Home Mover Mortgages
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What You Need to Know
If you have already bought a house and are now moving to a new home, you will need to get a new mortgage. You may be moving to your dream home or downsizing as your situation changes, but whatever the reason, you want to find the best mortgage possible.
Even though you have already acquired a mortgage before, you will still need to get all the information available because it might be different the second time around. In addition to selling your home, you also have to find the best mortgage option.
Finding the Best Mortgage Deals
Finding the best mortgage deal will depend entirely on your specific situation. The best course of action is to shop around and compare interest rates and deals to find the one that will best suit your needs. Using our mortgage brokers to help you navigate through this process and make recommendations which can make a huge difference as we will search through many lenders and have access to deals not generally available.
Porting a mortgage refers to taking your current mortgage with your current lender and transferring it to your new home. This can help you save money if you have a great rate on your current mortgage that you want to keep.
If you need a larger mortgage for your new home, you can blend an existing rate with a current rate, so the new rate is more favorable. You will also be able to avoid early repayment charges for the amount that you Port to the new mortgage.
Remortgaging with Existing Lender
If you replace your current mortgage instead of porting it, then you can either use your existing lender or go with a new lender. This can help you find a better rate because you already have a working relationship with the lender.
You could have to pay a fee for early repayment if you leave your current deal. Typically the closer you are to the end of your deal, the less you will have to pay, but the only way to know for sure is to check with your lender. It is critical to know all the fees you may have to pay when you get a new mortgage.
Remortgaging with New Lender
You can also remortgage through a new lender. You can use a remortgage to pay off your current mortgage, or you can do that by selling your existing home. If you do have a lot of equity in your home, that could be the better option.
When you make the decision to remortgage, you need to make an informed decision. Be sure that you are calculating using all the correct numbers. You have to include the exit fees from your existing mortgage and arrangement and valuation fees on the new one.
The rates for your new mortgage and the deals you will be able to find will depend on whether you are upsizing, downsizing, or if you have negative equity. If you are upsizing to a more expensive house, then you need to be able to show the lender than you can afford it.
If you are downsizing, you will likely see the size of the loan and the monthly payments to decrease as well. If you currently have negative equity in your house, it will be very difficult to secure a new mortgage unless you are moving for a new job.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The Financial Conduct Authority does not regulate most Buy to Let Mortgages
We may charge a fee of up to £395 for mortgage advisory services and administration