Home Mover Mortgage
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Home Mover Mortgages Frequently Asked Questions
Listen below as Hemat Natha talks all about home mover mortgages.
In just over 10 minutes, you’ll know a lot more about home mover mortgages.
So what do we mean by home mover mortgages?
Home mover mortgages are for people on the move – moving up, moving on, downsizing or moving sideways. It’s all about you moving home or planning to move.
It typically comes at a time where your family has expanded, or you want to live in another area. Maybe you want to move closer to a better school. Perhaps your kids have now left the nest and you want to downsize. Whatever the reason, there’ll be lots of questions that you’ll need answered to help make that decision – and we’ll be there for you.
What moving costs do we need to think about?
There are quite a few costs, so get in touch with us as early on in the process as you can. First you need to think about what you’re going to do with your existing home. Are you going to sell it to fund the deposit, or do you have enough savings?
Next you need to consider estate agents fees to sell your home. You also have two sets of solicitor fees – one for selling and one for buying. On top of that there are removal costs and storage if you need to store away your personal possessions.
Most people sell their home to buy a new one, but have you considered letting to buy? If you’ve got the deposit saved, you can potentially rent out your existing home to purchase your new property.
We’re here to do the numbers for you. We’ll work out what your deposit will be, give you a budget for the new home and help you decide the best approach in buying the new property.
What we do generally is to overestimate the costs a bit – because the last thing you want is to be short of money when you’re going through the transaction. So typically we’ll overestimate by around 10% so you’ve got a buffer and some room to manoeuvre.
How much can I borrow as a home mover?
Everything’s based on affordability when you move into a home. It’s based on your income and your expenditure. We’ll ask you lots of questions to understand your situation, like how much do you earn? What’s your expenditure and what income can we take to maximise affordability for your new mortgage?
Now, we want to make sure that all the costs are reasonable and you’re going to be able to maintain a nice lifestyle in the new home. So we’ll take you through all those details to evaluate what you want to do, what your circumstances are and how best to achieve your plans.
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It doesn’t cost anything for a chat, it’s free and we never charge a fee until we’ve got a mortgage offer. So pick up the phone and let us take it from there.
What is porting?
Porting is basically taking the mortgage on your current home and plonking it on your new home. And why would you want to do that?
Let’s say, for example, that two years ago I organised you a mortgage with an amazing low rate of 1.75% fixed for five years. Now you decide you need a bigger home, but you don’t want to lose that great deal. So what we do is port that mortgage onto the new property.
If you’re a bit short on your borrowing then we could go to the lender and ask for a top-up. That will be on a new mortgage product from your existing lender. So you can take the mortgage from your existing home. You won’t have to pay an early repayment charge and you can buy your new home that way.
Can I increase the mortgage value when I port?
Yes absolutely. You can increase the mortgage value. You take your current product – like I was saying, the 1.75% fixed deal – then you top it up with another product. You are limited to the same lender for this, but your advisor will go through and cost it all up.
We will assess whether that is going to be the right option for you, or whether you will be better off paying the early repayment charge and getting a new product. We base everything on true costs. We also have access to a comprehensive range of lenders to find the right mortgage for you.
Can I port my mortgage if the new home is cheaper?
Yes, you can. We just have to keep an eye on the loan to value and the restrictions on your existing product. If you’re selling your current property you may need to make an overpayment onto your mortgage product to secure it.
How do I decide whether to port or get a new mortgage? Is porting a mortgage worth it?
It truly is. It’s really down to your aspirations and whether you want to retain your property, whether you need the deposit or whether you want to sell.
It’s all about the numbers, isn’t it? It’s the affordability. It’s what your new mortgage payments are going to be. It’s about all the costs involved as well. We will take you through all of that – it’s complex. It can be mind boggling. But we’re here to break that down and make it as easy as possible.
We go through the costs step by step and work out a plan for your home move. We make sure you have all those numbers ready to make an offer on your new purchase.
How does the equity in my home affect my options?
If you’re selling and you have a good amount of equity, you’ve got effectively more deposit towards your new purchase. Or, if you’re going for Let to Buy, you could potentially borrow some extra money on your existing home to fund the deposit.
So it does have an effect on your options. If you have equity, you have more options. If you haven’t, then we’ll see what you can put towards the new purchase. That will then determine what you do with your existing home.
What else should I think about when looking to move home?
A lot of people overcomplicate moving home and think “Oh, it’s too complicated. I’ll just leave it.” They decide not to take any action because they don’t have the figures so they bury their heads in the sand.
But my team and I pride ourselves on giving those options to anyone. We’ll go through all those costs.
We will let you know if you can move or if you can’t – if it’s the right option or not. There’s no obligation to actually move. So speak to us, pick up the phone and let us potentially get you your dream home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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- We offer trusted expert advice
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Our Approach
Personalised – there is no ‘one size fits all’ when it comes to property advice. Your needs are not the same as anyone else’s and nor is our advice. We spend time getting to know you and your motivation for purchasing a property.
Choice – we’re a mortgage broker, so we have the widest possible range of options.
Technology and expertise – we use a combination of cutting-edge tech and 35 years of good old-fashioned financial expertise to find the right loan for your circumstances.
Efficient – we admit it, we’re a little bit obsessed with streamlining. Our inspiration is Formula One – did you know that in 1950 a pitstop took 67 seconds? Today it takes 2. The difference? Organisation, training, and tools. We’ve learned from that and have streamlined our processes to get you into your property faster and hassle-free. Our case studies speak for ourselves!