A home mover mortgage works just like a regular mortgage but is designed for those who are selling their current property and moving to a new home. Depending on your situation, you may need a new mortgage that better suits your needs, or you may be able to transfer your existing agreement.

“Porting” your existing mortgage to your new home may seem like a convenient option, but it’s important to consider all your choices. While porting your mortgage may be suitable, you could be missing out on more competitive rates available for home mover mortgages. I’ll help you weigh up your options and find the best solution for your needs.

When moving to a new home that costs more than your current property, you may need to increase your loan amount, resulting in higher monthly payments based on your new credit agreement. To obtain a new mortgage, you will have to undergo credit and affordability checks similar to those you underwent for your previous mortgage.

You may have the option to “port” your current mortgage agreement and expand the mortgage amount. However, it is essential to be aware that you could face early repayment charges if you exit your existing agreement before its term ends.

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

Get in touch to discuss your options.

The decision to port your mortgage or take out a new home mover mortgage depends on various factors, including early repayment charges and the need for further borrowing. While porting your mortgage may seem like a good option, a new mortgage could provide better rates. I’ll carefully evaluate the benefits and downsides to help you make an informed decision and find the best solution for your circumstances.

Early repayment charges refer to the fees charged by lenders if you decide to leave a mortgage deal early, typically during the introductory offer period. This usually applies to fixed-rate and discounted variable-rate mortgages, although other types of mortgages like tracker and interest-only mortgages may also have early repayment charges. It’s important to review the terms and conditions of your mortgage agreement to determine whether there are any early repayment charges that apply to your situation.