Home Movers Mortgages
Just because you are moving home, doesn’t necessarily mean you have to change your mortgage, although you may find it is an ideal time too, dependant on your circumstances.
Most mortgages these days are portable, subject to approval by your current lender. If you want to pursue the “portable” route, the first thing to do is talk to your current lender to see if they can help and also find out the costs associated with it.
When you are thinking about searching for a new home, you will need to work out whether you need to borrow an additional amount in order to buy. If this is the case, you will need to find out how much the lender is prepared to lend you.
You will go through all the same afforability checks as you did when you applied for your existing mortgage.
If you have decided on a new lender for the move, take a look around the market and research the best deals around.
You should make yourself aware of any potential expenses involved with the move which could include:
- Fees from your current lender – these could include and early repayment charge, redemption charge or an exit fee.
- Fees from the new lender – booking fees, reservation fee or valuation fee.
- Solicitors fee – You will have to pay for the conveyancing work relating to your new mortgage and the sale of your current proerty.
- Mortgage Broker Fees – If you use a Mortgage Broker or Independent Financial Adviser to help you with your new mortgage arrangement, they may charge a fee for their services although sometimes they receive a commission from the new lender and don’t charge a fee.
- Removal Fees – get some quotes and recomendations.