Moving to a new home is a part of life. It can be exciting and challenging at the same time. If you have an existing mortgage, there may be some confusion regarding whether you should get a new one or use what you already have.
This is where Mortgage & Lifetime Solutions comes in. As experts in Home Mover Mortgages in Bromley, we can give you the advice and help you’ll need to sort this out so you can go ahead and take care of more pressing matters for your move.
Home Mover Mortgage 101
Transferring or ‘porting’ mortgage loans to a new home is common practice in the property industry. The first thing you need to do is to check whether your current mortgage is indeed portable. We can help you with this process of going through your loan’s documents.
To port your mortgage, you’ll also need to go through a reapplication process where you’ll undergo credit and affordability checks. There will be valuation and legal fees, as well as stamp duty to be paid.
If the value of your home has increased since you made your purchase, there may be some ‘equity’ to work with. This can help you get a larger mortgage for a new property that’s more expensive.
If your financial situation has changed since getting your existing mortgage, you may encounter some difficulty in getting the same mortgage approved. A pay rise or a reduction in your outgoing costs, while keeping up to date with your loan payments can up your chances of getting approved.
Don’t worry. We’re here to help you through the entire process.