Making the decision to move home is not one that should be taken lightly. There are many things that you need to sort out, decide and remember. With all of these things, the last thing you want to be worrying about is that to do about your mortgage. So, what are the options you have for a mortgage when moving houses, and what is the best option for you?
There are two main options for what to do with your mortgage: porting, or re-mortgaging. The first option, porting, is essentially when you transfer your current mortgage over to your new property. These days, porting is an option with most home mortgages. To do this, you still need to go through the application process for your loan and you might also need to increase your mortgage size in order to cover the cost of the new house. If you have to take out an additional loan, it is important to watch out for if it has higher interest fees than the original mortgage.
Your next option is to replace your current mortgage by taking out a new loan. You might be able to find a better rate by going down this route.
Whatever option you go for, you will want to try and cut costs. To figure out how to do this, we recommend getting in touch with our friendly team here at Eminence Mortgages to find out how we can use our expertise to benefit you and make your life easier.