Most people today have a moving house mortgage already. This means that in your agreement, there are terms that let you move to a new property and port over your existing mortgage agreement without any break in terms.

Moving house and mortgage means avoiding the early repayment charges and saving on exit fees. Of course, not all mortgages can be moved.

Reasons why you may not be able to port your mortgage

There are a few reasons why moving your mortgage to another house may not be available to you:

1. It wasn’t in your initial agreement: While rare, some lenders don’t allow moving house and mortgage.
2. Your current mortgage doesn’t cover the cost of the new home: If you’re upgrading, you may not be able to get a mortgage for moving house since your new home is worth more. Instead, you’ll need to take out a second mortgage to cover the extra costs or get a new mortgage.
3. You no longer fit lending criteria: This may be because your circumstances have changed (for example, your credit tanked, or you swapped to being freelance) and you no longer meet your lender’s criteria, or the lender’s criteria might have changed.

• There are many costs you need to consider that go beyond your mortgage. When moving, for example, you’ll need to cover these costs:
  • Legal fees
  • Valuation fees
  • Stamp duty
  • Exit fees
  • Early repayment charges
  • Moving costs

Moving house with a mortgage helps you save by avoiding exit fees. If the property you’re moving to is worth the same or less than your current one, then moving your mortgage to a new house is often the go-to option for most homeowners.

You’ll want to take on a new mortgage instead if:

• Interest rates with a new lender help you save more
• Your lender won’t allow for moving house with a mortgage
• Your next home’s value exceeds your current mortgage

Our FCA-certified advisors can help you with moving your mortgage to another house or find a new mortgage agreement that works for you, so get in touch with our team today.

Here are a few examples of when moving house and mortgage is the better option:

1. You have an attractive fixed-rate mortgage and want to keep the interest rate and move to a new property.
2. You want to save on exit fees and early repayment charges.

Here are a few instances where you wouldn’t want your mortgage moving house and instead will want to get a new agreement:

1. Interest rates have dropped, and getting a new agreement means paying less overall.
2. Your new home costs more than your old one.
3. Your financial situation has improved, and you can use it to negotiate better interest rates.

Our experts can help you understand your options so you know which path works best for your specific situation. We can then match you with new lender offers so you get the full picture and understand all your options before you move.