Purchase or Home Mover Mortgages
When it’s time for a move, we make sure the direction is always forward.
Wishing you could escape to the country? Always wanted to live by the sea? Has work meant a needed relocation to a new city? If you’re already on the property ladder and you’ve found a new home that you just can’t wait to buy, then it’s likely you’re in need of a moving home mortgage. But what is a home mover mortgage? What is porting a mortgage? What will porting my mortgage mean? What mortgage advice should you take on board? Though you may have been through the mortgage process before, this time around, it is a little trickier. What’s more, there’s your existing mortgage to consider, the need to sell your current house and the joy (we say sarcastically) of getting into the buyer’s chain. It may seem like a lot, but we promise you, that with our moving home mortgage advice and range of mortgages, we’ll ensure you always move in the right direction.
Our fully-qualified mortgage advisers have the expertise and experience to assess your circumstances, financial situation and suggest the very best mortgage for you. Here at Avail Mortgages, we ensure that you don’t miss out on the best deals and can also assist with the valuation of your current mortgaged property. We also are committed to the principles laid down by the Financial Conduct Authority (FCA) and their ‘Treating Customers Fairly’ (TCF) initiative, and this is highlighted by our glowing reviews and client testimonials. With customer care at the forefront, you’ll always feel well-guided and supported during the home buyer mortgage process, and beyond it.
Backed by advanced technology – which includes our moving home mortgage calculator and our client portal – we make the home mover mortgage process a breeze. To learn more about porting mortgages and moving home mortgages, please do not hesitate to get in touch with us today. We provide help for home movers in areas such as Leeds, Huddersfield, Bradford, York and Harrogate, so we know that we can help you too. Your next home is just a phone call away.
What Is A Home Mover Mortgage?
When moving home, you have two options: You can transfer your current mortgage over to your new home, or find a new mortgage deal altogether by either remortgaging with your current lender, or with a mortgage lender that’s new. At Avail Mortgage Brokers, we can offer moving home mortgage advice about the right choice for you, based on your circumstances.
Remortgage Services With Avail Mortgage Brokers
Option 1: Remortgage With Your Existing Lender
Choosing to remortgage with your existing lender gives you the option to replace your current mortgage by taking out a new loan. Many of our clients have found a better rate this way, though we always highlight the added cost. To leave your mortgage deal, you may have to pay an early repayment charge of 1-5% of your mortgage’s value. The amount you pay is determined by how much time you have left on your current mortgage. Usually, the closer you are to the end of your mortgage term, the less you will be expected to pay.
You may also be charged with an exit fee, as well as an arrangement fee and valuation fee for your new mortgage. At Avail Mortgage Brokers, we’ll be open and honest about the mortgage fees you will need to pay, and whether a better rate will actually save you money. In fact, if it’s cheaper for you to stay with your existing mortgage lender, then we will do the product transfer for free.
Option 2: Remortgage With A New Lender
Alternatively, you could look for a new mortgage loan with a new lender, and use this mortgage loan to pay off your existing mortgage. However, as with option 1, there may be early repayment charges and exit fees for leaving your mortgage before the mortgage term is up, as well as arrangement fees and valuation fees. If you’re in need of remortgage services but are unsure which option is right for you, we’ll weigh up the pros and cons for you, so that you can make an informed decision, based on our mortgage recommendations.
What Is Porting A Mortgage?
Porting your mortgage involves taking your existing mortgage deal on your current property and transferring it to your new home. Porting your mortgage involves reapplying for the mortgage deal. A mortgage broker will use its current lending criteria to determine whether porting your mortgage is a good choice for you. It’s important to note that your mortgage lending criteria may have changed since the first time around, and if your circumstances have changed, then you may not qualify for a mortgage.
When it comes to porting mortgages, there are typically two situations: Porting mortgages to a more expensive property and porting mortgages to cheaper property.
Porting Mortgages To More Expensive Property
If you need to borrow money for a more expensive property, a porting mortgage involves passing your mortgage lender’s affordability checks, as well as paying a fee to increase your loan. Alternatively, you could choose another mortgage product at a different rate. Either way, you’ll typically have to pay a valuation fee so your mortgage lender can check that the new property is worth what you’re going to pay for it. This moving home mortgage may include a new arrangement fee should you choose to take out an additional mortgage too.
When considering this type of mortgage, we look at interest rates to find you the best mortgage deals, and to determine which is the best porting mortgage for you. It may turn out that exiting your existing mortgage and applying for a new mortgage is the best option – but as with all types of moving home mortgages, we’ll make you aware of all the relevant fees.
Porting Mortgages To Cheaper Property
If the prospect of borrowing more money for a new home doesn’t appeal to you, and you’d like to move to a smaller place or cheaper area – then porting your mortgage could prove fruitful. Your mortgage lender will run an affordability check based on your existing lending criteria, to ensure you have a good credit rating and credit score. Porting mortgages in this scenario may still incur certain fees – such as a valuation survey fee – but we’ll provide you with moving home mortgage advice so you’re always clear on your options.
Get In Touch
There certainly is a lot to consider! Is porting my mortgage the best option? Which moving home mortgage is right for me? If you’re after a mortgage, or would like some mortgage advice from trusted mortgage brokers and mortgage advisers, please get in touch with us today. At Avail Mortgages, we help clients in Leeds and the surrounding areas including Huddersfield, Bradford, York and Harrogate, and have vast experience and expertise with moving home mortgages and porting mortgages. We’ll ensure you find the best mortgage deal for you, and that the mortgage process is a successful one.