01789201914 enquiries@capc.uk.com

What happens to your mortgage when you move home?

While moving home can be one of the busiest and most stressful times in your life, sorting out your mortgage doesn’t have to be. In fact, mortgages can be pretty straightforward when moving home, whether you take your current mortgage with you to your new property or decide to remortgage.

If you have decided to move, speaking to a mortgage adviser is one of the best ways to help you with your situation. An adviser will look at your individual circumstances and recommend the right option for you to take. However, if you’re looking for a basic understanding of the options out there then read on.

Portable mortgage – keep your current deal

If your current mortgage has a lower rate than existing deals, you may want to consider a porting your mortgage.

Although one of the simpler options, deciding whether or not to port your mortgage will depend on a few factors. For example, the time remaining on your current mortgage deal, your affordability when porting, if you’re porting your mortgage to a more expensive property or if you’re tied into your current deal with early repayment charges. Ultimately, the deciding factor will be whether it’s financially the right option for you.

Remortgage – get a new mortgage deal

Alternatively, if you’re moving home, this could be a great opportunity for you to look around for a better mortgage deal. Many homeowners look at remortgaging when moving house, to get a lower interest rate.

However, it is important before you consider remortgaging to check any penalties or additional fees that may occur, such as arrangement fees and exit fees. Many lenders charge exit fees when you leave your existing deal and charge an arrangement fee for your new mortgage. So it may be worth considering if it is in actual fact financially the better option for you.

It’s also important to consider your current circumstances and whether these have changed since you took out your original mortgage. Like any remortgage, you will be assessed and credit checked by lenders, to make sure you meet their criteria and with stricter criteria, you may be better sticking with your current mortgage and transporting it to your new property.

 

If you’d like to get in touch with our expert mortgage advisers to discuss your remortgage options, please don’t hesitate. We offer flexible appointments to fit around your schedule to help make things as easy as possible for you.

For further information call: 01789 201 914

Or email: enquiries@capc.uk.com

Contact our expert advisers now

Call free from landline or mobile

01789201914

Not the right time for a call? Email us and we can arrange a good time to discuss your needs

enquiries@capc.uk.com

Mortgage Blogs

7 Ways To Fall Back In Love With Your Home

Every now and then, everyone needs a little pick me up, including your home. Over the years, scuffs and scrapes can make a house look untidy and you can soon fall out of love with your home, which becomes a place just to rest your head, rather than a space to relax...

What’s the mortgage process for buying a new build home?

As we’ve seen from our previous article, there are many reasons why you might want to buy a new build home. Many people like the fact that the property comes with the safety net of guarantees, plus you can choose your own fixtures and fittings that suit your style,...

Why buy a new build house?

Just like everyone has their own style when it comes to fashion, it’s the same when it comes to houses. Some people prefer period houses that have character and unique features, whereas others might prefer a new build property with a clean, modern look and feel that...

The Art Of Decluttering

We all know that feeling when your house becomes so full that you feel like you can’t see the wood for the trees. If this sounds familiar to you, then it’s time to sit up and finally de-clutter your house, once and for all! Over the years, your belongings build up....

How To Guides

How to create your dream self-build home

Is it your ultimate dream to one day design and live in a home that you’ve created yourself? But perhaps the thought of going into the unknown is putting you off making it happen? In this article, we’re taking a closer look at the journey of a self-build project…

How to renovate a rental property to reduce further maintenance costs

Buying, renovating and potentially furnishing a property is an expensive process and it’s natural to want to keep costs as low as possible, particularly if you are trying to make a limited amount of capital stretch far. However, as legions of landlords before you have learned…

How to downsize – Top tips for empty nesters

Have you been rattling around your big, old house for quite some time now? If so, downsizing might be the right thing to do. A driving force for many to downsize is an empty nest. If the kids have grown up and moved on, having to look after a big, empty house can become a burden.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.

A fee of up to 1.5% of the mortgage amount may be charged depending on individual circumstances. A typical fee is 0.67%.

We use cookies on this website to give you the best experience we can. To find out how to turn off cookies, have a look at our privacy & cookies policy