Moving Home Mortgage
Want to move to a new home? We can help you with your financial needs, the mortgage market is very competitive and we are sure we can improve on your current arrangement. You will need to consider how much you can afford to borrow, your mortgage consultant will be able to tell you how much you can borrow. You will also have to see how to pay any charges on your current mortgage.
Once you have decided you want to go ahead with a mortgage we will review the whole market to get you the best deal. Then we will deal with the solicitor, estate agent and lender to make your move as smooth as possible. So you can relax and enjoy looking forward to your new home.
95% Mortgages for home owners
If you are looking to move home, there are options for 95% mortgages for home movers. If you are moving up the property ladder and require a larger mortgage then it is worth speaking to your current lender to see if you can transfer or port your mortgage (explained below). If you are have a bad rate due to past credit problems that have now been resolved you may find that you can get a new rate with a new lender that is much better. Remember to take into consideration all of the cost associated with switching your mortgage when you are working out if you can afford this. Using one of our specialist brokers will allow you to see all of the costs you are likely to pay upfront so you can make an informed decision and ensure you are get the best deal.
Can I transfer my mortgage to another property?
Transferring your mortgage to another property is called ‘Porting a Mortgage’
If you are thinking about moving home and wondering whether it is possible to transfer your mortgage to your new property then the good news is that it is! With more home movers than ever a lot of mortgages are now portable, this means that you can take them with you when you move. Although in theory this sounds easy there are conditions where you may be blocked from doing this.
You have to re-apply for your mortgage
If you want to port your mortgage you will have to reapply for your mortgage through your lender, this can cause issues if your circumstances have changed since you originally took out the mortgage product, if you have become self employed or have higher outgoings it could effect you porting your mortgage.
You could end up with a higher interest rate
Your lender may allow you to port your mortgage but it may not be at a competitive rate, remember there are lots of lenders out there so it is advisable to check the whole of the market before agreeing to port your mortgage this could potentially save you thousands.
You may not be able to lend more
If you are moving up the property ladder and looking to buy a higher value house you will need to get a larger mortgage, your current lender may not want to lend you more depending on your circumstances and LTV ratio. Again this is a good reason to check other lends and find the best and most cost effective route to getting your new property.
Cant port my mortgage, can i switch to a new deal?
Even if you can port your mortgage is it always best to compare other lenders to see if you can get a better deal. If you do want to leave your current deal there are several fee’s that may be payable depending on when you are exiting your mortgage, these fee’s can sometimes be huge leaving you stuck with your current provider.
Fee’s To Consider
Early Repayment Charge
If you are wanting to leave your current mortgage product there may be a fee to pay if you are leaving in the middle of your introductory offer. For Example if you are a year in to a two year fixed rate mortgage. The fee is usually between 1%-5% of the total loan amount. This can mean a big fee to pay essentially keeping you tied in.
On a £200,000 mortgage the early repayment charge would be between £2000 – £10,000. If your introductory period is over there isn’t usually an early repayment charge to pay which means it is the perfect time to take a look at all of your options.
When you exit one deal and switch to a new deal there is almost always an exit fee. This is usually a few hundred pounds and is sometimes not called an exit fee, its also known as a final fee or deed transfer fee. You may have paid this upfront so make sure to check your paperwork when you are working everything out.
New Mortgage Product Fee’s
If you are switching or taking out a new deal there is the usual arrangement fee and valuation fees that will need to be paid on your new mortgage. Don’t forget to take these into account.
Moving house mortgage advice
Hopefully your in a straight forward situation and you can simply call your lender and re apply securing the level of mortgage you need for your new home. It is however still worth comparing the whole market as your current lender may not offer the most competitive rate to you. If you are at the end of your introductory period there will also be no early repayment fee to pay which can save you thousands.
If your circumstances have changed, or you have missed payments recently then it is a good idea to speak with a specialist mortgage broker who will be able to assess your circumstances and find you the best deal for switching your mortgage.