Home Mover Mortgages
Experienced mortgage advisor based in King’s Lynn and offering throughout Norfolk, Suffolk, Cambridgeshire and Lincolnshire
Meet Your Mortgage Advisor
PAB Wealth Management offers financial advice throughout the local area and has been created through the drive of our founder Luke Thompson.
Luke has been working in financial services for the past fifteen years starting with a local insurance brokerage before moving to providing mortgage and protection advice and now also offering financial advice to our clients. We look to provide a holistic approach to financial advice based on each individual customers own needs.
Our aim is to provide the same level of customer experience that customers have been able to receive for many years through our sister company PAB Mortgages.
Here at PAB Wealth we believe that financial advice should be affordable and available to anyone who needs it. We treat all our customers in the same manner from first time investors to long term investors.
Most frequent questions
A Home mover mortgage is for anyone who already owns their own home and is looking to move to a new home. There is no difference between a home mover mortgage and a regular mortgage and the process will be the same as for a normal mortgage application.
The process will take the same amount of time as for any other type of mortgage. The same processes are followed by your mortgage and adviser and the lender who your application is submitted to. Your mortgage adviser will complete a fact-find with you to gather information about your personal circumstances and will then find the option that meets your personal needs. Your mortgage adviser will go through the same steps as for any other type of mortgage application be it First Time Buyers to Buy to Let or anything in between.
To keep your current mortgage deal you would speak to our mortgage advisers who will review the details of your current mortgage. Including current balance, interest rate payable and then your deal is due to expire. We will also assess any repayment charges to leave that deal as well. They will then work out if it is possible to port your current mortgage and if it is financially beneficial to do so.
The benefit of keeping your mortgage is that you avoid paying the early repayment charge and you may be able to continue to benefit from a cheaper interest rate than those currently available. Your mortgage adviser will also arrange with your mortgage lender for any additional borrowing that may be required to complete your home move to be in place based on the interest rates available at the time.
A discounted rate mortgage is similar to a tracker rate mortgage. However, a discounted rate mortgage will provide you with a discount from the lenders Standard Variable Rate. If the lenders Standard Variable Rate is 6% and you are getting a discount of 3% off the Standard Variable Rate the interest rate you will be paying is 3%.
The discount rate will be linked to the Standard Variable Rate and will change in line with it. For example if the rate rises to 9% you will still have a 3% discount but the interest rate payable will now be 6%.
The amount you can borrow is determined by your personal circumstances but will be dictated by your income and committed expenditure, any financial dependants, as well as the length of the mortgage and the interest rate being charged.
If your income is sufficient you may be able to borrow up to 5.5 times your income, depending on other circumstances.
You can switch to a new mortgage lender when moving homes. A good mortgage adviser will determine the right lender for you based on your personal circumstances. We will make sure the lender selected is the right fit for you.
Some lenders may be able to lend your more, offer higher over payments, payment holidays or offer better terms than your existing lender. Your mortgage adviser at PAB Wealth Management will search the market to ensure you are placed with the right lender.
The criteria will be the same as for any other type of mortgage, whether it’s a first time buyer or a remortgage.
All mortgage lenders have their own individual mortgage criteria and as such it is up to your mortgage adviser to ensure that they pick the right mortgage lender for your circumstances.
The minimum deposit you will be required to provide is 5% of the purchase price of the property. But, this will be dependent on the mortgage lender and the type of property. Some types of property may require a higher deposit amount. Or if you have had credit issues in the past you may be required by the lender to provide a higher deposit than someone who has a clean credit history.
Yes, you will be able to move home if you are self-employed. Mortgage lenders assess self-employed income for home movers in the same way as they do for any other type of mortgage. The way your income will be assessed will depend on your type of self-employment for example whether you are a sole-trader or a limited company.
Your mortgage adviser will have a knowledge of which lender is most likely to accept your application and will be able to confirm the documents required prior to any application being submitted.
Just because you have had credit issues in the past it doesn’t mean that you won’t be able to move home. Lenders may be willing to offer you a mortgage. However, you may be required to provide a higher deposit.
Our qualified and professional mortgage advisers will be able to guide you and ensure that your mortgage is with the best lender for your personal circumstances.
You may need to factor in several costs when you look to move home. These can include but are not limited to
- Estate Agents Fees
- Solicitors Fees
- Stamp Duty Land Tax
- Mortgage Lender Arrangement Fees And Valuation Fees
Make sure you are comfortable with the fees which may be payable before you commit to moving home. You mortgage adviser will be able to offer guidance around the cost of these fees and help you to decide if moving home is affordable.
If you are in negative equity it means that you owe more to your mortgage lender than the current value of your property. It would likely be difficult for you to move in this situation as you would need to repay your mortgage lender the full mortgage balance and then fund a further deposit for a new property from your own savings.
If you think you are at risk from negative equity you should try to make as many overpayments as possible as this will help to reduce your mortgage balance and will increase the amount of equity you have in your property.
Even as a home owner moving home can be daunting. From establishing which mortgage is best suited to your needs to finding a lender who will offer you a competitive mortgage rate. Our qualified and experienced mortgage advisers will help to reassure you through the whole process.
Even confident buyers will benefit from a mortgage advisers advice. We have access to mortgage deals that you won’t find direct with lenders. Meaning that we can find the most suitable mortgage deals available to you.
Don’t just take our word for it. We are 5* rated on Google check out our reviews to see how we help our customers with their mortgage needs.
Your home/property may be repossessed if you do not keep up repayments on your mortgage
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