Moving Home Mortgages in Bournemouth

In short, yes. A lot of mortgages are portable, meaning that you are able to transfer your current mortgage to a new house.

However, effectively you will be re-applying for that mortgage. Meaning that if your circumstances have changed you may no longer qualify for that deal.

Our mortgage advisors in Bournemouth will run through all the costs involved in moving home with you at your initial appointment. So you are completely aware of these from the outset.

The usual costs involved include:

- Estate agents’ fees for selling your current property
- Property Survey fees for your new onward purchase
- Mortgage broker fees.
- Conveyancing fees, remember you will be paying a solicitor for both the sale of your current property and the purchase of your new one.
- In some cases, there may be mortgage arrangement fees


Lastly, you will need to look at the relevant insurances surrounding homeownership, such as building and contents insurance. As well as the various life insurances to financially support you in any unforeseen circumstances.

When moving home, your solicitor or legal representative will pay off any existing mortgage in full from the proceeds of the house sale.

If you are then making an onward purchase, you will need to obtain a new mortgage or port your current one to this property.

If you find yourself in a position where you can pay off your mortgage in full, then you can. However, you may be subject to early repayment charges, depending on the type of mortgage and your fixed period.

If you are currently in your mortgage introductory, fixed or discount period. Many lenders will allow 10% of your mortgage balance to be overpaid each year.

If you are on a standard variable rate mortgage, generally, you can pay off as much as you want.