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Home Mover Mortgages

Home mover mortgages are considered when you change mortgage provider to upsize your current residential property, or if you are downsizing. Find out how Fairview Financial can help you find the right home mover mortgage and support you throughout the whole mortgage process.




WHAT OPTIONS DO YOU HAVE AS A HOME MOVER?

Moving to a new house can be both exciting and stressful. It is a life-changing decision, and whether you're moving to your dream home or downsizing, it's important to get the right mortgage.

As a home mover, you may have more choice of lenders and mortgage deals than as a first time buyer. This is due to the fact that, being a home owner, you may have improved your financial status or you have a larger deposit from the equity in your current home. However, you should also consider that your circumstances may have changed since getting your current mortgage.  Moving home often ties in with a life changing event, such as getting married or having a child which will inevitably affect your finances.

So what options do you have if you want to move house?

When moving home, you can either transfer your current mortgage over to your new property through a process called ‘porting’, or you can find a new mortgage product or consider the Let to Buy route:

  • Porting. Most residential mortgages are portable, which means you can move your current mortgage over to your new property. If you need to increase the size of your loan, your lender will often require you to take out a separate mortgage that covers the difference in price. This is often beneficial if your existing mortgage has Early Repayment Charges (ERCs).
  • Find a new mortgage product. You may want to consider an entirely new mortgage with a new lender or, possibly, with your existing lender. If there are no early repayment charges and your existing rate is not competitive, this is a common option.
  • Let to Buy. This is a process that helps you purchase a new home while keeping possession of your current property and letting it out. If you are considering this  option, visit our Let to Buy page for more information

With so many providers and different options out there, finding the right mortgage can be a complicated and time-consuming process. That is why an experienced mortgage broker such as Fairview Financial can help you find a great mortgage deal by searching across the whole market, from thousands of different types of home mover mortgages. We can tailor your mortgage to suit your requirements and avoid any unnecessary costs.

 

WHAT COSTS TO CONSIDER?

Fairview Financial will carry out a comprehensive market research for you, before deciding whether to port your current deal or to find a new mortgage product. Then you can weigh up the savings you will make through any reduced rates with any associated mortgage costs like early repayment charges or arrangement fees. These are some of the costs you need to take into account:.

  • Early repayment charges. This is a penalty for leaving the mortgage before it comes to an end, often calculated as a percentage of your loan value.
  • Valuation fees. This is the cost of hiring a surveyor to assess the property’s condition and value
  • Arrangement fees. This is the administrative costs of organising your mortgage and it could be a fixed fee or a percentage of the total mortgage.
  • Legal fees. This is the cost of hiring a solicitor for carrying out the conveyancing process.
  • Booking fees. A one-off application fee may also be charged by the lender, to reserve the capital while processing your request
  • Stamp duty. If you’re buying a home in England or Northern Ireland costing more than £125,000 you’ll have to pay Stamp Duty on your purchase

 

HASSLE FREE MORTGAGES WITH FAIRVIEW FINANCIAL

Whether you decide to transfer your existing mortgage over to your new property, or you apply for an entirely new mortgage, you will need to go through the application process. With Fairview Financial you will have a dedicated mortgage broker who will support you from start to finish. It can be a time consuming and complex process involving two mortgages but with our experience and expertise we will ensure the smoothest of journeys.

Fairview Financial works with specialist lenders and also has access to exclusive rates from mainstream lenders that you will otherwise not be able to access directly. This way we can assist in even the most complex of circumstances. You may have bad credit or you may be self-employed or a contractor, whatever your situation is our expert advisers are on hand to help you work out exactly which mortgage deal is likely to be right for you.

We have been helping many clients move home in Gloucestershire and the surrounding area and great customer satisfaction is at the heart of everything we do, as testified by the numerous outstanding reviews.

If you are about to embark on this journey, call Fairview Financial on 01242 697821.

 

 






Fairview Financial can review your current mortgage at no cost. We have access to thousands of remortgage deals.

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