{"id":5242,"date":"2023-01-31T15:23:23","date_gmt":"2023-01-31T15:23:23","guid":{"rendered":"https:\/\/octagoncapital.co.uk\/?p=5242"},"modified":"2023-01-31T15:23:23","modified_gmt":"2023-01-31T15:23:23","slug":"how-do-mortgages-work-when-you-move-house","status":"publish","type":"post","link":"https:\/\/octagoncapital.co.uk\/guides\/how-do-mortgages-work-when-you-move-house\/","title":{"rendered":"How Do Mortgages Work When You Move House?"},"content":{"rendered":"
Moving house can be stressful in itself, but even more so if you aren’t sure what will happen to your mortgage. Many people aren’t aware of the various different options they have when it comes to moving house when you have a mortgage, assuming that the only option they have is to pay it off in full.<\/p>\n
This Octagon Capital blog runs through your options when it comes to moving house with a mortgage and how you can decide which to choose.<\/p>\n
When trying to move house with a mortgage, it’s important to be clear about your options and how each might impact your finances. It’s essential to consider all of the options available to you and to only borrow an amount of money that you will be able to pay back at the scheduled times.<\/p>\n
On top of this, there might be exit fees for leaving your current mortgage deal which should definitely be considered for each option available to you.<\/p>\n
Sometimes known as porting your mortgage, transferring your mortgage is a way to switch your mortgage to your new property instead of your current one. This also can refer to when someone is added, removed or replaced from a mortgage agreement.<\/p>\n
When moving house, the likelihood is you are looking to do a straight transfer of the property listed on the mortgage agreement. Some people do struggle to transfer their mortgage if they no longer pass the necessary affordability checks. However, if you are still able to comfortably afford the mortgage repayments, have good credit and have a good track record of paying on time, then you should be able to transfer your mortgage from one property to another.<\/p>\n
Another option that people have when it comes to their mortgage and moving house is to secure more funds. This is a good option when the home you are moving to is more expensive than your current property and usually achieved one of three ways:<\/p>\n
If you aren’t satisfied with the terms of your mortgage and would like to take out a different one with better rates and terms, then you will need to pay off your existing mortgage first. This can incur fees, so it is incredibly important to make sure you consider these when making such an important financial decision.<\/p>\n
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