Moving Home
Picking the right mortgage is essential whether you are downsizing, upsizing, or moving into your dream home.
Are you planning to move to a new house, but feeling a bit overwhelmed? Don’t worry, we’ve got you covered!
Choosing the right mortgage is an important decision, whether you are downsizing, upsizing, or moving into your dream home. Selling your current home can add stress and make the process more complicated, even if you have applied for a first-time buyer mortgage before.
We will help you choose the best borrowing options for your new home. First, we will check with your current lender to see how much you can borrow based on your situation. If you need a larger mortgage, that is possible if you meet affordability and credit check requirements. Keep in mind that any new borrowing will usually depend on current products available at the time of your application, not on what you already have.
Porting vs New mortgage
When you move from a home with a mortgage to a new property, you usually have two options. You can either get a new mortgage or move your existing mortgage to the new home. This is called “porting.”
When you move to a new house, you can take your mortgage with you. This is called “porting.”
It means that you pay off your current mortgage when you sell your home, and then you get a new version of that mortgage for your new property.
You might want to port your mortgage if you have a good interest rate that you want to keep or if you want to avoid early repayment fees. We can check if your mortgage can be ported.
Most people switch mortgage products when buying a new house instead of moving their existing mortgage. Some choose to switch lenders because their current lender does not allow them to transfer their mortgage.
Often, people find better deals with new lenders. When you switch to a new mortgage, your old mortgage gets paid off when you sell your current home. Then, you take out a new mortgage for your new home. This happens at the completion of the sale.
We’re here to help
Contact us today. whether you’ve got a few questions or are ready to remortgage.
You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 2018. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone. By submitting this information you have given your agreement to receive verbal contact from us to discuss your requirements.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
This firm charges a fee of up to £795 for mortgage advice. The amount of fee will depend on your circumstances and will be discussed and agreed with you at the earliest opportunity.
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