Home Mover Mortgages

Moving home  does not directly alter your credit score. However, the activities surrounding a move—such as closing old accounts and opening new ones—can influence your credit. It’s crucial to monitor your credit report for inaccuracies and ensure all bills are paid on time during this transition period.

Without savings, moving can be particularly challenging. Savings are typically needed to cover the equity gap if your current home’s sale doesn’t fully pay off the existing mortgage or to secure a more favourable mortgage deal. It’s advisable to have a financial cushion or explore alternative financing options.

When moving home, you’re likely to incur various fees, including those for property valuation, legal services, and estate agency services for selling your current home. Additionally, if you’re not porting your mortgage, you may face early repayment charges on your existing loan.

This estimate varies based on individual circumstances and does not include the deposit for purchasing your next home, which can significantly increase overall expenses.

Porting your mortgage to a cheaper property is possible, but you’ll still undergo affordability checks by your current lender. Despite the lower price, there are fees involved, such as for property valuation, which you must be prepared to cover.

The decision to port your mortgage depends on various factors, including the advantages of retaining your current interest rate versus the potential costs and logistical considerations of obtaining a new mortgage.

Evaluate the portability of your mortgage, the impact of any financial changes since your original agreement, and whether remortgaging could offer better terms or  additional borrowing.

No, a deposit is usually necessary when moving homes. However, the equity from your current property often can serve as the deposit for the next home, provided it’s sufficient to meet the new property’s price requirements.

Finding a new home before selling your current one might require a bridge loan to finance the new purchase temporarily or a let-to-buy mortgage, allowing you to rent out your former home and buy the new one. Both options provide solutions but come with their considerations and costs.

The application process for home movers mirrors that of obtaining your first mortgage. It involves a review of your financial situation, the equity in your current home, the purchase price of the new property, and any additional funds you may need to borrow. This process includes credit and affordability assessments to ensure you can comfortably manage the new mortgage.

No,  not all products are portable. Some products may include features such as portability, which allows you to transfer your current mortgage to a new property, potentially lower application fees, and the flexibility to borrow additional funds depending on your situation.

Typically, porting your mortgage should not subject you to Early Repayment Charges, as you’re continuing your relationship with the same lender under similar terms. However, it’s crucial to review your mortgage agreement or consult with your lender, as switching to a different lender or mortgage product may trigger these charges.