Find the best deals with our Moving House mortgages
If you’re in the process of moving to a new property, you may have considered what happens with your mortgage and if there are any moving house mortgage options for you. Rest assured, there are plenty of moving house mortgage offers for you to choose from.
Moving house can be as exciting as it is scary – with so many moving parts and things to consider, let us help you make your mortgage the least of your worries. Whether you want a change in scenery or are buying to let, we’ll try to find something for you.
We at My Mortgage Finder understand that everyone’s situation is unique and nuanced. Talk us through what you’re looking for, and our expert advisers will get to work finding you the best mortgage rates.
What you need to know about Moving House mortgages
A moving house mortgage – sometimes called a home mover mortgage – works similarly to most mortgage services. It is a loan that homebuyers take out to help purchase a property over an agreed period of time. The mortgage is then repaid through monthly payments.
In this way, a moving house mortgage is no different to a standard mortgage. If you have a mortgage on your existing home, many lenders will allow you to simply transfer it to your new one. This is known as ‘porting’.
What will a moving house mortgage take into account?
Basically, the same factors as traditional mortgages:
- Credit Score & History
- Income to Expenditure Ratio
- Deposit Percentage
- House Value
How a moving house mortgage or mortgage porting works will depend on your situation. Some mortgages are portable, some aren’t. The first thing to do is contact us, we can find out whether your mortgage is portable, and liaise with your current lender on your behalf.
We’ll also help you navigate the situation and advise you on how best to communicate with your current lender if needed. Once all details have been confirmed, we will arrange to transfer your mortgage to your new property.
You will need to provide information about the new property to us, such as the purchase price and any changes to the loan amount or terms.
With our help, your lender will assess your ability to repay the mortgage and, if you are approved, the lender will transfer the funds to the new property’s seller on the completion date.
How can My Mortgage Finder help you? We’re industry experts in all things mortgage and have the experience to help you every step of the way. Our trusted advisors will compare the cost of staying with your existing lender or whether moving to a new one will be the best solution for you.
We can find new mortgage deals for you during your home move – every piece of advice is catered to you and your needs.
Learn more
There are two things that can happen: either you port your mortgage or you pay it off. A common scenario is when you move house and sell it, then your old mortgage is paid off with the proceeds from that sale.
Assuming that the sale of your old property is sufficient to cover the outstanding balance on your mortgage, the lender will release their charge on your old property, and the mortgage will be considered fully paid off.
If there is any remaining balance on your old mortgage after the sale, you will need to repay this amount to your lender separately or you can port your mortgage to your new home.
Learn more
What you need to know about Moving House mortgages
A moving house mortgage – sometimes called a home mover mortgage – works similarly to most mortgage services. It is a loan that homebuyers take out to help purchase a property over an agreed period of time. The mortgage is then repaid through monthly payments.
In this way, a moving house mortgage is no different to a standard mortgage. If you have a mortgage on your existing home, many lenders will allow you to simply transfer it to your new one. This is known as ‘porting’.
What will a moving house mortgage take into account?
Basically, the same factors as traditional mortgages:
- Credit Score & History
- Income to Expenditure Ratio
- Deposit Percentage
- House Value
How a moving house mortgage or mortgage porting works will depend on your situation. Some mortgages are portable, some aren’t. The first thing to do is contact us, we can find out whether your mortgage is portable, and liaise with your current lender on your behalf.
We’ll also help you navigate the situation and advise you on how best to communicate with your current lender if needed. Once all details have been confirmed, we will arrange to transfer your mortgage to your new property.
You will need to provide information about the new property to us, such as the purchase price and any changes to the loan amount or terms.
With our help, your lender will assess your ability to repay the mortgage and, if you are approved, the lender will transfer the funds to the new property’s seller on the completion date.
How can My Mortgage Finder help you? We’re industry experts in all things mortgage and have the experience to help you every step of the way. Our trusted advisors will compare the cost of staying with your existing lender or whether moving to a new one will be the best solution for you.
We can find new mortgage deals for you during your home move – every piece of advice is catered to you and your needs.
Learn more
There are two things that can happen: either you port your mortgage or you pay it off. A common scenario is when you move house and sell it, then your old mortgage is paid off with the proceeds from that sale.
Assuming that the sale of your old property is sufficient to cover the outstanding balance on your mortgage, the lender will release their charge on your old property, and the mortgage will be considered fully paid off.
If there is any remaining balance on your old mortgage after the sale, you will need to repay this amount to your lender separately or you can port your mortgage to your new home.
Learn more
Step-by-step process to getting a Moving House mortgage
A moving house mortgage application process is not as daunting as it may seem. In some ways, it is like most types of mortgages – with an added step or two:
Additional costs to consider during your house move
Typical costs associated with a moving house mortgage that you should take into account when budgeting and measuring your affordability.
Early Repayment Fees: Your current lender might charge you early repayment fees. Speak to them to find out how much they are.
Mortgage Fees: Mortgage product and arrangement fees are common costs associated with selecting a specific mortgage product. These can be paid for upfront or added to the mortgage amount.
Property Valuation: All lenders will require a valuation. Many lenders now offer a free basic valuation as part of their service, but some may charge a fee for this service.
Legal Fees: Buying or moving a home will always include legal fees, although some lenders offer free legal services with their product or cash back that could be used toward the legal fees.
My Mortgage Finder works alongside a number of high-quality conveyancers who provide excellent service at a competitive price. Contact one of our specialists today who can explain all the associated costs with a moving house mortgage.
FAQ: Your moving house mortgage questions
How much you need will be the same as any mortgage. Much like your first mortgage, this is a minimum of 10% of the purchase price of the property. However, it is not uncommon to put down as little as a 5% deposit, although that the lower your deposit, the higher the rates will be.
The best practice is to put down as much deposit as is available to you – the larger your deposit, the better the interest rates will be.
Every situation is different. We recommend you speak to one of our experts that will be able to offer a more personalised answer. You can do this by calling us on 0113 868 7860.
This will be determined through an affordability assessment. If you want a quicker answer, head on over to our Mortgage Calculator to find out about your affordability!
A detailed affordability assessment will take into account the amount of income and outgoings you may have. What this does is show lenders if you will be able to repay your mortgage in the long term.
What else influences the amount you can borrow?
- Commission, bonuses, and other regular income such as overtime.
- Your employment situation – e.g. if you’re self-employed, your income might fluctuate.
- Your deposit amount.
- Current age and expected retirement age.
That is where our expertise comes in. We at My Mortgage Finder are dedicated to helping people find mortgages for their dream homes.
We believe that everyone should have access to buying a house, regardless of whether you have bad credit, or require specialist options.
If your new property requires a larger deposit, we can work with you and offer financial advice to help you meet the lender’s borrowing criteria.
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Secure a moving house mortgage with My Mortgage Finder
Ready to move up the property ladder? The mover mortgage application process with My Mortgage Finder couldn’t be any easier – all you need to worry about is the packing!
Our mortgage advisors will take care of everything for you. When advising, we will take into account not just the eligibility criteria but also your personal situation. We don’t work for lenders, we work for you.
We will assess any financial goals you may have, what your current deal is, and any repayment charges you may have from your previous house.
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