Can I break my mortgage if I’m relocating for a new job?
Relocating for a new job often means needing to move quickly, but that can be difficult if you're still tied into a mortgage agreement. This guide explains whether you can break your mortgage early, what fees might apply, and the options available to help you move without delay.
If you're relocating for work, you can usually end your mortgage early — but there may be costs involved:
- Early repayment charges (ERCs) often apply during fixed or tracker periods.
- Some mortgages are portable and can be transferred to a new home.
- Overpayments or timing your move may help reduce or avoid fees.
- A fair market valuation and fast sale may simplify your move.
What does it mean to break a mortgage?
Breaking a mortgage means ending your agreement before the full term has finished, either by repaying the loan early or switching lenders. This often happens when selling your home or relocating. Most lenders will allow this, but you may face fees depending on your mortgage terms and how far you are into the deal.
Can I sell my house during a mortgage term?
Yes. You’re allowed to sell your home at any point, but if your mortgage is still active, you’ll need to repay the outstanding balance using the proceeds. If you're in a fixed-rate, tracker or discount period, your lender may charge you an Early Repayment Charge (ERC), and sometimes a separate exit fee.
Example early repayment charges
Check your mortgage paperwork or speak to your lender to confirm your exact ERC and any admin or exit fees that may also apply.
Can I avoid mortgage penalties when relocating?
There are a few ways to reduce or avoid early repayment charges if you're moving for a new job:
Port your mortgage
Many lenders offer portable mortgages, which means you can move your current deal to a new property. This lets you avoid ERCs, but only if:
- You meet the lender’s affordability checks for the new home.
- The new property completes within a set timeframe (e.g. 90 to 180 days)
- Any additional borrowing is taken on a new rate.
Time your move
If your fixed, tracker or discount period is ending soon, waiting until you move onto your lender’s standard variable rate (SVR) may help you avoid ERCs. Just note that the SVR is usually higher than your deal rate.
Use your overpayment allowance
Some mortgages let you repay up to 10% of the loan early each year without penalty. Making the most of this allowance may reduce the amount you're charged if you need to break the deal later.
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Does relocating for work affect your mortgage charges?
No. Your reason for moving — whether for a job, family or lifestyle — doesn’t affect your mortgage terms. Charges are based on your agreement, not your circumstances. That’s why it’s essential to:
- Read your original mortgage paperwork.
- Speak to your lender before making any decisions.
- Understand what fees could apply when selling.
What if I need to move fast?
If you’re relocating and need to sell quickly, a house buying company can help you avoid the delays of estate agents, viewings and long chains. This approach offers:
- A fair market valuation.
- No solicitor fees when using a partner solicitor.
- A flexible sale timeline to suit your schedule.
- A direct buyer and guaranteed offer within 48 to 72 hours.
This may be a practical solution if your new job starts soon or you’re under pressure to move fast.
Recap: Can I break my mortgage if I’m relocating for a new job?
You can sell your home and repay your mortgage early, but there may be charges involved. Porting your mortgage or using overpayment allowances could help reduce these fees. If speed is essential, a direct sale may help you avoid delays.
- Selling with a mortgage is possible, but often comes with fees.
- Porting lets you move your mortgage without breaking the deal.
- Early repayment charges usually apply during fixed or discount terms.
- Your reason for moving doesn’t affect whether fees are charged.
- Flexible sale timeline to suit your schedule.
- No solicitor fees to pay.
- Fair market valuation.
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