Can I move home and keep my mortgage?

No. Mortgages are linked to a specific property. When you sell your property your solicitor pays off your mortgage with the proceeds and pays any balance to you. In practice most people end up using the balance as the deposit for their new home. Anyway, you’ll have to organise a new mortgage for your next home. This isn’t so bad as it gives you a great opportunity to search out the best deal on the market at the time.

If you have been saving or investing to repay the mortgage capital, for example an ISA or endowment policy, you can continue those arrangements as a repayment vehicle for your new mortgage. If you have increased your mortgage you will be well advised to increase your savings to reflect the higher sum you will have to repay at the end of the mortgage. Do not try to calculate this increase for yourself – always seek professional advice.

We also recommend that you get advice from an independent mortgage adviser if you are moving house and looking for a new mortgage - they will help you to work out your options and get you the best deal possible.