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If you find a new home that you would like to move to but you’re still within your current mortgage deal, you might be able to take your current mortgage deal with you. If this doesn’t cover the full amount needed, don’t worry, you can apply to top up the difference.
In this example the difference is £70,000. You would need to put in a deposit (or use the equity in your property) and then 'top up' to cover the rest with a new mortgage part e.g.
Your new mortgage: £220,000
(£150,000 borrowing on your current mortgage deal plus an extra £70,000 borrowing on a new mortgage part, using £30,000 equity towards the purchase).
In certain circumstances, you may choose to contribute less of your equity towards the purchase of your new home, however, this would mean that your Loan to Value (LTV) would be higher and may affect your eligibility for certain mortgage deals.
If you are looking to downsize your property but you’re still within your current mortgage deal and you decide to borrow less, you may be able to reduce your mortgage deal and port it to your new property.
How much you sell your current home for will determine how much you need to reduce your mortgage by and how much you have available to contribute to the purchase of the new home.
In this example the difference is £50,000. You would have to reduce your mortgage amount to move it to the new property. e.g.
Your new mortgage: £100,000
(£150,000 current mortgage balance minus £50,000 no longer needed, using £50,000 equity).
If you need to change your mortgage due to a separation or bereavement, you can find out how this works on our Transfer of Equity information page.
Check your original mortgage offer (or your most recent offer if you have already switched mortgages with us) for details on your eligibility to transfer your mortgage deal.
Work out what you need to do from the options above.
Make sure you have read our lending criteria before contacting us about applying.
When you are ready to apply, you need to get in touch with us to proceed. Either request an appointment to speak to someone in branch or call us:
8am – 8pm: Mon to Fri
9am – 1pm: Sat
Depending on the terms of your existing mortgage deal, you may need to pay an Early Repayment Charge when moving your mortgage deal to a new property. However we will refund some or all of this charge when the new mortgage completes. ERC's work slightly differently depending on your circumstances:
Speak to one of our friendly mortgage advisers about your options