Moving & Changing Mortgage Company?

Nebetar

Not sure if this is the right place to post this but will try...
Can anyone please tell me,
We have a mortgage already, and are looking at possibly moving. Can we move and change mortgage companies at the same time? Or is this not allowed to be done?

Many thanks for your time in reading this and answering my questions

Nebetar

MortgageMamma

Much of this depends on your individual mortgage lender and contract and if you are still tied in or not. Most mortgages these days are portable which means the mortgage can be transferred across to a new property, but be careful, as if you are downsizing/not borrowing as much this can trigger early repayment charges on the proportion it is reduced by. This is a very handy thing to be able to do if you are on a good deal/and/or tied in for quite a while.

The key to this is to get out a copy of your mortgage terms and conditions/offer and check out when you can move from your existing lender penalty free. You also need to find out if you decided to move lenders whilst you are tied in what the penalties would be. Once you have this information to hand it would be beneficial to you if you could instruct a fee's free whole of market broker to investigate if you are better off financially porting your existing mortgage or swapping onto a new mortgage deal. By doing this you would also benefit from having your insurance arrangements reviewed at the same time.

HTH if you have any more questions please just ask me

MM

Nebetar

Thank you for your reply, we have 6 months left on 3 year penalties, I believe we are looking at a mortgage for about the same as we have now. We are at the moment with GMAC and have had nothing but problems with them, so thats one of the reasons we wanted to change.