact the bank after an offer on the house I am looking to buy has been accepted? Is there any way for a little certainty because what if an offer has been accepted but the additional borrowing not granted by the bank? That would mean the chain will collapse and costs for everyone for legal work done to date.

[Shouldofknownbetter]

I own a property with a mortgage and am looking to sell(simply that, no other mortgage or new property)just wondering do I contact the bank first or the estate agents?🫡thanks.