Home Movers
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Home Mover Mortgages
Sam Bull talks us through the mortgage process for home movers.
What do we mean by home mover mortgages?
Home movers are people who are selling their current house and moving into a new property. It might be to increase the size of the house or to downsize.
What moving costs need to be considered?
There are quite a number of moving costs to consider. First you need to understand how much deposit you’re going to have for your onward purchase. You also need to know how much the estate agent is going to charge you for selling your home. Most charge around 1% of your sale price, but you’ll get your own quotation when the agents value your house.
There’ll also be solicitors fees to sell your house and for the onward purchase. There are some other fees including removal transport costs, and if there’s a gap between you selling and moving into the new house, there could be some storage costs as well.
How much can I borrow?
This is a very important question because when you can look on Rightmove you need to know what your budget is. In our initial fact find with our clients we will take information on your income and expenditure and advise exactly how much you can borrow.
Some mortgage lenders will lend you four times your income and some mortgage lenders will even go up to six times your income – but it will all depend on your individual circumstances. So it’s important to do that initial appointment and give you the right advice.
What is porting?
Porting is when you have a mortgage on your current property and you move it onto the new house you buy.
Can I increase the mortgage value when I port?
You certainly can. We will run through the mortgage lender’s affordability calculator and how much they would lend you on a normal purchase – it doesn’t change if you are porting your mortgage.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Can I port my mortgage if the new home is cheaper?
You can port your mortgage if the property is cheaper. You may need a smaller mortgage, in which case you will pay back some of what you already owe to your existing mortgage lender.
Most lenders will let you repay up to 10% of your mortgage balance without any penalty. But if it’s any more than that, there may be repayment charges to pay. We would look at that and give you advice as and when you need it.
How do I decide whether to port? Is porting a mortgage worth it?
As part of our advice, we will consider if it is the most suitable option to move to a new mortgage lender or if it’s most suitable to port your existing mortgage. We’ll give you advice on the cheapest way forward.
How does the equity in my home affect my options?
The equity in your home is essentially the deposit for your new purchase. You might not know this straight away because you might not have sold your house – your final selling price will tell you what your deposit will be.
How can a mortgage broker help you move house?
The main thing is that a mortgage broker can help you understand exactly what your budget is for your next purchase. Whether you are downsizing or you want to increase the size of your home.
The main thing is to know what your options are. A mortgage broker will run through all the information, give you the advice that you need on exactly how much you can borrow, what the full costs are, and then you can make an informed decision on your next move.
Your home may be repossessed if you do not keep up with your mortgage repayments.
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