A new start
Moving home is a really exciting time. There are a lot of fun parts you get to enjoy – such as viewing houses, exploring local areas, choosing new furnishings – but these are sometimes overshadowed by the more stressful parts, like arranging a mortgage.
With you the whole journey
We not only provide mortgage advice for moving home, we manage your entire property-buying journey so you can enjoy this experience - like you’re supposed to.
Here to support you
Upsizing or relocating to a smaller property? As you have been through the process before you are probably aware of the problems that can crop up. You may not have finished your current mortgage deal and unaware of the options available. Leave us to take care of the difficult bits and you will be moved into your new home feeling refreshed.
The process of purchasing and selling your house is still overwhelming, even though you've been a homeowner for some time. Check out our guide below for all the information you need to get you on your way.
Porting your mortgage
Many mortgages are "portable," which means you can move a new property to your present mortgage product. You will need to verify if your mortgage is portable with your lender or broker and read more about the T&Cs that will relate to your lender.
Often, even though it's possible, the lender may not authorize you to move your mortgage to a new house. This may be for many reasons, such as the lender could find the type of property you wish to purchase not adequate security.
You basically have to reapply for the borrowing as you ask the lender to "port" your mortgage. Situations may be different, you may have a new career, you may have raised your outgoings, or you may have experienced recent credit issues, etc.
Likewise, little may have changed financially for you but your lender may have changed the conditions. As a result of the global pandemic in 2020 lenders have had to conduct more rigorous reviews and checks on applications and many of the Lenders criteria has changed. If you took out your first mortgage without any trouble, the second time around, you could also face constraints.
If the lender has tightened its controls on affordability, so you will not be eligible to borrow the amount you need. Instead, you might need to consider using another lender. Please see our guide to remortgaging your property.
Don't forget that you're still tied to a lender if you can port and can borrow more money, so you'll have no options other than accepting the rate your lender gives you. This may not be especially competitive and may be far from the cheapest possible, leaving you trapped paying a higher interest rate on the additional borrowing.
Changing to a new lender
If you need a brand new mortgage when you move home, there are a range of options open. It is crucial, though that you find out if you choose to leave your current mortgage product before the promotional term expires, you will face an early repayment fee.
You could turn to a different form of product for mortgage
The same form of mortgage is sometimes worth sticking with if that's what fits well for you. Personal conditions do shift, however you may find that you are best suited now to a particular form of rate or term. A mortgage consultant can listen to your situation, clarify your choices and help you make a decision that you trust.
Rate of interest
When you take out a new mortgage, you don't have to stick with the same interest rate product, only if you are keeping the current one. For any new financing, you can pick from any available items that the lender has to offer. This may be fixed, variable, discount, tracker, etc. You will be helped by us to find one that suits you and your personal circumstances.
Before you make the decision to move house please get in touch so we can talk you through all the options and guide you through the process from start to finish.
or alternatively, call us now on 01803 303909 to speak to an advisor.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Some buy to let mortgages are not regulated by the Financial Conduct Authority.