Moving Home Mortgages in Oxford

The short answer to this question is yes, a lot of mortgages are ‘portable’. This means you may have the option of transferring your existing mortgage to a new property in Oxford.

On a technicality though, you will be, in essence, reapplying for that deal. In this case, if your circumstances have changed at all, then you may no longer qualify and you will need to undergo credit checks again.

You’ll have to bear in mind that there will be a lot of costs when moving home in Oxford, more so than a first-time buyer would have.

These can include; estate agency fees, property survey fees, mortgage arrangement fees, solicitor’s fees, removal fees and mortgage broker in Oxford fees.

When you move, your legal representative will have to pay off your existing mortgage in full using the proceeds of the house sale.

From there, you will either need to start a new mortgage in Oxford for a new property purchase or if your lender will allow you to do so, port it.

You may have the option of paying off your mortgage in Oxford in full at any time, so long as your lender allows for it and you’re wary of any early repayment charges that may apply.

The majority of mortgage lenders will allow annual overpayments of 10% of your mortgage balance per year, if you are still in your introductory, discount or fixed mortgage period.

If you are on a standard variable rate you may have the option of paying more than this amount.