Posted on 8 July 2012 by Pippa


Hi I was wondering if it was possible to downsize to a cheaper property and transfer the mortgage once we have paid off some credit cards and some of the mortgage debt?


This is going to depend on the terms and conditions of your current mortgage and in particular whether you are allowed to reduce you debt without incurring early repayment charges (ERCs) and if it is portable or not.  If your mortgage was taken out after 31st October 2004 you will be able to find the answers to these questions in sections 10 and 11 of your mortgage offer.  If you have mislaid your mortgage offer or your mortgage was taken out prior to this date then your existing lender will be able to give you the details.

I recommend that you speak to an independent whole of market mortgage broker before making any decisions as they will be able to compare your existing mortgage terms with what is currently available and let you know if there is a better deal available.  John Charcol can help you and you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672, tell the consultant the date and title of your question and they will be able to help you..


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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