Home Mover Mortgages
Are you thinking of moving to your next home? Relocating can be a thrilling event, but once again, sorting out your mortgage at the same time will prove to be just as important as packing all the boxes. Here at SAM Mortgages, we offer simple advice and personalised solutions to ensure your move happens free of all financial worries and stress.
Your home may be repossessed if you do not maintain the repayments on your mortgage.
There may be a fee for mortgage advice. The exact cost will depend on your individual circumstances, and it may be up to 1%. Typical fees may be around 0.3% of the amount borrowed.
What is a Home Mover Mortgage, and How Does it Work?
A Home Mover Mortgage is essentially for people who are selling a home and buying another home. Often, this will mean you can “port” your current mortgage. This means that you transfer the mortgage deal that you have (including the interest rate and existing terms) to the new property.
This is usually useful if you have competitive rates on your current mortgage. However, it is not always the best option, so you must have a mortgage expert to assess your circumstances to see whether it is more beneficial to retain your current deal or move to a new one.
How Much Can I Borrow for a New Home When Moving?
How much you can borrow when you move is based on three major factors:
- Your current income and employment status.
- Your credit history and other financial commitments.
- The value of the property you wish to buy.
Once our advisers have reviewed your situation in detail, they will provide you with a straightforward and clear borrowing estimate. They will also take into consideration related costs, for example, estate agent fees, moving costs, and any potential stamp duty costs. This way, you will have a decent idea of what’s achievable before you commit.
Can I Port My Current Mortgage When Moving to a New Home?
Porting your mortgage can enable you to retain any existing favourable interest rates as well as avoid an early repayment charge; however, it may require another application, and your lender will still consider whether you can afford the loan.
We will also be able to help you through this process and explain the pros and cons of porting a current mortgage. We can also recommend whether porting remains the right option for you, or perhaps another new mortgage product pays better in the long run.
What Happens to My Existing Mortgage When I Move?
When you move, your current mortgage arrangement will either be:
- Moved to another property (if porting is allowed)
- Paid off in full if you select a new mortgage deal
- Part paid off, with additional borrowing arranged if your new house is more than your existing mortgage
We will make the process as easy as possible. We will detail any early repayment charges, available options for additional borrowing, as well as alternative avenues that may match your needs.
Should I Go For a Fixed Rate or a Variable Mortgage When Moving?
Whether you go with fixed or variable mortgages depends entirely on your financial preferences.
Fixed-rate options give you assurance, as you will pay the same amount each month for an agreed period of time.
Variable-rate mortgages may be cheaper to begin with, but your payments can increase or decrease as interest rates change.
We will assist you in reviewing the options so you can select the correct product that matches your affordability/reassurance/risk profile & plans for the future.
Where Does Your Next Move Start?
Here at SAM Mortgages, we appreciate that moving house isn’t just receipts and bricks, it’s a financial commitment. Every member of the team works closely with you, one-to-one, giving you professional mortgage advice and tailoring recommendations to suit your needs.
Once you’re on your way, you can feel assured that your mortgage is tailored to help you get started in your new position.
– Give us a call on 01604 261685 & we can get started in making your move that little bit simpler.
Frequently Asked Questions
Who can apply for a Home Mover Mortgage?
Do I have to use the same lender when I move?
What if I need to borrow extra for my new home?
Will I still be able to move if my circumstances have changed?
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How much do you need?
Get a feel for your potential borrowing capacity and deposit requirement by using our online mortgage calculator. Please bear in mind that it is a guide only; it is always advisable to speak to one of our advisers for a detailed plan about your actual circumstances.
