Moving home can be a stressful time but we’re here to relieve the worry when it comes to your mortgage.
Moving to a new house can be an exciting but stressful time. It is a life-changing decision, and whether you’re moving to your dream home or downsizing, it’s important to get the right mortgage. If you are thinking about moving home you will need our help in deciding the best route to make your dream move a reality.
Nowadays most mortgages are portable, which means you can move your current mortgage over to your new property. You will still have to go through the application process for your loan, and you may have to increase the size of the mortgage to cover the cost of your new property if it’s more expensive than your current home. One of the Mortgage Advice Solutions team can talk you through any fees that may apply in porting your mortgage.
Remortgage with your current lender
You also have an option to completely replace your current mortgage, by taking out an entirely new loan with your current provider. Although you might be able to find a better rate this way, you will be hit with extra costs. One of our team can review your current mortgage deal and find out about the costs that may apply in doing this.
Remortgage with a new lender
You can find a mortgage for your new home with a different lender. You could use this to pay off your existing mortgage, or you can also pay for it by selling your home. This could be beneficial to you if house prices in your area have risen significantly since the time you bought your current home. However, there will often be early repayment charges and exit fees for quitting your existing mortgage mid-term. On top of this there will be arrangement and valuation fees on your new mortgage.
Before you do anything, speak to us!
To decide which is going to be better for you, you need to carefully check all the costs involved in staying with your current deal versus those if you were to move to a new product, possibly with a different lender. That is where we come in! Prior to making any decisions, we will have a chat to discuss your current situation. We will assess what you are trying to achieve balanced against where you are now. After these conversations, we will scour our panel of mortgage lenders to find you a deal that best suits your needs.
Your home may be repossessed if you do not keep up repayments on your mortgage.