Moving home normally means getting a new mortgage. If you’re trading up to a larger property, you may need to increase the size of your loan. But even if you don’t need to borrow any more, moving home presents the perfect opportunity to check that you’re getting the very best deal on your mortgage.
| Lender | Initial Rate | Initial Payment | Type | Initial Period (months) | Total Fees | 3 Year Total Cost | Early Redemption Period | Subsequent Rate | Subsequent Payment | APR |
|---|---|---|---|---|---|---|---|---|---|---|
 Market Harborough
|
2.65% | £684.31 | VARIABLE | 36 | £210 | £24,842 | 24m | 5.49% | £893.57 | 4.9% |
 Yorkshire B.Soc
|
2.69% | £687.37 | TRACKER | 36 | £614 | £25,356 | 36m | 4.99% | £854.92 | 4.5% |
 Beverley
|
2.75% | £691.97 | VARIABLE | 36 | £809 | £25,717 | 36m | 4.75% | £837.08 | 4.4% |
 First Direct
|
2.89% | £702.76 | TRACKER | 0 | £702 | £26,001 | 0m | 2.89% | £702.76 | 3.0% |
 HSBC Bank
|
2.99% | £710.54 | TRACKER | 0 | £502 | £26,081 | 0m | 2.99% | £710.54 | 3.1% |
This table is based on a property value of £200,000 and a mortgage of £150,000. This is calculated on a capital repayment basis over 25 years.
These best mortgage rates are an indication of the mortgage deals in the market, but are not necessarily the right mortgage for you. With access to a range of products exclusively available to mortgage brokers, we recommend you call one of our impartial advisers who can help find the right mortgage for you.
Moving home advice
It could be that you choose to stick with your current mortgage by ‘porting’ it to your new home (so long as this provides adequate security for the loan) because you are happy with your rate and the service you receive. You may also choose to stay put because you are part-way through a deal and will incur Early Repayment Charges (ERCs) to leave.
If the property you are moving to is worth more than your current one, you will need to apply to your lender for a further advance. Whether this is agreed will depend on its affordability criteria for the sum in question.
In any of these cases, Which? Mortgage Advisers can help you decide the best route and select the best mortgage for your circumstances. Call us on 0117 981 7999 or use our Call Back Request service.