If you want to move home it always makes sense to involve a mortgage advisor. Most mortgages will be 'portable' which means that you may be able to transfer the loan you took out to purchase your original property against the purchase of your new home, subject to meeting the lenders. There will often be a transfer fee of a few hundred pounds from your current mortgage provider to move the mortgage to a new property.
There may be penalties to pay to your current provider if you move to a new one. This is most likely to occur if you are still within the 'special offer period' of a loan where you may have been paying a discounted rate. The penalty may reflect the difference between the discounted rate you have been paying and the lenders standard variable rate!
We advise you have a chat with us at The Mortgage House in the first instance to get an overview of the costs that will be incurred to either transfer your mortgage to your new home or to take out a new mortgage.
Moving home does present the opportunity to review your mortgage deal and check that you are still getting the best all round deal. Your financial and personal situation may have changed since you took out your original mortgage and this may mean you can secure a better or simply different deal.
For people looking for a new mortgage it is worth remembering that being assessed by a mortgage lender probably has stricter criteria than the last time you took out a mortgage.
The Mortgage House can work with you to ensure you get the best mortgage deal available to you at the time you want to move.
For an initial chat you can call Chris at our Brighton Office on 01273 870 302, mobile 07821409589 or email him on firstname.lastname@example.org or if you'd like to arrange a call back – fill in the details on our contact page.
We look forward to speaking to you