How to manage your mortgage when you move
Life changes—and so do your housing needs. If you are moving to a new home, it is an exciting step, but it also comes with questions—especially about your current mortgage. What are your options? Should you take it with you, pay it off, or refinance? Our team is here to help you.
1.Explore your options before moving homes
Even before you plan to make an offer on a second property, it’s smart to explore your mortgage options. Our mortgage advisors will review your current mortgage and advise whether it’s better to pay it off or start fresh.
If you already have a specific property in mind, we can use that information to calculate your mortgage capacity, expected monthly payments, and closing costs. We also explain your how a bridging loan works and when it might be a good option for your situation.
One option when moving to a new home is to transfer your existing mortgage—along with its terms and interest rate—to your new property. This is known as porting your mortgage (or meeneemhypotheek in Dutch). It can be especially beneficial if your current interest rate is lower than today’s market rates.
However, not all mortgages can be transferred to a new home—especially if you have a variable interest rate. Fixed-rate mortgages are more likely to be eligible. Your lender will assess your financial situation and the value of the new property. If your new home is more expensive, you may need to borrow an additional amount, possibly at a different interest rate. It depends on your situation—contact our team to find out what’s possible.
3.Sell your home and fully repay your mortgage
When you decide to move, another common option between homeowners is to sell your current home and repay your mortgage in full. If your home is sold for more than your mortgage balance, you can get your equity out.
4.Refinance and take out a new mortgage
If you want to keep your home, you can check whether refinancing it for rental purposes is an option. In this case, our mortgage advisors can help you arrange a new mortgage and refinance. This typically involves a full reassessment of your financial situation and property value.
Bart Kooijman
Luc Zwaan
