Hi all,
I have had a read around and done some searching, but I still cannot find the info I need. I may be being slightly dim. :o
Husband and I have a house, still in very early days of mortgage, just passed end of year 1. We are tied into a 5 year fixed rate.
I know in theory you can "port" a mortgage to a different house, but I do not understand whether you need to go through all the income/finance checks again, or whether the only important thing is the value of the new house. New house would equal old house in value, but in a totally different area of the county! So, it is conditional on hubby being offered new job, which he hasn't been yet. So any move would be calculated based on his current job.
What we want to know is, which of the following scenarios is likely to work...
Move now - at point of purchase both have same jobs as when we got mortgage - simples, except we have not yet finished the work on the house to bring it to the value we want!
Move in a couple of years - husband has same job, I have different job, possibly self-employed (less than 3 yrs accounts) (this doesn't work if they want to check income again).
Husband gets job, moves and rents on his own while we finish work on this house. New house bought on his new employment - does this matter if he has not been in the job long?
I am not sure I am even making sense.... Confused. :rotfl:
I have had a read around and done some searching, but I still cannot find the info I need. I may be being slightly dim. :o
Husband and I have a house, still in very early days of mortgage, just passed end of year 1. We are tied into a 5 year fixed rate.
I know in theory you can "port" a mortgage to a different house, but I do not understand whether you need to go through all the income/finance checks again, or whether the only important thing is the value of the new house. New house would equal old house in value, but in a totally different area of the county! So, it is conditional on hubby being offered new job, which he hasn't been yet. So any move would be calculated based on his current job.
What we want to know is, which of the following scenarios is likely to work...
Move now - at point of purchase both have same jobs as when we got mortgage - simples, except we have not yet finished the work on the house to bring it to the value we want!
Move in a couple of years - husband has same job, I have different job, possibly self-employed (less than 3 yrs accounts) (this doesn't work if they want to check income again).
Husband gets job, moves and rents on his own while we finish work on this house. New house bought on his new employment - does this matter if he has not been in the job long?
I am not sure I am even making sense.... Confused. :rotfl: