Another question im afraid! My husband and I both went BR on 23rd March this year, we have a mortgage with HSBC which we have kept with no defaults and are in the process of buying the BI. We had a second baby in June and so will need to move to a bigger house in the near future. Our current mortgage is approx. the same as the value of our house. I understand that to take out a new mortgage we would need to provide a large deposit of around 50% but would it be possible to transfer our current mortgage to a bigger property of a similar value? Effectively not borrowing any more, just changing the property the mortgage is secured on? If not, does this mean we will be squashed in this house for the next 6 years unless we can raise a large lump sum for a deposit (very unlikely!!)? Cheers. x
Chances of a mortgage transfer during BR?
Posted - 15 August 2009 : 12:57:48
