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Buying a financial product such as a mortgage can be the biggest decision made in our lives. It is for this reason that impartial advice is critical from qualified advisors.
What is a Moving Home Mortgage?
If you are thinking of moving home but still have a mortgage on the current property with a large number of mortgage providers you can get a portable mortgage. This means if you are moving house you can transfer your current policy to the new property you intend to buy.
You can move your mortgage regardless of the funds that are needed. If you need an increase on your current mortgage then it can still be moved to the new property. However, there will most likely be a fee in order to increase the mortgage amount. As well as this it could result in you having two loans.
On the other hand, if you do not need more money on your current mortgage it is then much simpler to do. This is as there is no need to pay a fee to increase the size of the mortgage. However, there will still be extra fees for a valuation of the property you are looking to purchase.
With any portable mortgage, the lender will have to reassess your position and financial stability. This is to ensure that your position hasn’t worsened since the initial mortgage started. This is in terms of income, financial stability and dependents.
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Choosing a financial product or service, such as a mortgage, remortgage, loan or insurance can be daunting and your choice is a decision you need to get right. For this reason, it is vital that you get impartial advice from competent and qualified advisors. Whether you are a first-time buyer, looking to remortgage, hoping to remortgage or even buy a property to let, needing a loan or insurance this is where our advisers excel.
Be reassured that our aim is to guarantee reliable financial advice appropriate to any individual that makes contact with us. Through our network of contacts, we have access to thousands of financial products, from mortgages to loans to insurance, so we are confident that we’ll find one to suit you.
Moving House Mortgages
Thinking of moving? Worried about your current mortgage? The good news is that if you are thinking of moving home but still have a mortgage on the current property you own, most mortgage providers will give you a portable mortgage. This means if you are moving house, you can transfer your current policy to the new property you intend to buy. This is called “porting” your mortgage.
Your policy documents will let you know if your mortgage is portable, but if you’re unsure you can always check with your broker or lender. Most lenders offer this service so you are likely to have the answer you want.
You can move your mortgage regardless of the funds that are needed for your new house. If you need an increase on your mortgage then it can still be moved to the new property but be aware that there will probably be a fee to increase the amount on the mortgage. It might also result in you having two loans instead of one.
If you are downsizing or do not need more money on your current mortgage, then it is much simpler to do. There won’t be a fee for increasing your mortgage, but there will still be fees for property valuation on the property you are planning to purchase.
If you are still in the initial or introductory period of your mortgage loan it also means you most likely have a reduced interest rate. In that case you will also be charged an early repayment charge. These are important things to bear in mind if you are trying to decide between porting your mortgage or getting a new one.
With any mortgage, even a portable one, the lender will need to reassess your position and financial stability. This is to ensure that your financial position hasn’t worsened since the initial mortgage started. Your lender will want to assess your income, your financial stability, and your dependants. Even if you are planning to use a portable mortgage, you will still need to reapply for a mortgage.
There are a lot of factors to consider when you are looking for a moving home mortgage and having the right assistance can make all the difference. Using a moving home mortgage broker will help you do the calculations necessary to decide if it makes more sense to port your mortgage or simply apply for a new mortgage elsewhere. Some of the considerations to bear in mind are:
- Will I definitely qualify to port my mortgage?
- Is there a cheaper deal elsewhere?
- What if I don’t intend to move immediately?
- How do I go about porting my mortgage? What is the next step?
Will I definitely qualify to port my mortgage?
Before anything else, you will need to check if your mortgage is portable. If it is not, then you will need to apply for a new mortgage and end your current contract with your lender. If it is portable, then you will still need to reapply for your mortgage with the same lender as they will want to complete the same checks they would do for any other mortgage application.
If your financial circumstances have changed since your mortgage was approved then you may find it is harder to get approved, even for a moving house mortgage. Changes that could influence the outcome include job changes, if you have become self-employed, if you have had children or have dependants living with you, or if your credit score has dropped due to bad credit or debts.
There is also a chance your lender has changed their criteria since you were first approved for your mortgage. Mortgage lending criteria have tightened recently to assess you based on long term interest rates and not just the current ones. This could work in your favour or against you, depending when you first got your mortgage. The good news is that there are rules in place to protect existing customers. The Financial Conduct Authority (FCA) have advised that existing borrowers shouldn’t have to meet the new and tougher criteria. However, lenders are going to be cautious, so you shouldn’t discount this possibility completely.
Finally, your new property will need to meet your lender’s criteria. Your lender will want to do a valuation and may be hesitant to offer a loan if the property you plan to buy is uninhabitable, thatched, or have to short a lease – among other things. This is a lending criteria that they will apply to any property, so it is best to check your new property lives up to the requirements as early on in the process as possible.
Is there a cheaper deal elsewhere?
It is important that you still look for mortgage deals outside your current loan because you may find that there are better options for you. This will all come down to the maths, which is why a financial advisor like Finance Advice Centre is important in your decision making.
You will want to consider how much time is left on your current deal and how it affects the fees you will have to pay. If you have a long time left on a low interest rate then you should probably stick to that deal. However, if you only have a few months left then you might choose to leave anyway because rates might increase and the shorter your remaining term, the lower your exit fees from your current lender.
To work out the best deal you will have to compare the cost of keeping your current deal against the cost of exiting it and taking a new deal. A lot of arrangement fees, including exiting and starting a new loan, need to be considered.
What if I don’t intend to move immediately?
Although most people move directly from one property into the next and their mortgages change on the day of transfer, there are occasions when there is a slight delay between moving in. You will need to speak directly to your lender about delaying your mortgage repayments. Some lenders might still agree to port your mortgage as long as you complete within a given timeframe – usually no more than 30 days. So if you are planning a few months between moving out of your old property and into your new one, then you might be better off looking for a new mortgage deal.
How do I go about porting my mortgage? What is the next step?
If you have done the math, confirmed your mortgage is portable, and have made the decision to stay with your lender then you will need to go through the new application process. Your lender will need to do all the same checks they did for your current property, including your financial stability, your credit rating, and the suitability of the new property for the loan.
You will most likely want to speak to someone who has more experience and can help you navigate the mortgage application process and mortgage porting. Finance Advice Centre has experienced and expert staff who are able to advise and assist you on how to proceed once you have decided to move forward.
If you are still unsure about your mortgage, you can also speak to one of our advisors about the best deals and mortgage providers for your specific circumstances. With access to all lenders, we can find you the best deals and help you decide if it is better to port your mortgage or find a new lender.
As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments.
This article is for information only and should not be seen as advice or a recommendation to take action.
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