If you’re moving to a property which requires a bigger mortgage, you may have to borrow any extra money you need at a different rate. You’ll have to check with your mortgage provider that they’ll agree to lend you the additional money you need. If you do need to borrow additional funds, try to make sure that the term of your top-up deal ends at around the same time as your current mortgage, so that at that point you can remortgage the whole amount onto the same deal.
What if my lender refuses to let me move my mortgage to a new property?
If your application to transfer your mortgage to your new property is refused, then you’ll have to weigh up whether it’s worth paying the Early Repayment Charges on your current mortgage to move to a different lender, or whether you’re better off staying put until your existing deal finishes.