Expanding or Downsizing? we’ve got you covered

Most mortgages are portable, meaning that you can transfer them from the property you originally borrowed against to the home which you want to move to with the same lender.

Alternatively, it is also an opportunity to look around for a better mortgage deal. Like any remortgage you should start by checking whether there is an early repayment charge to pay on your existing home loan. In particular, there are likely to be fees and additional interest charges if you’re still in the special offer period of the loan – on a fixed or discounted deal rather than the lender’s standard variable rate.

In order to be better off by changing mortgage provider, the new deal will have to be sufficiently beneficial to cover the cost of the early repayment charge. That’s not impossible, though it will be easier to save money if your current deal is early repayment charge-free.

Mortgages for those moving home are increasingly competitive and If you are trading up to a larger property, you may need to increase the size of your loan, but you will also need to ensure its affordable once you move into your new property, so it is crucial to get the right advice upfront.