Moving House Mortgages

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    Home Moving Mortgage

    Moving home is an exciting yet complex process, and securing the right mortgage is a key step in ensuring a smooth transition. Home moving mortgages help you finance your new home while selling your current one. Whether you’re porting your existing mortgage or exploring new options, understanding the details can save you time, money, and stress.

    Choosing the right mortgage when moving is crucial for financial stability and favorable terms. Making informed decisions can help you avoid unnecessary costs and complications, ensuring a seamless and cost-effective move. Explore our detailed guide below to learn about your options, the steps to secure your mortgage, and tips for overcoming common challenges. Empower yourself with the knowledge to make your move as smooth as possible.

    Switch to New Mortgage VS Porting

    When you’re moving from one home to another and already have a mortgage, you face the decision of either porting your existing mortgage or switching to a new one.

    Porting Mortgage

    Porting means transferring your current mortgage from your old property to your new one, keeping the same interest rate and avoiding early repayment charges. However, even if your mortgage is portable, you’ll still need approval from your lender for the new property. Changes in your circumstances or the property’s value could affect this.

    Switching to a New Mortgage

    Switching to a new mortgage is more common when moving house, often because you find a better deal with another lender or your current lender doesn’t allow porting. This involves paying off your existing mortgage when you sell your current home and taking out a new mortgage for your new home. It’s a way to get lower rates or better terms, but you’ll need to meet the new lender’s criteria and consider any costs involved.

    4 Basic Steps to Securing a Home-Moving Mortgage

    Assess Your Financial Situation

    Gather your financial documents and use our calculator to see what you can afford.

    Explore Your Mortgage Options

    Compare different mortgage options and consult with our mortgage advisor for tailored advice.

    Obtain a Mortgage Agreement in Principle (AIP)

    Get an AIP to strengthen your position as a serious buyer.

    Submit Your Mortgage Application

    Prepare and submit all required documents to apply for your mortgage.

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    Potential Challenges & Considerations

    • Early Repayment Charges: Switching your mortgage before its term ends may incur penalties, impacting your overall cost savings.
    • Arrangement Fees: New mortgages typically involve setup fees, which add to your upfront expenses.
    • Qualification Criteria: You must meet the new lender’s eligibility requirements, which could be stricter than your current lender’s, influencing your ability to secure the mortgage.
    • Valuation Issues: If the property is undervalued during appraisal, it may affect your loan amount, requiring negotiation with the seller or additional financing options like bridging loans.
    • Chain Delays: Being part of a property chain can cause delays due to withdrawals or procedural hold-ups, which can be mitigated by considering chain-free properties or using bridging loans.
    • Affordability Concerns: Ensuring you meet affordability criteria is crucial; adjustments to your budget and advice from financial professionals can help.
    • Changing Mortgage Rates: Fluctuating interest rates can impact your payments; fixed-rate mortgages provide stability, and consulting with advisors can help you navigate rate changes effectively.

    Moving Home FAQs

    Can I use a house moving mortgage if I'm 60 years old?

    Yes, you can still apply for a mortgage at 60 or older, but eligibility criteria may vary between lenders. Some lenders have age limits for mortgage applicants, while others consider factors like retirement income and affordability.

    What costs are included when switching to a new mortgage?

    When switching to a new mortgage, costs typically include arrangement fees, valuation fees, legal fees, and possibly early repayment charges (ERCs) if applicable. These fees can vary among lenders and should be considered when budgeting for your move.

    Can I avoid early repayment charges (ERCs) when switching mortgages?

    ERCs are usually incurred if you repay your mortgage early or switch to a new mortgage before the agreed term ends. To avoid ERCs, consider waiting until your current mortgage deal ends or opting for a mortgage product with no ERCs after a certain period. Always check the terms of your current mortgage agreement and discuss options with your lender or advisor.

    How can a mortgage advisor help me when moving home?

    A mortgage advisor can provide valuable guidance and support throughout the process of moving home. They can help you understand mortgage options, navigate eligibility requirements, compare products, and manage the application process effectively.

    What steps should I take to ensure affordability with a new mortgage?

    To ensure affordability with a new mortgage, review your current financial situation and budget carefully. Consider factors like income stability, expenses, and any changes in your circumstances. A mortgage advisor can assist in assessing affordability and recommending suitable mortgage options.

    Can I secure a bridging loan to cover gaps between selling and buying homes?

    Yes, a bridging loan provides short-term financing to cover gaps between selling your current home and purchasing a new one. It can be a useful option if you need immediate funds for a new property before completing the sale of your existing home.

    Do I need a deposit for house moving?

    Yes, you typically need a deposit when obtaining a mortgage for moving home. The amount required can vary depending on the lender and mortgage product. Options include using equity from the sale of your current home as a deposit or securing additional funds if necessary to meet the deposit requirements set by the lender.

    How do I downsize my mortgage?

    Downsizing your mortgage involves strategies to reduce your debt when moving to a smaller or less expensive property. You can consider selling your current home to pay off the mortgage entirely or partially. Alternatively, you may explore restructuring your mortgage terms with your lender to align with your downsizing plans, potentially reducing monthly payments and overall debt.

    How long will it take to complete the mortgage process when moving home?

    The timeline to secure a new mortgage when moving home can vary. Typically, the process takes several weeks to months, depending on factors such as property valuation, legal processes, and lender approval times. Delays may occur if there are issues with property valuations or additional documentation required by lenders. It's advisable to start the mortgage application process early and work closely with your solicitor and mortgage advisor to expedite the process as much as possible.

    Why Choose Gordon Blair Mortgage Brokers?

    Personalised Guidance

    Receive expert advice tailored to your unique financial situation.

    Access to Top Offers

    Gain access to a wide range of mortgage options and competitive rates from across the market.

    Step-by-Step Support

    We're with you at every stage, from application to completion and beyond.