Moving is always a huge decision, especially regarding its financial aspect. We at Mortgage & Lifetime Solutions can find you the best home mover mortgages in Orpington to help you in this big step.
Why do you need a home mover mortgage?
Home mover mortgages are often considered when people want to move into a house with a higher value, which will most likely also require a higher loan amount. People also get a home mover mortgage when they want to lower their monthly payments by moving into a house with lower value.
If you fall into any one of these categories, then we can definitely help you sort out your mortgage.
How does home mover mortgage work?
Like any other mortgage, home mover is a loan that you have to pay over a set period. What makes this different is the fact that you may be able to transfer your existing mortgage when you do move. This is called ‘porting.’
It’s usually indicated in your initial mortgage’s details whether or not you’re allowed to do this. When in doubt, you can also ask your broker, or just give us a call so we can take a look at your situation.
If your loan is indeed portable, you’ll still need to go through a similar process as the one you went through when you got your first mortgage. This means going through affordability and credit checks as well.
Changes in your financial circumstances, including having children or changing employment, may affect the process of getting approved for the same loan.
It may be a lot, but don’t worry. We will be with you every step of the way.