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Relocating To A New Home
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Moving to a new home comes with many considerations.
Even if you’ve navigated the process before, changes in your circumstances—like a new job—can impact your mortgage options.
Porting Your Existing Mortgage:
You may have the option to transfer your current mortgage to your new property. This isn’t guaranteed and will require your lender’s approval.
Securing a New Deal with Your Current Lender:
You might be able to renegotiate your mortgage terms or interest rates to suit your new situation.
Switching to a New Lender:
Applying for a new mortgage with a different lender could offer more favourable terms, though it may come with additional costs.
Considering Early Repayment Charges:
Changing your mortgage, even with your existing lender, could result in early repayment fees. It’s important to balance these costs against the potential benefits of securing a new deal.
FAQ: Moving Home
The answers to your questions.
My earnings have changed, can I get a new deal with my existing lender?
Yes, you can negotiate a new deal with your existing lender. Lenders are often open to reviewing your financial situation and may offer a mortgage deal that better suits your new circumstances. At Alexanders FA, we can assist you in navigating this process to ensure your new mortgage works for you.
Do I have to apply for a mortgage when moving house?
If you’re moving house and want to port your existing mortgage, you’ll still need to go through an application process with your lender. This will involve reassessing your financial situation and conducting checks, including evaluating the new property’s value. If porting isn’t an option or you choose not to, you’ll need to apply for a new mortgage for the new property.
Can I transfer my mortgage to another property?
Yes, you can! Many lenders allow you to port your mortgage to a new property. However, you’ll need to check with your current lender, as they will assess the new property and may re-evaluate your financial situation before transferring your mortgage. If you’re uncertain about whether you can port your mortgage, feel free to contact one of our expert advisors for a free consultation.
I’m thinking of moving in the future, but my current rate is running out. What should I do?
If you’re planning to move in the future but not just yet, you could consider remortgaging your current property and transferring that mortgage to your new home when the time comes. Get in touch with us to discuss the best options for transferring your mortgage and finding the right solution for you!
What happens if you move and have a mortgage?
If you move while having an existing mortgage, you may be able to port your mortgage to your new property, allowing you to keep your current deal. If porting isn’t an option or you choose not to port, you may be required to pay early repayment charges, depending on the terms of your current mortgage.
What is a moving home mortgage?
Sometimes, life doesn’t align with your current fixed-rate mortgage! A moving home mortgage, also known as a “porting” mortgage, enables you to transfer your existing mortgage to a new property when you move, even if your current mortgage term hasn’t ended. This type of mortgage is designed to provide flexibility and continuity as you transition to your new home.
Get Ready For Your Move
Moving home is an exciting journey, but it’s important to be aware of the costs involved. Here are some common expenses to consider:
Valuation and Survey Fees:
You’ll need to cover the cost of valuing your current property and conducting a survey to assess the condition of your new home.
Legal Fees:
Property transactions require legal work, which comes with associated fees. We can recommend trusted legal partners to ensure a smooth process
Estate Agent Fees:
If you’re selling through an estate agent, there will be fees involved, but it’s an effective way to market your property and achieve the best sale price.
Mortgage Application Fees:
Some mortgage deals come with booking or arrangement fees. We can help you determine if these apply to your situation.
Fixed-Rate Mortgage Considerations:
If you’re on a fixed-rate mortgage, ending it early may result in charges. However, you might have the option to port your existing mortgage—speak with your lender or broker to explore your options.
How does Alexanders FA work?
At Alexanders FA, we simplify the home-buying process with expert guidance, ensuring you receive professional support every step of the way.
As an award-winning broker, we offer free mortgage and protection advice tailored to both first-time buyers and seasoned investors. Trust Alexanders FA for a smooth, stress-free home-buying experience.
1
Free Initial Consultation
We’ll review your current circumstances and property goals, evaluating your borrowing capacity to help identify the most suitable mortgage lenders.
2
Agreement in Principle (AIP)
An AIP provides an estimate of your borrowing power. With this in hand, you can confidently explore properties within your budget and make informed offers.
3
Personalised Mortgage Guidance
After your offer is accepted, we recommend the most suitable lenders and mortgage products. We manage every detail of your mortgage application to ensure a seamless experience.
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We wouldn’t be where we are without our incredible clients. We take pride in building genuine, one-on-one relationships, offering tailored mortgage advice that suits each individual’s needs.
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