Moving with an existing mortgage requires checking the current contract and the lender's process. A product described as portable does not mean the loan transfers automatically to any property or borrower arrangement. Ask what new assessment is required and what happens if the amount or timing changes.
Request the key figures
- Current redemption information and applicable charges.
- Porting conditions and the treatment of additional borrowing.
- Any gap between sale and purchase and its consequences.
- Fees, rates and terms for the proposed new arrangement.
Compare the cash required for the move as well as monthly payments. Keep a possible charge refund separate from money definitely available on the day; eligibility and timing need confirmation in the actual terms.
Discuss options with your lender or a suitably authorised mortgage adviser before committing to a dependent purchase plan. Use MoneyHelper's mortgage guidance as background. The sale proceeds and repayment tools can model confirmed figures, but cannot determine portability eligibility or recommend keeping or replacing your mortgage.
Put it into practice
Use the total moving cost calculator to organise your own figures or next steps. Keep its assumptions alongside your plan.