Moving Home Mortgages
Moving home is an exciting new chapter, but it can also be a stressful process. Whether you’re upsizing, downsizing, or relocating, securing the right mortgage for your new home is essential. We can guide you through the different mortgage options available and ensure you find the best deal that suits your needs and circumstances.
What Is Moving Home Mortgages?
A moving home mortgage is used when relocating to a new property. If you already have a mortgage, you may have the option to port your mortgage, which allows you to transfer your existing deal to the new home, potentially avoiding early repayment charges. However, the amount you can borrow will still depend on the new property's value and your affordability, and additional borrowing may be required if the new home is more expensive. Alternatively, you can apply for a new mortgage, which may offer better rates or terms, especially if you want to adjust your monthly payments or explore different mortgage options.
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How much can I borrow when moving home?
The amount you can borrow will depend on your income, the value of your new property, and your credit history. Lenders will assess your affordability based on your current financial situation.
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What happens if my new home is more expensive than my current one?
If your new property costs more, you may need to borrow additional funds. This could mean applying for a larger mortgage or covering the difference with personal savings. Your lender will reassess affordability before approving the extra borrowing.
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Can I move home if I’m still in a fixed-term mortgage?
Yes, but you may face early repayment charges if you don’t port your mortgage. Depending on your circumstances, porting your mortgage or switching to a new deal could be more cost-effective.
