{"id":749,"date":"2021-08-06T00:58:23","date_gmt":"2021-08-05T23:58:23","guid":{"rendered":"https:\/\/www.darvills.co.uk\/news\/?p=749"},"modified":"2022-05-11T16:59:57","modified_gmt":"2022-05-11T15:59:57","slug":"moving-house-with-a-mortgage","status":"publish","type":"post","link":"https:\/\/darvills.co.uk\/news\/moving-house-with-a-mortgage\/","title":{"rendered":"Moving house with a mortgage"},"content":{"rendered":"

Do you want to find out more about moving house with a mortgage? Then read on. As one of the most experienced removals companies in Bradford<\/a> and Halifax, we have expert knowledge of the house-moving process. We can provide you with all the advice and guidance that you need. Whilst moving house when you already have a mortgage can seem difficult, there are steps you can take to ensure that you don\u2019t have to miss out on the property you really want.<\/span><\/p>\n

Can I port my mortgage?<\/span><\/h2>\n

\"Moving<\/p>\n

One option you may have is to port your mortgage. If your mortgage is \u2018portable\u2019, you might be able to take your mortgage deal and transfer it to another property. Whilst most mortgages are portable, some aren\u2019t, and even if yours is, there\u2019s no guarantee your lender will allow it. You could end up borrowing at a higher rate too.\u00a0<\/span><\/p>\n

Keep in mind that if you do want to port your mortgage, you\u2019ll need to reapply for the deal. You might not qualify if your circumstances have changed, for example, if you\u2019re in a different job or you\u2019ve taken on more debt, or if the lender\u2019s criteria have changed. If you want to purchase a more costly property and need to borrow a larger amount of money, porting a mortgage can be even more difficult.\u00a0<\/span><\/p>\n

Despite the potential problems with porting a mortgage, there are big benefits to consider. Porting your mortgage can be advantageous if leaving your current deal means you\u2019ll face high early repayment charges. Whilst you may be charged by your lender to port your mortgage, it\u2019s likely to work out less than the penalties you may need to pay for leaving your existing deal early.<\/span><\/p>\n

How to port your mortgage\u00a0<\/span><\/h3>\n

\"Do<\/p>\n

If your lender has agreed that you can port your mortgage, you\u2019ll need to apply. The process is similar to applying for a new mortgage, which means you\u2019ll need to undergo an affordability check. Your financial circumstances will be rigorously assessed. This will help the lender to ascertain that you can meet the monthly mortgage payments. You can expect your credit profile to be scrutinised too, so it\u2019s a good idea to make sure that it\u2019s healthy. You should try to build up a good credit rating to make your application more attractive to the lender.<\/span><\/p>\n

Affordability rules for mortgages are stricter than ever. This means that if your financial situation has changed for the worse since you first applied for your mortgage, you may struggle to get your porting application approved. If you\u2019ve changed jobs and you\u2019re now on a lower income or you have more outgoings than before, your application may be declined.\u00a0<\/span><\/p>\n

Keep in mind that lenders will also consider the type of property you want to buy. If you\u2019re hoping to purchase an unconventional property, you may find it more difficult to port your mortgage. This is because lenders can be wary about lending on homes that may be harder to sell in the future.<\/span><\/p>\n

How long does porting a mortgage take?\u00a0<\/span><\/h2>\n

\"Removals<\/p>\n

The porting process is usually quicker than many people expect, often taking around a month from the application. Once the application is approved, the mortgage offer is usually valid for around 90 days. That\u2019s enough time for you to complete on your new house.<\/span><\/p>\n

If you are able to port your mortgage, you\u2019ll need to do is begin the process of selling your property. If you don\u2019t get the ball rolling quickly, sellers might not take you seriously. What\u2019s more, you\u2019ll need to provide the address of the new property before you can get a mortgage offer.\u00a0<\/span><\/p>\n

Should I remortgage?<\/span><\/h3>\n

If you can\u2019t port your mortgage, you may want to consider finding a new deal by remortgaging. You can do this with your current lender or a different one. We strongly recommend talking to your existing lender or a broker to get advice on which route to take.\u00a0<\/span><\/p>\n

Remortgaging with your existing lender\u00a0<\/span><\/h3>\n

Remortgaging with your existing lender may be an option when moving house with a mortgage. If you remortgage with your current lender, you\u2019ll replace your existing mortgage, taking on a whole new loan. Whilst this can often help you get a better rate, it\u2019s important to consider the extra costs you may be faced with.\u00a0<\/span><\/p>\n

To leave your deal, an early repayment fee of 1-5% of the value of your mortgage is likely to be charged. How much you pay will largely depend on how long you have left to run on the deal, with the figure becoming lower the less time remains. On top of an early repayment fee, you may also be faced with an exit fee as well as arrangement and valuation fees on your new mortgage. The amount of fees can add up when remortgaging.<\/span><\/p>\n

Remortgaging with a new lender<\/span><\/h3>\n

Another option available to you is to remortgage with a new lender. This may be beneficial if you can get a better rate elsewhere. However, keep in mind that you\u2019ll still need to pay early repayment charges along with exit fees for leaving your mortgage mid-term. Whether you decide to port your mortgage or remortgage with your current or a different lender, it\u2019s important to consider all your options carefully. Talk to your existing mortgage provider or a broker who can offer you expert advice.\u00a0<\/span><\/p>\n

Contact us\u00a0<\/span><\/h4>\n

Now that you know your options for moving house with a mortgage, you may already be thinking about planning your move. Darvills<\/a> is proud to be one of the top removals companies in Bradford and Halifax. So, why not get in touch to discuss your removal needs? You can call us on 01274 963 057 or 01422 747 036 to talk to one of our friendly and helpful team. Alternatively, you can send us a message<\/a> via the website. We will contact you as soon as we can.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Do you want to find out more about moving house with a mortgage? Then read on. As one of the most experienced removals companies in Bradford and Halifax, we have expert knowledge of the house-moving process. We can provide you with all the advice and guidance that you need. Whilst moving house when you already … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":97,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mbp_gutenberg_autopost":false,"footnotes":""},"categories":[2,51],"tags":[53],"yoast_head":"\nMoving house with a mortgage | Darvills of Bradford & Benns Of Halifax<\/title>\n<meta name=\"description\" content=\"If you are moving home and you currently have a mortgage, you may want advice on moving house with a mortgage. 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