Homemover

A home mover mortgage might be necessary if you intend to move or are already in the process of doing so. Whether you want to relocate or move up the property ladder, moving is a fantastic opportunity to reevaluate your current mortgage and search for a better deal.

What is a home mover mortgage?

A home mover mortgage is no different to a standard mortgage. It’s simply the process of getting a new mortgage when you move house so the mortgage is suitable for the house you’re moving into. Getting the right mortgage is crucial as you will need to ensure it is still affordable whilst suiting your changing needs.

How does a home mover mortgage work?

Home mover mortgages are frequently used by those wishing to move up the housing ladder, find a larger home, and as a result, increase the size of their loan. While some mortgages are “portable,” meaning you may take your current mortgage with you to your new house, others are not, necessitating the search for a different choice while relocating. Additionally, you might discover that your current loan provider will not permit you to borrow the additional funds required for your relocation.
 
Even if you don’t want to take out more debt, switching your mortgage when you move house, as opposed to simply moving your current one over, can help your new situation better suit your needs and get you a better deal.

Early Repayment Charges (ERC)

Remortgaging is the process of switching your mortgage to a different lender. As with any remortgage, you should confirm whether there are Early Repayment Charges (ERC) or other fees associated with ending your current agreement earlier than planned. Before thinking about changing your mortgage, you should see if these are included in your present loan.

How London Mortgage Broker can help
We will look at your present mortgage and determine whether switching to a new mortgage arrangement or transferring your current one to your new house is in your best interest.