Moving when tied into a mortgage
You have 2 options.
When you move, you may be able to take your mortgage with you. This is called "porting". If you need to borrow extra, your lender will re-assess your affordability, but as long as you pass their checks, and they are happy with the new property (they will carry out a mortgage valuation) then you are good to go.
The other option is to repay your existing mortgage, and to take a new loan out with another lender on the new property.
Moving houses earlier than the end of your promotional mortgage rate term could mean there are early repayment fees to pay. Make sure you check what those are and calculate if it's worth it.
It can be hard to know what to do for the best, but that is what we are here for. Get in touch for a friendly no obligation chat.
Willow Tree Financial Services 01323 436680