If you are thinking of moving home but still have a mortgage on the current property with a large amount of mortgage providers you can get a portable mortgage. This means if you move house you can transfer your current policy to the new property you intend to buy.
You can move your mortgage regardless of the funds that are needed. If you need an increase on your current mortgage then it can still be moved to the new property. However their will most likely be a fee in order to increase the mortgage amount. As well as this it could result in you having two loans.
On the other hand if you do not need more money on your current mortgage it is then much simpler to do. This is as their is no need to pay a fee to increase the size of the mortgage. However their will still be extra fees for a valuation of the property you are looking to purchase.
With any portable mortgage the lender will have to reassess your position and financial stability. This is to ensure that your position hasn’t worsened since the initial mortgage started. This is in terms of income, financial stability and dependents.
