I’m Moving Home – Help!
When it comes time to move home – whether to upsize, downsize or simply enjoy a change of pace – what to do with your existing mortgage is no doubt a key consideration.
There are pros and cons to taking your existing mortgage with you and in effect transferring it to a new property, and similar things to think about when applying for a new one. Which route you decide to take will ultimately depend on things such as caveats in the deal you currently have along with what is on offer in terms of new deals with other lenders, and when it comes to making the decision, My Mortgage Force is here to provide all the help you need.
What happens to your mortgage?
There are essentially three different options regarding your mortgage when you move home – you can apply for a new mortgage altogether, apply to borrow more, or transfer or “port” your existing mortgage to apply to your new property.
Portable mortgages are very common, but it’s important to note they are not always guaranteed. When you port your mortgage you do have to reapply for it – if you are successful, you have the benefits of keeping the same deal with terms and conditions intact, but if you fail to qualify, you will need to search for alternative financing elsewhere. Even if your circumstances have not changed, your lender’s criteria may have, which can complicate successfully applying for the same mortgage.
There is also the option of borrowing more on your current deal, which is common if you are moving into a more expensive property and want the most straightforward option. You could also switch to a new deal entirely, although depending on the terms and conditions, you may incur a fee for doing so.
You should consider things such as whether you’ll have to pay a fee for repayment charge or exiting your mortgage, and weigh the costs of all of the above to determine which will be the most cost efficient option of moving house. It is here that our many years of experience servicing Britain’s homebuyers can be incredibly useful.
Get home-moving mortgage advice from our experts
At My Mortgage Force, we are not bound to any one particular lender, and so we can offer impartial advice that takes into consideration your circumstances and all the costs involved to see which option is truly best for you.
We’ll talk you through the options of porting your mortgage, applying to borrow more or switching mortgage products, showing you all of your options in a way that’s straightforward and easy to understand. We know that moving home can be a stressful event, which is why we strive to make the process of financing your move as simple and hassle-free as possible. To find out more, click here to contact us now.