Moving home
Mortgage advice when moving home
Moving home means thinking about your current mortgage as well as the new one. Charlene can help you weigh up porting, a new deal and how timing affects costs.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Porting or a new mortgage
Many mortgages are 'portable', meaning you may be able to move your existing deal to the new property. The lender will still reassess you and the property. If you need to borrow more, the extra amount may be on a different rate.
Taking a new mortgage instead may mean early repayment charges on your current deal, so it is worth comparing the overall cost.
Timing and chains
Offers have an expiry date and chains can move slowly. It helps to plan early so your mortgage is ready when your sale and purchase line up.
Costs to plan for
- Early repayment charges, if leaving a deal early.
- Lender, valuation and legal fees.
- Estate agent fees on your sale.
- Property tax on your new home and removal costs.
Common questions
Can I take my mortgage with me?
If your mortgage is portable, you may be able to. The lender will reassess your circumstances and the new property, so porting is not automatic.
Related advice
Ready to talk it through?
Send an enquiry and Charlene will get in touch to understand your plans and explain what the next steps could look like.