What is a home mover mortgage?
A home mover mortgage is no different to a standard mortgage. It’s simply the process of getting a new mortgage when you are moving home so the mortgage is suitable for the house you’re moving into. Getting the right mortgage is crucial as you will need to ensure it is still affordable whilst suiting your changing needs.
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We know that moving home often prompts a change in mortgage provider. You might need to borrow more. You might just want a better rate. Either way our expert advisers are on hand to help. We'll show you which lenders can lend you the amount needed, who can offer the best rate and what fees to expect from new and existing lenders when moving your mortgage. We'll even tell you if it's worth taking your existing mortgage with you to your new property.
How does a home mover mortgage work?
Mortgages for moving home are typically for people who are stepping up the property ladder and looking for a bigger home, and as a result are also looking to increase the size of their loan amount. Although some mortgages are ‘portable’, which means you can take your existing mortgage to your new home, others are not, requiring you to look for another option when moving home. You might also find that your current loan provider won’t allow you to borrow the additional amount necessary for you to move home.
Even if you aren’t looking to borrow more money, changing your mortgage when you move house, rather than transferring the current one over, can help to better suit your new circumstances and get you a better deal.
Early Repayment Charges (ERC)
The process of changing any mortgage to a different lender is classed as remortgaging. As with any remortgage, you should check whether there are penalties – also known as Early Repayment Charges – for ending your current agreement earlier than contracted. You should check if these exist on your current mortgage before considering changing your mortgage.
How Heritage Financial Planning can help with your Perfect Mortgage
We will take a look at your current mortgage and assess whether it is in your best interest to change to a new mortgage agreement or transfer your current one to your new property.