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What Happens to Your Mortgage When You Move

what-happens-to-your-mortgage-when-you-move

Moving house is an exciting time, but it can also be a stressful one, particularly when it comes to figuring out what happens to your mortgage. In this blog, we’ll explore what happens to your mortgage when you move in the UK, and what you can do to make the process as smooth as possible.

 

What Happens to Your Mortgage When You Move?

 

When you move house, there are several options available to you with regard to your mortgage:

 

  1. Porting your mortgage: If your current mortgage allows for it, you may be able to port your mortgage to your new property. This means transferring your existing mortgage to your new home, without having to pay any early repayment charges.
  2. Taking out a new mortgage: If you’re unable to port your existing mortgage or would prefer a different mortgage product, you can take out a new mortgage on your new property.
  3. Paying off your mortgage: If you’ve paid off your mortgage in full, you’ll need to close your mortgage account and pay any outstanding fees.

 

Things to Consider When Moving House

 

Here are some things to keep in mind when moving house in the UK:

 

  1. Early repayment charges: If you’re unable to port your mortgage and need to pay it off early, you may be subject to early repayment charges. Be sure to check with your lender before making any decisions.
  2. Valuation fees: If you’re taking out a new mortgage, you’ll need to pay a valuation fee on your new property. This fee is typically based on the value of your new home.
  3. Solicitor fees: You’ll need to hire a solicitor to handle the legal aspects of your move, including the transfer of your mortgage.
  4. Affordability: When taking out a new mortgage, it’s important to ensure that you can afford the repayments. Be sure to factor in any changes to your income or expenses.

 

In summary, there are several options available to you when it comes to your mortgage when you move house in the UK. You can either port your existing mortgage, take out a new mortgage, or pay off your mortgage in full. Be sure to consider any early repayment charges, valuation fees, solicitor fees, and affordability when making your decision. It’s also a good idea to speak with a mortgage advisor to help you navigate the process and make the best decision for your situation.

 

Are you looking to move home and need some advice? Get in touch with Peak Mortgages today.