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Home Mover Mortgages – What You Need to Know
If you are interested in Home Mover mortgages, this guide will cover everything that you need to know. If you have any further queries or concerns, all you need to do is pick up the phone and we will be more than happy to assist you in any manner that we can.
What does Home Mover mean?
Moving to a new property can be exciting, but also very stressful. When you move home, you need to get the right mortgage. Although you have already gone through the process of securing a mortgage when you bought your first home, unfortunately, it can be even more challenging the second time around. A Home Mover mortgage is for anyone who is moving home and, therefore, needs a new mortgage.
One option is to port the home mortgage that you have at the moment. The vast majority of mortgages today are portable. This means that you can move over your current loan to your new property. However, you still need to make an application, and you may find that your mortgage needs to be increased so you can cover the cost of your new property. This will be the case if the property you are going to buy is more expensive than your existing property. You will often be required to take out an extra loan to cover the extra expense, so do be aware that this will come with fees, such as another arrangement fee.
Remortgaging with an existing lender?
Another option is to completely replace the mortgage that you have at the moment, taking out a new mortgage entirely with your current provider. While you may be able to locate an improved deal, it is important to recognize that you are going to be hit with extra costs as well. You will typically have to pay an early repayment fee, which can be between one and five per cent, so this is going to need to be factored into your finances.
Remortgaging with a new lender?
Another option is to take out a new mortgage entirely, but to opt for a new lender as well. This may be especially beneficial if the prices of the properties in your area have increased significantly since your first home was purchased. Nevertheless, you are going to have those pesky early repayment fees, so this does need to be kept in mind.
Finding the best deal/how can a mortgage broker help?
With the complex nature of finding a new mortgage and the different options that are available, it makes sense to use the services of a mortgage broker. A mortgage broker will have access to a wide portfolio of offers and they will have the experience that is needed to help you make the decision that makes the most financial sense. After all, there is a lot to think about when it comes to home mover mortgages.
If you are looking for the best home mover mortgage, please do not hesitate to get in touch. We are happy to answer any queries, no matter how big or small.