Moving Home Mortgages in Surrey

As a mortgage broker in Surrey, we understand that one of the concerns when moving home is whether your mortgage can be transferred. The good news is that there are many ‘portable’ mortgages available, allowing you to transfer your current mortgage to your new property in Surrey.

However, it’s important to note that this essentially means reapplying for the same deal, and any changes in your circumstances may affect your eligibility and require additional credit checks.

When considering a move to Surrey, it’s important to be aware of the potential expenses involved, which may exceed those experienced as a first-time buyer. These can include various fees such as estate agency, solicitor, removal, property survey, mortgage arrangement, and mortgage advisor fees, all of which we can go through with you so that you can get an accurate figure to how much everything will cost.

As a mortgage advisor in Surrey, we understand that when moving home in Surrey, you will need to use the proceeds from selling your previous property to pay off your existing mortgage. Once this is settled, you can either apply for a new mortgage for your new home in Surrey or, with the permission of your mortgage lender, transfer your current mortgage to your new property.

When it comes to paying off your mortgage in Surrey, it’s important to consider any early repayment charges that may apply (usually known as ERCs). However, many lenders do offer the option to overpay up to 10% of your mortgage balance annually, as long as you are still in your introductory, discount, or fixed mortgage period. If you are currently on a standard variable rate (SVR), you may have the flexibility to overpay more. We recommend speaking to your mortgage lender to determine your overpayment options.