Home Mover Mortgages – Save When Moving

Home mover mortgages are slightly more complicated than a first time buyer mortgage, as you’ll naturally be part of a chain including other sellers and buyers. Whether you’re thinking about upsizing, downsizing, or simply changing lenders, finding the right mortgage is just as important as finding the right property. 

The good news about being a home mover, is you’ll have more lenders to choose from than when you were a first time buyer. If your financial situation has improved, you could be able to borrow more money from lenders and hopefully you will have built up equity in your existing property.

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Why choose JWD Mortgages?

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Advisors in Bath, Bristol & Cornwall

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Experienced dealing with unique cases

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Transparent pricing with no hidden fees

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Access the best lending rates across the UK

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What to consider when moving home

What are home mover mortgages?

Who can apply for a home mover mortgage?

What are the differences between a remortgage and home mover?

What happens if you have a mortgage but want to move?

Can I move my mortgage to another lender or bank?

Can I borrow more to move house?

Should I port my mortgage when moving home?

If you’re currently on a standard variable rate mortgage with no repayment charges, it’s worth considering moving your existing mortgage on to your next property. This process is known as porting. The main reason for changing mortgage lender is to secure a better loan deal with lower costs. Lenders change their interest rates daily depending on market trends, so there is normally a chance after 2,3 or 5 years to improve on your mortgage deal.

If you’re looking to change your current mortgage provider as part of your home move, it’s important to know whether you’re liable to pay your existing lender any early repayment charges. Many lenders have set charges to cover the costs of you leaving your mortgage agreement early. Similar to a termination fee. When changing provider it’s important to weigh up these costs against any potential savings. Whether you’re looking to upsize or downsize as part of a home move, always consider your affordability, the length of your mortgage agreement and whether a new rate covers any additional expenses. As your mortgage broker we can help you compare all costs with ease.

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