Have you tried asking them if you could port the mortgage?

Paul

Hi Jackie

You can always ask, but I think it would be very unlikely as the legals would require you to redeem the current mortgage to give clear title to the person buying your house, then issue a new one for the new house.

Let us know how you get on as its actually an interesting idea and one that banks should look at.

Mark

Hi Jackie1803.

When you took out the mortgage you should have been given some documents. One should be titled "Keyfacts About This Mortgage" or something similar.

If your mortgage is portable it should clearly say that there. If it isn't mentioned it almost certainly isn't. Even if the mortgage is technically portable there may be conditions attached.

Getting a new mortgage soon after a trust deed is going to be a challenge, but if you have a substantial deposit there may be a chance. You'd be best to discuss this subject with a mortgage broker.

hi again yes was told could port only to a bigger mortgage,would this change as i have been in a trusted and does anyone know who deals with subprime mortgages and what companies there is

Hi again.

If you were looking to borrow more I'm sure the mortgage would be underwritten and credit scored again. That could be a problem with a recent trust deed.

Speak with a mortgage broker about which lenders might consider lending to you. The trust deed is just one factor in terms of which mortgage lenders might be worth approaching.