Can I move my current mortgage to a new house?
This is a common question we get at Mortgage Connect, Ballymena. If you’re moving house and you already have a mortgage on your current home, you might be able to transfer – or ‘port’ – your mortgage to the property you are moving to.
It’s worth checking your mortgage details to find out whether your deal is in fact movable/portable. You can either look through the documents you were given when you arranged the deal, or ask your broker or lender. Even if we didn’t arrange this mortgage for you we can help. A quick call to our Ballymena Branch and a request for a free 30min consultation on moving my mortgage can be arranged.
You may find it harder to get approved for the same mortgage if your financial circumstances have changed. For example, if you’ve changed job or become self-employed, had children or seen some other change in your financial circumstances, but this shouldn’t put you off ,just be considered. Moving Saving Expert have some great advice on their site you can check out, however using a local mortgage broker is always recommended as we know the local housing situation and valuers.
What are your options?
Porting
Nowadays most home mortgages are portable, which means you can move your current mortgage over to your new property. You will still have to go through the application process for your loan, and you may have to increase the size of the mortgage loan to cover the cost of your new property if it’s more expensive than your current home. If you need to increase the size of your loan, your lender will often require you to take out a separate mortgage that covers the difference in price. This will come with the added cost of a new arrangement fee, so it is important to check with your lender how much this would be. The additional loan could also have higher interest fees than your original mortgage, so watch out for this too. We have more details on our site here for you to investigate.
Remortgage with your current lender
You also have an option to completely replace your current mortgage, by taking out an entirely new loan with your current provider. Although you might be able to find a better rate this way, you will be hit with extra costs. To leave your current deal, you will usually have to pay an early repayment charge of between 1% and 5% of the total value of your mortgage. The proportion you pay will depend on how much time you have left on your current deal. The closer you are to the end of your term, the less you will have to pay. Normally, the only way you won’t be charged an early repayment fee would be if you’re on your provider’s standard variable rate.
What should I do next?
Visit our Ballymena branch or give us a call on 028 2564 6111 to arrange a free 30min consultation to help you find the best solution to moving your mortgage. As a local mortgage broker we know exactly what mortgage will suit your requirements. Give us a try!