New home – new mortgage?
Home Movers
When moving home, whether you’re a moving novice or an experienced house buyer, moving up the property ladder or downsizing, it can prove to be a very busy and stressful time.
There are so many things to think about and do, from selling your existing property to finding your new home and moving in.
If you already have a mortgage in place and you’re looking to move home, you have two options that may be available to you.
Option 1: Transfer your current mortgage to your new property
If your current mortgage deal is lower than other mortgage rates available you may be able to transfer (port) it to your new home. If you are currently tied into a fixed mortgage, by transferring your current one you generally won’t have to pay an early repayment charge if you are transferring the same amount. If you have to borrow more, you can make an application for a second mortgage for the extra amount you need.
Option 2: Apply for a new mortgage
If your current mortgage is classified as being portable you should, in theory be able to transfer it to your new property.
However since the credit crunch, banks and building societies have tightened up their lending criteria and even if you only require the same size of mortgage to allow you to move home, you may find that you no longer qualify for the loan.
If when reassessing your mortgage transfer request, your current lender decides that you don’t meet their new affordability criteria, they may refuse to port your loan.
Should this happen, you will need to decide to either stay put or apply to a different lender for a new mortgage deal.
We know moving home can be stressful, but if you are ready to take your next step we can take some of the stress out of the whole process by helping you find the most suitable mortgage to meet your personal circumstances and by providing you with help and advice to make sure that your move runs smoothly.
FREE QUOTE
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By submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.
Our Fees
Our mortgage advice service is completely free unless your loan amount is below £100,000, or your application involves debt consolidation.
Where the loan amount is below £120,000, the scale below regarding our fees will apply –
- Loan value between £75,000 and £120,000 a fee of £235.00 will apply.
- Loan value between £50,000 and £74,999 a fee of £285.00 will apply.
- Loan value under £50,000 a fee of £325.00 will apply.
- For cases involving debt consolidation a fee of £325.00 will apply.
This fee becomes payable once the proposed lender issues the mortgage offer.
Should a fee apply, we will explain what you will be charged prior to proceeding with your application.
We will receive a procuration fee (commission) from the lender upon completion of your mortgage. This amount will be confirmed by the lender in their illustration document.
Should you wish, you can request to view the procuration fee (commission) rates from each of the lenders we considered at the time that we make our recommendation to you.
The Mortgage Advice Service can help point you in the right direction, providing you with friendly, professional and confidential advice when you need it most.
How we can help
As fully experienced and qualified mortgage consultants, we will research a comprehensive range of mortgages from across the market to find the best and most suitable mortgage for you.
We will provide you with a dedicated mortgage advisor who will be available seven days a week.
We will complete all of the mortgage paperwork with you and help manage the process, where appropriate by liaising with your lender, solicitor and surveyor, allowing you to focus on finding your perfect home.
