Moving house, do I HAVE to change mortgage?

[bjl1981]

Does anyone know if its compulsory to change your mortgage if you move house?!
The house next door is up for sale, and has 2 more bedrooms than ours. We love our neighbourhood, and it would be perfect BUT we have the most amazing mortgage we got a few years ago (base rate tracker, no tie ins, no fees) and I would not even consider moving if we had to get a new mortgage, because I reckon it would cost us at least £20k over the life of the mortgage if we change now.
Anyone know?!

 

[MrsRH]

best speak to your mortgage provider, they may be able to just switch the funds and change the paper work.
xxx

 

[buttonnose82]

Check with your mortgage provider but as far as i am aware the mortgage is for a certain address, so to change that it would be changing the terms, and i am guessing if the house has 2 more bedrooms it will be worth more than your current house therefore your mortgage would have to change anyway

 

[jeanettekaren]

You have to completely change your mortgage if you want to move. You have to pay off the old one and take out a new one at todays rates. You can't even take out a smaller one to make up the difference. As a previous poster said, a mortgage is for a particular house that has been surveyed and valued.

 

[blahblahblah]

My mortgage is portable - so if I move I can take it with me. My lender is Nationwide - as long as you're eligible you just borrow any extra you need at todays rates, and it's that simple.

Not all mortgages are portable though, so either check the paperwork or give your lender a call.

 

[bjl1981]

Thanks ladies, I spoke to them today and I can take the mortgage with me (well pay off the remainder, and start a new one for new address at all the same rates ) and then if we need extra money that would be at a different rate