mortgage "transfer" ?

[vx220]

Hi, possibly thinking of downsizing but on a fixed rate until 2016

Is it possible to move somewhere cheaper, but keep the same mortgage and use any monies made to pay off our existing mortgage?

[Countdown]

http://www.express.co.uk/finance/personalfinance/3...

HTH

[Sarnie]

Countdown said:

http://www.express.co.uk/finance/personalfinance/3...

HTH

That link isn't quite applicable as it refers to porting the mortgage to a more expensive property, the OP wants to downsize.

OP, as long as your mortgage is portable you will be able to move it to the new property but you would be charged your Early Repayment Charge for the amount your mortgage is reduced by. So, if your ERC is currently 3% and you reduce the balance by £5,000 the lender would charge you £150 as a penalty.

You would also need to maintain the LTV of the product.

[vx220]

Thanks for advice