Owning your own home

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edscoble

Just to double check, we are paying a sizeable mortgage in London, however we intend to move to Sheffield and get an actual house for like 2/3 of our existing flat, is it doable to change mortgage to a smaller one to borrow less in 5 years time when the fixed rate end?

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Glws in reply to @edscoble

Isn't that the principle of mortgaging ? The property being just a security against the borrowing, unrelated to the actual place.
Might even be worth considering paying the penalty towards the end of the 5 years if conditions are in your favour (appreciation, right time to sell/buy, etc.)

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