Moving Home

A home mover is someone who already has a mortgage on a property but wishes to move to a new home.

There are pros and cons to remortgaging with your existing lender, especially if you need to increase your loan amount. On the one hand, it’s simple to “port” (transfer current mortgage deal), but you could end up with two mortgages if you need to increase the loan amount as the existing lender may require you take out a second mortgage to cover the difference.

If you switch to a new deal, you may also have to pay an early settlement fee even with the same provider.

The alternative is to remortgage with a different lender. This, too, has pros and cons. If you move to a new lender, you have the opportunity of switching to a new arrangement with different terms, however, you may still have to pay an exit fee to your previous lender as well as other fees.

As your mortgage broker it is my job to review your individual situation and recommend the option that best meets your needs.