Can we take our mortgage with us?

Our reader asks: We got a five year fixed rate mortgage in 2022 at 3%. We want to move into a different area and have seen a property of similar value to our current home. Would it be possible to move and keep our current mortgage deal in place?

Mortgage expert Roger Morris replies: The possibility of retaining your current mortgage deal when moving to a new property largely depends on whether your mortgage product is portable.

In the mortgage world, portability refers to a feature that allows a specific rate and the current loan size to be transferred to a new property. For instance, if your current mortgage is £200,000, then that’s the amount that can be ported over to the new property while maintaining the existing rate.

However, if you need to borrow additional funds, the extra amount will be subject to the lender’s current rates, which could potentially be higher than your existing rate.

Your mortgage advisor can quickly determine if your product is portable. It’s important to note that not all lenders offer portable products.

The most reliable way to find out is by directly speaking to your lender or consulting with your mortgage advisor. They can provide you with the most accurate and up-to-date information regarding your mortgage options.

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