Fixed rate mortgage and moving

[Stumpy54321]

Fixed Mortgage ending this month. Have now set up a new mortgage fixed for 2 years.
Although always planned on moving we wanted to secure a new fixed rate else would have been on svr and made payments a lot higher.
my question is I know we can port the mortgage to a new property but do we have to wait a certain amount of time? Cannot see anything on the paperwork. We wouldn’t be borrowing more money with any new house. Just keeping existing mortgage.

I think you can do it any time. Do be aware though, they’ll treat it as a new application and check your affordability etc all over again. You don’t keep your existing mortgage - you keep your existing rate, which isn’t quite the same thing.

Thank you that’s interesting. So porting a mortgage isn’t a simple as it’s sounds then

Perhaps not. The main thing is to be careful of any major changes in circumstance before you reapply.

When choosing your next rate, remember to look at the early repayment fee in case rates drastically change and you don't want to port (or you can't, for some reason). Usually you'll want a 2 year fix rather than a 5 to avoid high repayment charges.

With our lender, the Early Repayment Charge decreases by 1% each year (starting at 5% or 2%). So if we move in Year 2 of the mortgage, we'd either be paying 1% (2 year fix) or 4% which is obviously a big difference.

Easiest would just be to call your lender and ask - we are porting our mortgage with nationwide and they were very helpful on the phone.

Thank you. Although there would be a major change as I’m giving up work, always the plan to then move. But I’m a low earner work part time and my husband is a high earner he could easily get a mortgage on his own and the mortgage would only be around £35k

Thanks. Our new mortgage is with nationwide

Oh great! I've always found them very easy to deal with so you should get your questions answered quickly :)