Moving Home Mortgages in Southampton

In some cases, this may be possible as most mortgages are ‘portable’. This means that you have the option to move your existing mortgage to your new home in Southampton.

In reality, you are essentially reapplying for the same product. If your circumstances have altered or your credit score has dipped massively, you may unfortunately not meet the criteria and have to opt for another product.

As opposed to a first time buyer in Southampton, you will have to consider the fees that come with selling a property. Your mortgage advisor in Southampton will make you aware of these costs and fees whilst helping you prepare your application.

Some of these fees include; estate agency fees, property survey fees, mortgage arrangement fees, solicitor’s fees, removal fees and mortgage broker fees.

When you move house, your legal representative pays off your current mortgage in full using the proceeds of the house sale.

From this point, you will either need to try and port your mortgage across to the new property or look for a new one to take out. Moreover, you will have to pass credit checks, affordability assessments, etc.

In some cases, you may be able to pay off your early. You will have to discuss this with your lender though, and there may also be an early payment charge (ERC) to do so.

We find that most lenders allow overpayments of 10% per annum if you are still in your introductory period, discount or fixed mortgage period. This will be outlined in your mortgage illustration at the point of taking out the product.

If you are on a standard variable rate you may get the choice to pay more than this amount.