Thinking of moving?

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We all know how stressful moving house can be - let us alleviate that by providing you with down to earth, expert advice, finding you a first-rate mortgage and being on hand to answer (and solve!) any queries you have along the way.

With access to 1000s of different mortgages, we're able to provide a variety of solutions to get you into your new home as quickly and smoothly as possible.

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Your Options

With an existing mortgage on your current home, you have a few options when it comes to obtaining a mortgage for your next property. You can either transfer your current mortgage to the new home, known as porting or you can opt for a new deal entirely by remortgaging. Either way, it's important to talk through your options with your mortgage broker as they'll be able to advise which is the most appropriate route to take given your unique circumstances.

Porting

It's worth noting here that not all mortgages are eligible for porting, although most are. When it's allowed, it's a great flexible feature to have on your mortgage but it doesn't come without hurdles;

Reapplying for your mortgage - when porting your mortgage you will have to go through the usual application process as before. There's no guarantee that the mortgage will be approved again and you may come up against issues if your circumstances have changed since the initial application e.g, your income has reduced, your debt has increased or you are recently self-employed. Even if your circumstances haven't changed, your lenders criteria might have.

Borrowing more - if your hoping to move to a more expensive property and need to increase your mortgage amount, your lender might not necessarily allow it - especially if you're already close to maximum borrowing with them. If the lender does allow it, there's a possibility that the extra borrowing will be classed as a separate loan which could come with it's own additional fees or even a higher rate.

Your mortgage broker will be able to run mortgage illustrations for you, providing you with all the applicable fees and terms of porting your mortgage.

Remortgaging

Remortgaging with your current lender - if porting isn't an option or isn't financially beneficial, you may consider remortgaging on to a new product with your existing lender. This route is usually taken to take advantage of new, lower rates available. However, it may not come without fees. Early repayment charges will most likely apply if you are trying to leave your existing mortgage early, these are usually between 1-5% of the total mortgage amount (the closer you are to the end of the term, the less this will be). You may also have to pay a valuation fee and product fee.

It's important to weigh up if the lower rate actually saves you money in the long run when all fees are taken into consideration.

Remortgage with a new lender - much like remortgaging with your existing lender, remortgaging with a new lender may give you access to better rates but could still involve early repayment charges, valuation fees and product fees.

Your mortgage broker will be able to run mortgage illustrations for you, providing you with all the applicable fees and terms of remortgaging.

Ready to speak with a broker?

Give us a call today or drop us a quick message here and we'll be more than happy to help.

01843 228800