Looking for a replacement mortgage - Basic Questions


M

mrjolly

Due to changes in my crcumstances, I would like to change my mortgage.

I have no redemption penalties on my existing mortgage (2 years into a 25
year term).
(The house is now worth approx 120K, and I have 72K left to pay)

What costs am I likely to incur while moving my mortgage?
Would the new lender sort out the Valuation, and all the paperwork?
Is a solicitor needed?
Could I add 3k of Credit Card debt, and get a new mortage for 75k?
(While these may seem a bit dense, I'd rather check before making a
mistake.)

Regards, Darren
 
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T

Tumbleweed

mrjolly said:
Due to changes in my crcumstances, I would like to change my mortgage.

I have no redemption penalties on my existing mortgage (2 years into a 25
year term).
(The house is now worth approx 120K, and I have 72K left to pay)

What costs am I likely to incur while moving my mortgage?
£500-£1000 which may be covered by whoever you are moving to (when I got a
new barclays mortgage a couple of years ago they paid all the costs).
Would the new lender sort out the Valuation, and all the paperwork?
yes but you'll have to fill some of it in, I'm sure they will help you. We
sat down with barclays and did it in about 30 mins, OTOH when I tried
previously with Woolwich they were no help at all.
Is a solicitor needed?
Dunno, we used one when we xferred but it was paid for, we used their
solicitor. We could have used our own.
Could I add 3k of Credit Card debt, and get a new mortage for 75k?
Sure.
 
B

Butterfly

Tumbleweed said:
£500-£1000 which may be covered by whoever you are moving to (when I got a
new barclays mortgage a couple of years ago they paid all the costs).


yes but you'll have to fill some of it in, I'm sure they will help you. We
sat down with barclays and did it in about 30 mins, OTOH when I tried
previously with Woolwich they were no help at all.


Dunno, we used one when we xferred but it was paid for, we used their
solicitor. We could have used our own.
You want to spend 25 years repaying a credit card debt? yikes!
 
T

Tumbleweed

You want to spend 25 years repaying a credit card debt? yikes!
Good point, he'd be best advised to pay that off asap otherwise he'll pay
back more money even though the interest rate would be lower.
 
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R

Robin Graham

Could I add 3k of Credit Card debt, and get a new mortage for 75k?
Good point, he'd be best advised to pay that off asap otherwise he'll pay
back more money even though the interest rate would be lower.
But he could overpay his mortgage by an amount required to remove the amount
of the credit card debt in, say, 3 years. This would almost certainly be
cheaper than leaving it running on the credit card. Just because a mortgage
is set up for 25 years doesn't mean that the whole of it has to last that
long.

Rob Graham
 

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