Can someone outline the practicalities and points to watch when moving home? I mean, do you have to pay off the old mortgage and start again, or is the loan transferable and able to be topped-up perhaps to a higher figure when moving home?
Yes, when you sell a house you have to redeem the mortgage which means paying off the loan.
Of course, if you need a similar loan to buy the next house, your old lender is likely to be happy and keen to lend you a similar amount on similar terms.
What o you mean by "start again"?
Strictly, no. But in practice very much so.
In particular, if your existing arrangement is an endowment mortgage, i.e. a two-part package consisting of an interest-only loan and an endowment (itself a two-part package consisting of a savings vehicle and a life insurance policy), there is no need to "churn" the endowment, i.e. to surrender it and start a new one. The endowment is linked to the person, not the property. The loan is linked to both. You can churn *that* easily enough.
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