Transferring house mid-mortgage and need to keep away from exit charges? Joe Capon of The Mortgage Bubble has an answer which he explains in his newest Q&A
My household and I are relocating to be nearer to household and we’re within the technique of viewing properties. We took out a five-year mortgage in 2021 which was fastened at 1.99%.
I imagine there are exit charges on the mortgage – and I feel it’s round 3% or thereabouts. Is there a solution to keep away from this since we’re shifting home? Is there a means we will use the present mortgage once we transfer?
You possibly can look to port your mortgage to a brand new property along with your present lender. This can permit you to receive your present rate of interest of 1.99% and keep away from the early compensation expenses of three%.
When porting your mortgage, please remember you’ll need to undergo the mortgage utility course of once more and if there have been any materials adjustments, your lender can refuse to port your mortgage.
I might additionally have a look at the phrases and circumstances of your present mortgage to ensure it’s transportable additionally.
Chatting with a mortgage adviser on this might be an excellent thought to ensure for you it’s doable.
Meet our skilled
Introducing Joe Capon of The Mortgage Bubble, who is able to reply your questions…
Joe Capon has greater than 10 years’ expertise within the mortgage business. He arrange The Mortgage Bubble in 2021 and it’s now a multi-award-winning mortgage agency, which strives to ship the perfect mortgage recommendation to its shoppers which meets their wants now and in addition sooner or later. When you have a query for Joe electronic mail our editor and he or she’ll move it on to him – email@example.com