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Yeah, you sell the house to pay off the outstanding mortgage balance then get a new house with a new mortgage. You may be able to port your existing mortgage to the new house but it'll be at current rates so no real benefit to just getting a new one
Sumo-
Thank, that’s reassuring, slight benefit of London is that it make place like Sheffield, a Glasgow, etc. so much cheaper.
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You may be able to port your existing mortgage to the new house but it'll be at current rates
Not necessarily, I have ported my old fixed rate to a new property. The property is cheaper, I'm paying back some of the mortgage balance therefore the LTV has changed so a small proportion of the new mortgage is at current rates, because my old mortgage had a minimum LTV which was no longer satisfied.
edscoble
el_presidente
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?