Can a mortgage deal be moved to a new home?

If you are considering buying a new property, you may not want to lose the benefits of your existing deal, especially if it is a low interest rate. You may have signed up to a mortgage which has early redemption charges, which can soon add up. Many of today’s mortgage products are portable and can be moved to a new property, so that you don’t incur charges or lose out on a good deal.

Although it may appear straight forward, applying to transfer your mortgage deal to another property can be a complex affair. The lender will ask you to apply for the mortgage and will conduct affordability and other checks. This means you may actually be turned down for a mortgage. Mortgage advisers spend time studying on a CeMAP training course so that they have an in-depth understanding of portable mortgages, so it is advisable to seek advice.

If you want to borrow more money in addition to your existing loan, you will have to apply for the extra amount. You won’t be able to apply to another lender for the extra amount, as most lenders will only provide a first charge mortgage.

Problems may also occur if the sale of the property and the purchase of a new one don’t happen simultaneously. However, many lenders will allow up to 30 days, but if the delay is any longer, lenders will often refuse to port the mortgage deal. It is advisable to seek professional advice before approaching a lender.



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