Moving Home
Thinking of moving house but unsure what to do with your current mortgage? Our expert team can help make your moving dream a reality.
Navigating Your Next Property Purchase
There’s lots to consider when moving to a new home. Even if you’ve been through the process before, changes in circumstances like a new job can affect your options.
Exploring Your Mortgage Options
- Transferring Your Current Mortgage: You might be able to port your existing mortgage to your new home. This option is not automatic and depends on your lender’s approval.
- Finding a New Deal with Your Current Lender: This could mean renegotiating terms or rates.
- Switching to a New Lender: Applying for a new mortgage deal might offer better terms but could involve additional costs.
Early Repayment Charges: Switching mortgages, even with your current lender, can sometimes incur charges. It’s essential to weigh these costs against the potential benefits of a new mortgage deal.
Mortgage Calculators
With Town & Country Mortgage Services, you can use our mortgage calculators to estimate how much you could borrow.
Remortgaging
Make sure your next mortgage is the right one for you. Get a new mortgage with award winning advice.
Moving Homes Guide
Have you outgrown your current home or are looking to downsize? Exactly what do you need to do for an easy move from start to finish?
Be Prepared For Your Move
Moving can be exciting, but there are also some expenses to keep in mind. Here’s a heads-up on some of the most common costs.
- Valuation and Survey Fees: Getting a value for your current home and a survey for the condition of your new property will involve fees and planning.
- Legal Fees: Transferring ownership of properties requires legal work, so expect legal fees. We can have trusted partners who we can recommend for a smooth completion.
- Estate Agent Fees: Selling through an estate agent is a great way to get your house on the market and sell for the best price possible.
- Mortgage Application Fees: Some deals include booking and arrangement fees. We can help advise if this applies to you.
- Fixed-Rate Mortgage Considerations: If you have a fixed-rate mortgage, breaking it early could lead to charges. You might also be able to transfer your existing mortgage (porting) – chat with your lender or broker about your options!
FAQ: Moving Home
What is a moving home mortgage?
You can’t always plan your life around your current fixed rate mortgage! A moving home mortgage, also called a “porting” mortgage, allows you to transfer your existing mortgage to a new property when you move before the mortgage you already have ends. It is designed to offer flexibility and continuity in your current mortgage as you relocate to a new home.
Can I just transfer my mortgage to another property?
Yes! Many lenders offer the option to port your mortgage to a new property. You will need to check with the lender you have your current mortgage with, they will then assess the new property and potentially re-evaluate your financial circumstances before porting your mortgage. If you are unsure of whether you can port your mortgage, reach out to one of our expert advisors for a free consultation.
What happens if you move and have a mortgage?
If you decide to move while you already have an existing mortgage deal, you may be able to port your mortgage to the new property, so you won’t need a new mortgage. If you choose not to port or if porting isn’t an option, you may need to pay early repayment charges depending on the terms of your current mortgage.
Do you have to reapply for a mortgage when moving house?
If you are moving house and already have a mortgage you wish to port, you will still need to go through an application process with your lender. This process will include a reassessment of your financial situation and checks, other factors like the new property’s value. If porting is not an option, or you decide against it, you will need to apply for a mortgage on the new property.
I’m thinking of moving in the future but my current rate is running out, what should I do?
If you are looking to move in the future but not right now, you can look at remortgaging your current property, and transferring that mortgage across to your new property in the future. Have a chat about transferring your mortgage with us to see what is best for you!
My earnings have changed, can I get a new deal with my existing lender?
You are able to negotiate a new deal with your existing lender. Lenders are often willing to review your current financial situation to offer a mortgage deal that better suits your new circumstances. At T&C we can help you navigate this situation to ensure your new mortgage suits you.
How does Town & Country Mortgage Services work when I move home?
At Town & Country Mortgage Services, we streamline the home-buying experience with our expert guidance, ensuring your journey is in professional hands.
As an award-winning, FCA-registered broker, our free mortgage and protection advice is designed to cater to both first-time buyers and experienced investors. Trust in Town & Country Mortgage Services for a comprehensive and hassle-free home-buying experience.
Free Initial Consultation
We'll discuss your current situation and property aspirations, and assess your borrowing potential to guide you towards suitable mortgage lenders.
Agreement in Principle (AIP)
An AIP is prepared, giving an estimate of your borrowing capacity. With an AIP, you can confidently search for properties within your budget and make offers.
Tailored Mortgage Advice
Once an offer is accepted, we provide specific lender and mortgage product recommendations. We handle all aspects of your mortgage application, ensuring a smooth process.