Moving house mortgage
How mortgages work when moving house
Moving house mortgage advice
Moving home is generally a great time to review your mortgage to ensure that it still meets your borrowing needs. As a whole market mortgage broker, we can help you check that you have the best deal by comparing thousands of products from the UK’s top lenders. We will also help you to review your current deal, by checking to see if a new mortgage deal would still be the preferred option once you have paid any associated fees. If we recommend applying for a new mortgage and you are happy to do so, we will also arrange the entire process from start to finish for you.
If you are thinking of moving home and would like to discuss your options, then get in touch to book a consultation with one of our friendly mortgage advisors. Our advice is completely free and without obligation!
Moving mortgage to new house
When you move home it is important to check that you have the right moving house mortgage for your needs. Most mortgage lenders will let you port a mortgage from one property to another, which could be a good option if you are buying a home of a similar value. But if you need to borrow more money to purchase your new home, you will usually need to apply for another mortgage to cover the additional cost, which could have a higher interest rate and the added cost of an arrangement fee.
Remortgaging with same lender
To avoid potentially having two mortgages, you could replace your existing mortgage with a new moving house mortgage from your current lender and potentially get a much better rate at the same time. However, to leave your current deal, you will usually have to pay an early repayment charge and possibly an exit fee. As you are taking out a new mortgage, there will usually be an arrangement fee and valuation fee to pay too.
Switching mortgage lenders
If you find a better moving house mortgage with a different lender, you could remortgage with them and clear your existing mortgage. Again, your current mortgage lender will likely charge an early repayment fee and exit fee for doing so, and you will generally need to pay an arrangement fee and valuation fee to your new lender too.