Home Mover

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Home Mover 

Whether you’re moving into a bigger home or downsizing, there are three potential options.

  1. Port your existing mortgage.
  2. Remortgage with your existing lender
  3. Remortgage to a new lender

Port your existing mortgage

Porting your mortgage is where you move your existing mortgage to a new property.  Not all mortgages are portable so you need to check with your existing lender to see if they’ll allow it.  When porting, you still need to apply for your loan.  If your new house is more expensive, you would need to cover any difference in price which may require you to take out an additional mortgage loan with the same lender.  People often chose to port their mortgage when are on a low rate which they don’t want to lose, or if they will face high Early Repayment Charges for leaving their mortgage early.

Remortgage with your existing lender

Another option would be to stay with your existing lender but take out a whole new mortgage to replace your old one.  You may get a better rate by doing this but do need to factor in fees that you may incur for leaving your current deal early, such as Early Repayment Charges or exit fees, plus potentially arrangement or product fees on the new mortgage.

Remortgage to a new lender

Your third option would be to remortgage to a new lender.  This mortgage, alongside any equity in the house you are selling can be used to pay off your old mortgage.  Early Repayment Charges, exit fees and arrangement fees may also apply.

Here at The Mortgage Masters, we consider all these options to find the most cost-effective way of financing your new home.

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