moving home
So you’ve found your dream home and now you’re ready to take the steps to moving. The process of moving home is complex with lots of different things to consider and certainly your mortgage will be one of them. Thankfully, the team here at Mortgage Solutions are on hand to help make the transition smooth and stress-free.
No doubt you will have a lot of questions about what your options are and the whole process of moving home and you may well want to discuss these options in person or on the phone. Feel free to call us on 01245 323500 for a chat or to book an appointment in our office so we can get to know your needs and help you make the right choice.
If it's time to move onwards and upwards and into your dream family home, or perhaps it's time to downsize and reduce your monthly costs, it is important to consider your mortgage options. Since your previous mortgage application, it is likely that your circumstances have changed and thus, so have your requirements. There are a wide variety of mortgage options available to you if you are moving home.
For example, you may have wanted a longer mortgage term and higher LTV for your first property whereas now you are open to more flexibility regarding the mortgage term, fees and interest rates. Perhaps you are applying for a mortgage on your own for the first time, or vice versa, you are looking for your first joint mortgage with a partner.
Regardless of your new situation, speaking to one of our expert advisers will provide you with vast knowledge of the moving home process and we will help you find the right best mortgage deal.
If you are moving house and you already have a
mortgage on your current home, you may be
eligible to transfer - or ‘port' - your current mortgage
to the new property. The details of your mortgage
will state whether your mortgage is portable; you
can find this through either the documents you were
given when you arranged the mortgage, by asking
your lender directly or we can find out for you
as your broker.
Alternatively, with the funds raised from the sale of your existing house - and other capital if necessary - clearing your existing mortgage and starting a completely new deal might be the best option for you. If your circumstances have improved, due to a pay increase or equity in your current house for example, you may be in a position to put down a bigger deposit and / or be eligible for more competitive interest rates on a new mortgage
Porting a Mortgage
Transferring your old mortgage to your new home can come with some great benefits. For example, sticking with your current lender may reduce the amount of administration required and you can avoid remortgage fees and early exit penalties. The lender will want to reassess your financial circumstances and run another affordability check to see if anything has changed, regardless if your mortgage amount has changed.
If your new house costs more than your old one, you can port your existing mortgage and make up the increased amount required with a further loan from your current lender. However, it is vital to remember that your lender may already deem that you have reached the maximum borrowing amount under your current financial circumstances. There are solutions to this however, which our expert team here at Mortgage Solutions are able to assist with to secure your next house purchase.
new mortgage deal
There are a wide range of moving home mortgages available to suit each person’s individual circumstances or preferences. Whether you’d prefer monthly repayments that stay the same each month or variable rates, there is an option to suit. Some of the most common types of mortgages are either Fixed Rate Mortgages or Tracker Mortgages.
Fixed Rate Mortgages suit the individuals who like to be disciplined with their monthly budgeting. Essentially, a fixed rate mortgage means that your monthly payments remain the same amount each month, regardless of what is happening to the Bank of England base rate. This can give you peace of mind and security as when you arrange your mortgage deal, you agree a fixed rate for a set period of time. This normally is between two and five years, but can in some offerings be up to 10 years or more.
Tracker Mortgages are directly linked to and ‘track’ the Bank of England base rate. For example, if the BoE base rate is 0.6% and the mortgage deal from your lender has an interest rate of 2.3%, your total payable interest charge would be 2.9%. However, if the base rate drops, your monthly payments would be subsequently reduced. Likewise, the opposite applies - if the base rate increases so too do your monthly payments.
what is a moving home mortgage?
What are my options?
planning on upsizing or downsizing?
No matter what your reasons are for moving home, our team is here to ensure getting your next mortgage is as easy as possible.
Whether you're moving as a result of a new addition to the family, work relocation or even divorce, our experienced mortgage advisers will secure the best deal for you.
Although we do not charge for the consultation, we charge a fee, which is payable as follows:- £500 on completion of the mortgage. We will receive commission from the lender in addition to the fees you pay.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP MORTGAGE REPAYMENTS.