In short
Most people sell with a mortgage. Your conveyancer pays it off from the sale money on completion day and sends you what is left. Before you list, ask your lender for a redemption figure and check for an early repayment charge — often a percentage of the balance during a fixed or discounted deal. If you are buying again, ask whether you can move (port) the mortgage.
Last updated . Reviewed by FindYourAgent editorial.
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Ask your lender
Request this in writing before you agree an asking price.
- A redemption statement showing the balance and any fees.
- Whether an early repayment charge applies, how much, and when it ends.
- Whether the mortgage is portable to a new property.
- Whether any other loans are secured on the home (second charge, help-to-buy equity loan).
Work out your numbers
Equity is what is left after everything is paid.
- Sale price minus mortgage balance, early repayment charge, agent fee, conveyancing and removals.
- If you have a Help to Buy equity loan, it must be repaid as a share of the sale price, not the original amount.
- If you owe more than the home is worth (negative equity), talk to your lender before listing.
Timing
A few weeks can save a large charge.
- If your fixed rate ends soon, compare the charge with the cost of waiting.
- Start a new mortgage application early if you are buying — lenders take weeks.
- Tell your conveyancer the lender's details at instruction.
Our take
Check the early repayment charge before choosing your timing. On many fixed deals it falls each year, and completing a month after the date it ends can be worth thousands.
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