If you’re moving home and you already have a mortgage with N&P, you can transfer (port) your existing deal to your new mortgage.
Transferring your mortgage
Transferring your current mortgage to your new home is easy. Our specially trained mortgage advisers will help you every step of the way. Most of our mortgages can be transferred. This means that, if you move home whilst you have a N&P mortgage with a special rate, for example a fixed rate or tracker, you can use your fixed rate or tracker on the mortgage you take out to buy your new home (on similar terms for the remainder of that period), subject to meeting current criteria and affordability assessments.
Things to consider when moving
There are several other costs to consider when you're buying a home including:
- The deposit. With us, this would generally be at least 15% of the purchase price.
- Mortgage Valuation fee. As part of the mortgage application process the mortgage lender will need an expert opinion on whether the property is worth what you will be paying for it. The lender will obtain this opinion by way of a mortgage valuation (conducted by a surveyor) and the fee for this is usually payable by you.
- Stamp duty Land Tax. This varies depending on the price of the house you're buying. Your solicitor will tell you the amount payable.
- Solicitor's fees. You will have to pay your solicitor to handle the legal details of the move. These will typically range from £500 to £750 (Money Advice Service, 2016) but any legal complications could push the price up, so shop around to find the best rate.
- Removal costs. you can use a removal company, or you can rope in your friends and buy them beer and pizza!
If you're selling a property as well, you'll have to pay Estate Agents fees. Don't be afraid to negotiate as these can vary between 1% and 3% of the sale price.
TIP: The more money you have for a deposit, the better your mortgage deal can be. So think about going to the 'Bank of Mum and Dad' or perhaps co-buying with a friend or relative.
Talk to us
To find out more about moving home and mortgages, talk to a member of staff on 0345 300 2522.