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Moving House Mortgage Advice

If you’re ready to make a move and find a new home, whether you’re upgrading your space or downsizing to a smaller property, you’ll need to research which mortgages are available to you. Just because you’ve been through the process before doesn’t mean that searching for a new deal will necessarily be easier – particularly if your circumstances have changed, such as a change in job or switching to a self-employed position. A home mover mortgage is different to the mortgage you’d get as a first-time buyer, so it’s worth speaking to a broker who can find you the best deal. 

There are several options for home movers. You may be eligible to transfer your current mortgage to a new property, find a new deal with your current lender, or move to a new lender and apply for a new deal. Replacing your current mortgage with a new loan, even if it’s with your current provider, could mean paying an early repayment charge. A broker can discuss the options with you and how they might impact you, so you can be sure you’re making the right decision. 

Town & Country Mortgage Services are experienced brokers who have access to the whole market and can provide you with free advice for our mortgage and protection advice

Costs to consider when moving house

There are lots of factors to consider when choosing your next property – not only in terms of the mortgage itself, but also the costs associated with moving and the ways you can maintain a cost-effective home move. As well as finding the best mortgage deal, you will need to factor in a range of fees, including those associated with valuation, surveys, legal, electronic transfers and estate agents etc.. Your new mortgage application could also include a booking fee and an arrangement fee. 

If your mortgage deal is on a fixed rate, it could be worth waiting until the end of your deal period to avoid any early repayment charges. This depends on the timing of your home move, and how much you will need to pay to terminate your current mortgage deal. Alternatively, you may find that you can offset these expenses by switching to a mortgage with a lower interest rate. 

The process of comparing rates and applying for a mortgage when you’re moving home is not only complex and time-consuming, but is also a little different to that of a first-time buyer. The first step in moving house is to assess how much your property is worth. An estate agent can provide you with a valuation of your home, so you know what you’re working with. You can then use an affordability calculator to see what you might be able to borrow based on your circumstances. 

Speak to one of our award-winning mortgage advisors 

Working with a mortgage broker is a great idea, no matter the circumstances surrounding your home move. 

You should first check how much is left to pay on your mortgage – you can either check your latest mortgage statement or contact your lender for an up-to-date balance. It’s also a good idea to check if there are any outstanding charges, such as early repayment charges or exit fees. 

Once you have this information, you and your broker can discuss the options available to you and compare mortgage rates. Your broker can then secure an Agreement in Principle for you, so you can start looking at properties and make an offer when you find the right one. Your broker will be available if you have any questions along the way and they’ll be able to manage your mortgage application for a hassle-free move. 

Whether you’re looking to move home and transfer your existing mortgage to your next property, or you want to start fresh with a new mortgage application, our team of friendly mortgage advisers can help you. We are an award-winning, broker service that specialises in helping our customers find their ideal mortgage deal, whatever their circumstances. Call us today to book an initial consultation with a member of our team.

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