Find the best home movers’ mortgage deals in Croydon with the help of Mortgage & Lifetime Solutions.
Of all the many considerations when moving, worrying about mortgage matters can be overwhelming. Do you need a new mortgage? Can you take the existing mortgage and use it for your new home? Answering all these questions can easily weigh you down. This is where we come in.
As experts in mortgage and personal finances, we can help answer that question and even offer you options regarding mortgage deals in your area. We can guide you through the entire process, so you’ll have no worries when you make your big move.
What is Home Movers’ Mortgage?
In the property industry, transferring an existing mortgage into a new property is not unheard of. This process is called porting. This is the basis of the home movers’ mortgage. This kind of loan has several like being able to get a bigger mortgage amount based on your current home’s equity or value increase.
Here are the steps if you want to port your existing mortgage:
- Check whether the mortgage deal you have can be ported by going through the documents of your loan. We can help you with this process so you can be confident with the findings.
- Undertake a reapplication process. Here you will again undergo credit and affordability checks.
- Pay your valuation and legal fees. You should also settle the stamp duty.
- If your financial situation has drastically changed since you applied for your existing loan, you may encounter challenges getting the same deal. But don’t worry, net positive changes may mean you can get approved more easily.