Moving house and home can be a stressful time and part of the worry is what will happen to the mortgage.

Many mortgages are 'portable' which means they can simply be transferred to the new property.

As soon as the prospect of moving house arises it makes sense to contact the existing mortgage lender. They will be able to confirm whether or not the mortgage in question is 'portable'.

If the mortgage is portable the process is very straightforward and a common occurrence.

If more money is needed to purchase the new house the borrower will need to be able to prove they can afford a bigger mortgage. There will also be a number of fees to cover solicitors, valuers and stamp duty.

If the mortgage is not portable and the borrower needs to move the old mortgage will need to be redeemed with a new mortgage. If the borrower is part way through a mortgage offer such as a fixed rate deal, there may be expensive redemption penalties to pay.

Moving house should be an exciting time not a stressful experience and the knowledge of an experienced adviser could help ease the worry.