Home Movers

Moving home can be one of the most stressful times for anyone, as this may involve the selling of your current property and finding your new home. Topping this off with the decisions in terms of securing the new finance for your new purchase can make this seem quite daunting (especially if you have not had to secure a mortgage for many years).

This is where Your Mortgage Brokers can help relieve some of that stress and support you on your journey of understanding your financial options and getting the advice on what may well be the biggest financial commitment in your life

There are too many reasons to list for why people move home, but in the main these can be grouped into three categories. Firstly, a bigger home may be needed, secondly a smaller home may be needed and thirdly a location change is sought. Whatever the reason for making this move, there is likely to be a change in financial perspective also, for example a larger home or changing location could mean that you are possibly purchasing a more expensive home whereas a smaller home may mean downsizing and a less expensive home.

Mortgages for Home Movers

Moving home is a great time to re-evaluate your home financing options and look at the mortgage deals on offer.

It is unlikely that your borrowing needs on your current home are going to be the same as your new home so talking to a mortgage broker to look over all your options is the best idea to get the right mortgage deal for your personal circumstances. When it comes to moving home and mortgages you essentially have three options:

Porting your existing mortgage. Portable mortgages are quite common and if you are tied in to an existing deal, allows you to essentially move your existing mortgage over to the new property without having to pay an Early Repayment Charge (ERC). If your mortgage lender agrees to port your mortgage over to your new home, then this is a simple way of financing your next home as you may not have to reapply for your mortgage. However, if there is a change in property value or your personal circumstances is significantly different then you may not be able to do this. We at Your Mortgage Brokers can help explain and discuss your options for you.

If you are purchasing a more expensive property, and are tied into a deal, you may be able to port your existing mortgage and borrow more money with your current lender to cover any shortfall in purchasing your new home. Again, this will depend on your existing lender and also your own personal financial circumstances. Simply adding more to your mortgage may seem like an easy way to finance your new home purchase, but it may be worth looking at other mortgage deals out there, there may be better rates than your current deal and the overall cost could work out in your favour by breaking out of your current deal.

Get a new mortgage. This may be an option if you are not tied into an existing deal, or the rate is higher than those available on the market. People choose this option as it gives them the best opportunity to find a mortgage that works the best for them in the context of the price of their new home. At Your Mortgage Brokers, we can ensure that home movers get the mortgage deal that works best for them when financing their new home.

The mortgage product really depends on a wide range of factors including the terms of severance of your existing mortgage, your personal finances and credit score. This will also depend on the rates that are available in the mortgage market at the time. Your Mortgage Brokers can get a clear understanding of your needs and circumstances and combine these elements, whilst applying them against the mortgage products available and narrow down to a range of mortgage deals to suit your personal needs.