What Is A Home Move Mortgage?
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.
How Long Does The Process Take For A Home Mover Mortgage?
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.
What Are Early Repayment Charges And How Can They Impact Me Moving Home?
An early repayment charge is a charge made by your mortgage lender for ending your mortgage deal before it is due to end. For example, if you are currently fixed into a five year fixed rate and you wish to clear the mortgage after three years. You would normally be expected to pay an early repayment charge. However, your current mortgage lender may be willing to allow you to keep your mortgage and move it to a new property this is called ‘porting’ your mortgage.
How Can I Port My Existing Mortgage Deal When Moving Home? What Are The Benefits?
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.
How Much Can I Borrow With A Home Mover Mortgage?
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.
Can I Switch To A New Lender When Moving House? What Are The Benefits?
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.
What Are The Eligibility Criteria For A Home Mover Mortgage?
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.
What Is The Minimum Deposit Required For A Home Mover Mortgage?
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.
Can I Move Home If I Am Self-Employed?
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.
I Have Poor Credit Can I Move Home?
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.
What Costs Will There Be When I Move Home?
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.
I Am Currently In Negative Equity And Want To Move Home. Can I Do This?
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.
How Can PAB Wealth Management Help Me With A Home Move Mortgage?
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