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Can you move your mortgage to a new home?
Moving to a new home? You'll want to know if you can take your existing mortgage with you, or if you should be looking for a new deal.
Many mortgages are “portable” which means you may be able to transfer your current mortgage product to a new property. But even if this is the case, you may still be blocked by your lender.
You may not qualify
When you ask your lender to “port” your mortgage, you will need to re-apply for that deal, which means you might not qualify. This could be because your circumstances have changed, you’re now self-employed, you earn less or you have more outgoings than when you applied before.
You may also struggle to qualify through no fault of your own, as it could be your lender’s criteria that has changed.
If you’re moving to a more expensive property
If you’re up-sizing, you may need to borrow more additional cash. Depending on the maximum amount the lender will allow you to borrow, this might not be an option that’s open to you.
But if it is willing to lend, the lender may insist on the additional borrowing going on another mortgage product, which is likely to involve an arrangement fee and probably a higher rate.
You could end up borrowing at a poor rate of interest
If you can port your mortgage and are able to borrow more, remember that you’re tied to one lender, meaning you’ll have little choice other than to choose from the rates offered to you. These might not be competitive, which would leave you stuck paying a higher rate of interest.
What if I’m downsizing?
If you’re downsizing or buying in a cheaper area and you don’t need to borrow any more money, porting your mortgage could be an attractive option for you. If your circumstances haven’t changed since your original mortgage application, you should have no problem satisfying your existing lender’s criteria.
The lender will run an affordability check based on current lending criteria, so it’s a good idea to bear this in mind in the months running up to your move and try to maintain a good credit rating. Make sure to also be aware that if your mortgage has an early repayment charge, the charge is likely to be applied to the difference between the two loan amounts.
What do I do if my lender won’t let me port my mortgage?
If you can’t keep your current deal, then you will have to source a new one. It’s best to speak to an independent mortgage broker or financial adviser who can assess every product in the market and get the very best deal for your personal circumstances. There is also the option to challenge your lenders decision if you think it is unfair.
What if I can’t port or get a replacement deal?
In this situation, you might need to put off your house move until you can prove to a lender that you’re able to keep up with increased monthly mortgage payments. We also recommend getting in touch with a mortgage broker to discuss your options.
Keep in mind
Before you commit to selling your property and buying a new one, do your research and find out if you are likely to be able to port your existing deal, or if you will need a new mortgage.
Be wary of officially committing to anything until you are able to provide a new property address and details.
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