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
Disclaimer – 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 1998. 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 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 a fee of £235 would be charged for arranging your mortgage.
This fee becomes payable once the mortgage offer has been issued by the proposed lender.
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) paid by the lender when your mortgage is completed. This amount will be confirmed by the lender in their illustration document.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
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.
