Question: How Does Moving House With A Mortgage Work?

Can you transfer a mortgage to a new house?

When moving home, you can either transfer your current mortgage over to your new property – called porting – or find a new deal altogether by remortgaging with your existing lender or a different one.

It’s worth talking to your current mortgage provider or a broker who will advise you on which path to take..

What happens when you sell a house with a mortgage?

When your sale completes, the mortgage loan on that property is repaid and the lender gives you a new loan for your purchase. This loan may be on one rate for the original amount and another for any additional money you borrow.

Is it worth moving my mortgage?

Remortgaging can be an effective way to save money on your monthly mortgage repayments, but it can be hard to work out whether or not it is actually worth it in the long run. Remortgaging is essentially switching your current mortgage to a new provider, usually at a lower interest rate.

Can I keep my tracker mortgage if I move house?

You can retain your tracker mortgage when you buy a new home but you will have to stick to the same lender and transfer your tracker rate to your new mortgage. Every household should have some sort of financial plan or budget in place.

Is it easy to transfer a mortgage?

Instead of applying for a new loan, paying closing costs, and starting over with higher interest charges, the owner would just take over the current payments. It is possible to transfer a mortgage, but it’s not always easy.

Is it easy to port a mortgage?

How easy is the process? Mortgage porting can be slightly different with each different lender, but overall it is generally a fairly straightforward process, certainly less complex than applying for a mortgage for the first time.