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If you’re moving home, you might need a new mortgage or might be able to keep the one you’ve got.
If your new home is more expensive than your current property, then you’ll most likely need a new mortgage, which means new credit and affordability checks to make sure you can afford the new borrowing.
You might be able to transfer your existing mortgage to the new property, which is called “porting” the mortgage. Some lenders even allow you to port the mortgage and take out further borrowing.
Speak to one of our qualified advisers and we’ll find the best home mover mortgage for you.
Home Mover Mortgage FAQs
A home mover mortgage is exactly the same as a normal mortgage. It’s just a type of mortgage you take out when you decide to move home and sell your current property. You may need a new mortgage to suit your needs, or you may be able to transfer your current agreement.
Depending on your lender, you may be able to take your current mortgage agreement with you, this is called ‘porting’. You will still need to reapply and follow the same affordable and credit checks as when you took out your previous mortgage.
This may be a good option, but it’s best to discuss your options with a qualified mortgage advisor, as you may be able to get cheaper rates by taking out a home mover mortgage.
If your new home costs more than your current property, you’ll need to increase the size of the loan amount. This potentially means extra outgoings each month, depending your new credit agreement. As with your previous mortgage, there will be credit and affordability checks that need to be completed.
You may be able to ‘port’ your current agreement and increase the size of your mortgage.
Something to consider is that you may face early repayment charges if you leave your agreement early.
This will depend on the type of agreement you have with your current lender, you will pay early repayment fees if you’re on a:
- Fixed term mortgage
- Discounted variable rate
You will not be subject to early repayment fees on a:
- Standard variable rate mortgage
- Offset mortgage
Depending on your lender, you may need to pay an early repayment fee on a:
- Tracker mortgage
- Interest only mortgage
It’s best to check you documents, or speak to the lender or broker who set up your agreement.
It depends on the type of agreement you have with your current lender, whether there are any early repayment charges to pay if you leave your current mortgage, and if you need to take out any further borrowing. Porting a mortgage can be a good idea, but sometimes you can get better rates with a new home mover mortgage. Your adviser will consider the benefits and the downsides and make sure you get the right advice.
An early repayment charge is a penalty charge you pay to the lender if you leave certain mortgage deals within a certain time period (usually the same time frame as the introductory offer). This usually applies to fixed rate and discounted variable rate mortgages, although there can sometimes be early repayment charges on tracker and interest only mortgages. The documentation from your lender will tell you if you have early repayment charges to pay.
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