Typically, you will require a home mover mortgage if you are looking to move up the property ladder and buy a larger more expensive home. At this point it becomes necessary to reassess your current mortgage and make the decision as to whether it would be more beneficial to port your current mortgage to the new property and top up the balance required, or to pay off your current mortgage with the sale proceeds and look for a brand-new deal with another lender.
The decision as to whether to port and top up, as opposed to looking at a brand-new deal generally comes down to whether you are tied into your current deal and what the current rate is, as opposed to what rate would potentially be attainable should you decide to switch mortgage lender. If you are tied in with your current mortgage lender then there is a good chance that there will be an ERC (Early Repayment Charge) should you pay the loan off before the contracted date.
We will always work these numbers out for you so you can rest assured that whichever route you decide to take, whether that be porting your current mortgage or finding a brand-new lender it be the most cost-effective solution.
