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Can You Get A Mortgage When Relocating?

MORTGAGES | 16.11.2021

If you’re considering moving house and already have a mortgage on your current property, you can either start afresh and get a new mortgage when relocating or transfer your existing one. This guide will explore each option in detail so you have a better idea of which one is right for you.

What happens if you have a mortgage but want to move?

When it comes to a mortgage when relocating, you have two choices. You can transfer your current mortgage over to your new property, known as porting, or find a completely new deal by remortgaging with your existing lender or a different one. Here’s some key points you need to consider:

Porting a mortgage when relocating

Most mortgages are now portable, meaning you can bring your current mortgage over to your new home. However, you still have to go through the application process just like you would with a traditional mortgage. You may also need to increase the size of the mortgage to cover the cost of your new home if it’s more expensive. If you do need to increase the size of your loan, your lender will likely ask you to take out a separate mortgage that covers the difference in price.

Remortgage with your lender

Instead of porting your mortgage, you could choose to remortgage and take out a new loan with your lender. You’ll probably find a better rate this way, but be aware that early repayment charges incur when you leave your current deal. The amount you pay depends on how much time you have left on your existing mortgage.  It’s important you check how much the fees will set you back and weigh this up against the money you’ll save through a better rate. 

Do you have to pay a deposit when porting a mortgage?

If you’re porting a mortgage to a more expensive property, you can use any equity in your current home as a deposit towards your new one. If the equity and your savings isn’t quite enough, you’ll need to top it up with additional borrowing. 

Can you port a mortgage with bad credit?

Getting a mortgage when relocating can be tricky if your circumstances have changed. If for example, you have bad credit or a lower income, your current lender may reject your application for porting a mortgage to a more expensive house.  In this case, you could switch your mortgage to another provider, but there may be fewer lenders to choose from. This is something we can help with. Our mortgage brokers have the knowledge and experience to find you a range of mortgages from lenders who will accept factors such as bad credit.

Help with securing a mortgage when relocating

If you need any assistance with getting a mortgage when relocating, please don’t hesitate to get in touch with the team at TaylorMade Finance. We can find the right mortgage product for you and take on the paperwork, saving you time, money, and stress.
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