Moving Home and Moving Mortgage
Best Mortgage Rates
Moving Home and Moving Mortgage
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- Lloyds Bank
- 4.07% Initial
- 5 year fixed
- 6.6% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.10% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.14% Initial
- 5 year fixed
- 6.3% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 5 year fixed
- 6.4% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 2 year fixed
- 6.7% APRC
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Cashback £0Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.19% Initial
- 5 year fixed
- 6% APRC
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Cashback Max £1,250Free LegalsFree Valuation
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- 4.19% Initial
- 2 year fixed
- 8% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.20% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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Moving Home and Moving Mortgage
In the event that your lender does not allow you to move your mortgage, you have two options. You can either stay with your current lender or look for a new lender that will let you get a new mortgage. If you switch mortgage lenders, you may be able to get better mortgage rates by switching to another lender.
If you plan to move, you may be able to take your existing mortgage with you, keeping the same interest rate.
As a result of the economic downturn in 2008, transferring your existing mortgage might not be as easy as it once was. If you meet the criteria, keeping your existing mortgage can offer various benefits when you move.
When you move, you can keep your existing mortgage
Transferring or porting your mortgage is the process of taking your existing mortgage with you when you move home. Transferring your current mortgage when you move home has several advantages, including:
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Staying with the same mortgage deal could mean one less thing to worry about while you prepare for your house move.
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The current interest rate you are paying may be lower than other mortgage rates currently available, so you could save money by keeping your existing mortgage rather than taking out a new one.
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By moving to a new mortgage provider, you could avoid any early repayment charges that you may incur on your current mortgage.
Keep your existing mortgage in mind
It is possible that your existing lender does not offer this option.
On the market, there are many mortgage deals that offer flexible terms, including the option to take your mortgage with you when you move.
In order to ensure a smooth mortgage move, you should take a few points into consideration. Potential issues you might encounter when moving your mortgage include:
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If you are not looking to change the value of your borrowing, the lender will reassess you as a borrower as if you were applying for a mortgage for the first time. In order to verify that your financial circumstances have not changed significantly since you took out the mortgage, they will check your financial records.
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When moving a mortgage to a new property, you may have to pay a transfer fee - the amount will vary from lender to lender.
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Check with your lender first if you have a bad credit mortgage, as you may not be able to move your mortgage easily.
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It makes sense to periodically reassess your mortgage and look around to see what other mortgage deals are available so that you don't miss out on better mortgage deals. This is a good time to do this when you move into a new home.
To investigate your finance options call our broker team or fill in our call back form - speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464