"There's a lot of things to think about when you move home, including your mortgage. You may be able to take your existing one with you, but that isn't the only option. An experienced broker, like our Mojo experts, can look at all your options to find right mortgage for you."
This means moving your mortgage deal to your next home. Nowadays, most mortgages are portable so it’s easier to take them with you.
If your new home is the same price as your old home you won’t have to pay a higher rate of interest. But if your new home is more expensive, you may find you need to take out another mortgage to cover the difference. This means 2 interest payments.
You may also have to pay an arrangement fee – an administration charge – for the second loan.