Moving Home Mortgages Explained
If you’re thinking about moving home, then a good starting point is to speak to a mortgage broker like us. We will do all the calculations and work out how much you can afford to borrow. We will also take the time to explain all your options.
If you already have a mortgage, you have two main options with regards to moving home:
- Porting your mortgage
This basically means taking your mortgage with you to your new home. This can be a sensible option if you are mid way through a fixed deal and would incur early repayment charges. Or you’re happy with your current rate and want to move this rate to your new home. You will still have to reapply for your mortgage, especially if you are borrowing more money and want to Top Up your mortgage. But the process can be simpler that switching to a new mortgage as the lender will already have information about you.
- Switching to a new mortgage
When you switch to a new mortgage, your existing mortgage is repaid when you complete on the sale of your existing home. You then take out a new mortgage on your new property. This could be a good option for you if there are lower rates available when you’re moving and if you’ve come to the end of you current mortgage term.
We will explain the different options with you. And do the calculations to help you understand which option suits your circumstances. Not all mortgages are portable and some lenders have restrictions in place with regards to suitable properties.
We can search over 90 lenders and thousands of mortgages. We also have access to specialist lenders and mortgage deals which are not available directly.
Get in touch today for Moving Home Mortgage Advice and see how we can make the process easy and stress free for you.
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Keeping your existing property
Are you thinking about buying a new property and keeping your current home to rent out? If so then you need a Let to Buy Mortgage.
There might be several reasons why you want to keep your existing mortgage. Here are some of the most common reasons our clients tell us about:
- You want to purchase a home with your partner, but keep your home as security for the future
- You want to move to a new house but keep your property as an investment for the future
- You’ve found a new home to buy but haven’t been able to sell your current home
- You’re relocating with work but want the option of moving back home in the future
- You live in an area with high rental yields and want to keep your home to benefit from this
You can find out more about the Let to Buy process on our dedicate page.
Our team of experienced mortgage advisers will take the time to walk you through this entire process. We’ll do the calculations to understand how much extra equity you can release from your property and how much you can afford to borrow for your new residential property.
The process can sound quite complicated, but an experienced mortgage broker like Your Mortgage Expert will work hard to take away the stress. We will also manage the whole process to ensure that the two mortgage applications complete at the same time.
You are more likely to have a successful outcome if you use an experience mortgage broker like us.
Things to think about when moving home
Whether you are porting your mortgage or switching to a new one, there are certain costs you need to think about. Here are some of the main ones:
- Stamp Duty – you’ll pay Stamp Duty if the purchase price exceeds £250,000. The amount you pay depends on the purchase price and whether you owe other properties
- Conveyancing Fees – you’ll need to pay a solicitor to arrange all the legal paperwork for your home move
- Early Repayment Charge – if you are switching your mortgage and your deal hasn’t come to and end, you might need to pay an ERC. This can be thousands of pounds so is worth considering.
- Mortgage Valuation – the lender will want to value the home you are buying. This is to ensure it’s worth what you are paying for it. And it meets their lending criteria.
There are other costs you need to consider such as home insurance, removal costs, forwarding post. But these are the main mortgage related costs.
Our mortgage advisers will take the time to explain how much these costs are likely to be. And to help you build these into your overall affordability.
Contact us for Home Mover Mortgage Advice.
Why choose us?
Our friendly, experienced team is based in the heart of Salisbury, Wiltshire. But we can help you no matter where you live in the UK. We can carry out the mortgage process via telephone, email and video call.
Our team has:
- Over 80 years of experience in the mortgage and protection industry
- Close relationships with high street and specialist lenders
- We have over 100 five-star reviews on Google
- Have helped hundreds of people move home
How we work:
- Personalised, hard working service
- Search 1000s of deals from multiple lenders
- Detailed research to ensure you save money
- Take care of the paperwork to minimise stress
- By your side from application to completion
- The experience to get a good result for you
Contact us today for Home Move Mortgage Advice and see how we can help you get a successful outcome.
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Email AdamAdam Nanson - Mortgage Adviser
Adam Nanson has worked in the Mortgage Industry for over 20 years. His friendly approach will mean you'll understand the complicated bits and cut through the jargon. He'll work hard to get the home of your dreams. -
Email DanDan Harris - Mortgage Adviser
Dan Harris first started working in mortgages in 2004. Since then, he has helped lots of Home Movers. Dan has great attention to detail and will do the hard work to ensure you get the best recommendation.