Move into the home you’ve always dreamed of with a home mover mortgage
A home mover mortgage is for someone who currently owns a property and is wanting to move to a new property. You don’t necessarily need to change your mortgage lender in order to move home, but this is an option if it is more advantageous for you. Moving house could be a great opportunity to reassess your current mortgage deal and look for something better.
How much can I borrow as a home mover?
How much you can borrow as a home mover will be influenced by a number of factors, including, but not limited to, your income, your expenditure and the loan to value (LTV) of the property you wish to purchase. Speak to one of our expert advisors as we will analyse your specific situation and requirements. As professional independent mortgage advisors, we understand the constantly changing market and the appetite of the various lenders to lend. Consequently, discussing your circumstances with one of our expert advisors could be the best way to understand how much you can borrow.
Whether your goal is to borrow as much as you possibly can or to maximise your borrowing within a specific budget, one of our expert advisors will be able to help. At RM Mortgage Solutions this type of analyse is a daily occurrence.
What is porting?
Porting is where you decide to move from one property to another but keep your current mortgage deal with your current lender. The terms and conditions of your current mortgage deal will remain the same although you may need to choose a new deal on any additional borrowing you decide to request.
As with everything in life, there are pros and cons to porting. People who are moving up market, for example, may need to borrow more than is outstanding on their current mortgage. This is possible, so long as the mortgage lender is happy to lend you that additional mortgage amount. Each lender’s affordability calculator is different with regards to how much they are willing to let you borrow.
Some lenders may not be willing to lend you the amount you require, in which case porting may not be a suitable option. Instead, you may need to talk to other lenders whose affordability calculator may be different.
Are you looking for a home movers mortgage you can trust? Get in touch with our expert advisors who will guide you through the process from start to finish.
speak with an expert
Mortgages for Home Movers
The first step in the home mover mortgage process is to find a lender who will be willing to lend you the money you need and is offering a mortgage product that you are happy with. It’s important to compare different lenders as interest rates and terms can differ greatly between them. After finding your lender, you’ll need to provide them with all your financial details in order for them to assess how much money they are willing to lend you.
Once your application has been accepted and approved by your chosen lender, it’s time for your solicitor to get more heavily involved. This involves transferring ownership of the property from the seller to the buyer using contracts drawn up by the seller’s solicitor. If there are any complications which arise during this process, they must be sorted out first before being able to proceed with the sale or purchase of the property.
Finally, when all parties have agreed upon all aspects of the deal, it’s time for final completion. This is when payments start changing hands between parties involved in the transaction. The funds will be released by the lender to your solicitor who will ensure that everyone involved gets paid correctly – including any stamp duty fees if applicable – before the ownership transfer is finalized and keys are handed over.
After more information of the home movers mortgage process? Get in touch today and our professional advisors will be happy to help.