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 your new property.
It’s worth checking your mortgage details to find out whether your deal is in fact portable. You can either look through the documents you were given when you arranged the deal, or ask your broker or lender.
Even if porting your mortgage is possible, you’ll still need to reapply and go through the same affordability and credit checks you went through to get the mortgage. You’ll also have to pay for a valuation, as well as legal fees and stamp duty.
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.
When to apply for a mortgage when moving:
If you’ve just started thinking about moving, it might be a good idea to speak to your mortgage provider to find out how much money you could borrow if you were to move, and what fees you’d have to pay.
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