Yes, you can certainly move house with a second mortgage. You will usually be required to pay off your second mortgage in full before moving which can be quite a large sum.
To limit the fees you pay, it is worth speaking to your second mortgage provider about your plans to move before going ahead.
If you haven’t yet taken out a second mortgage, it is worth thinking ahead and whether you think you will be moving house and how this could affect your mortgage.
In most cases, homeowners are able to combine their two mortgages into a new deal and have it transferred to their new property.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Some partners may charge you a fee for helping you find a Mortgage or Secured Loan or other services they provide. MAKE SURE you check with the company before agreeing to any service if they charge you a fee and what the terms are.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk QuiddiCompare does not charge a fee and does not provide any financial advice relating to mortgages. However we may on occasion receive commissions from IFA’s and mortgage providers, brokers and intermediaries for introducing you to them.
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