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Looking for a replacement mortgage - Basic Questions

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

Reply to
mrjolly
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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.

Reply to
Tumbleweed

You want to spend 25 years repaying a credit card debt? yikes!

Reply to
Butterfly

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.

Reply to
Tumbleweed

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

Reply to
Robin Graham

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