Moving Home Mortgages in Canterbury

To answer this in short, the standard answer is yes, there are a lot of mortgages that are ‘portable’. This means you may potentially be able to transfer your existing mortgage onto a new property that you move to.

If we look at it on a technical level though, you will be basically reapplying for that deal. In this case, if any of your circumstances have changed during that time, then you may no longer qualify for it and you will need to undergo further credit checks.

You’ll have to be wary that there will likely be quite a lot of costs involved in moving home in Canterbury, more so than you may have faced when you were a first-time buyer in Canterbury.

These can include, but are not limited to; estate agency fees, solicitor’s fees, removal fees, property survey fees, mortgage arrangement fees and mortgage broker in Canterbury fees.

When you decide to move home, your legal representative will have to use the proceeds of the sale of your now old home, in order to pay off the full remaining mortgage balance.

From there, you will either need to apply for a new mortgage on your new home in Canterbury. Alternatively, if your mortgage lender will allow it, you may not need to pay off your old mortgage, instead porting it with you to the new property.

Depending on what your mortgage lender says and the application of any potential early repayment charges, you may have the option of paying off parts of your current mortgage in Canterbury at any point in time.

The vast amount of mortgage lenders will only allow you to overpay an annual limit of 10% of your mortgage balance on a yearly basis, if you are still currently in your introductory, discount or your fixed mortgage period.

If you happen to be on a standard variable rate at the moment you may have the option of paying more than this amount. Speak to your mortgage lender to see how much you are able to overpay.