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Home mover mortgage explained
When you have found a property and you are ready to move, you can transfer your existing mortgage to your new home which is known as porting or, you can take out a completely new mortgage with your current lender or a new lender.
It is best to know how much you will be approved for before finding your dream property. When you apply for a mortgage the lender will offer you a mortgage in principle (or a decision in principle), this is a commitment for them to lend you the money you have requested (assuming the information you have provided is accurate). Most home sellers will not accept an offer on the property unless you have an agreement in principle. The agreement in principle will typically last for 90 days before the full mortgage application will need to start.
Ready to make the move
- Work out what property you can afford
- Look to finalise your mortgage with a lender and get a mortgage in principle
- Get a survey done by a qualified surveyor
- Budget for fees, such as mortgage fees and searches
- Negotiate the property price with the seller
- Time to exhange contracts.
What should you do on moving day?
- Take a note of final meter readings for utilities (electricity and gas)
- Move your furniture to your new property
- Take a note of utility readings at your new property
- Pack/ buy essentials which you might need for the 1st day
Moving Home Frequently asked questions
- 1. Transfer your mortgages (also known as porting) - porting your mortgage means you are taking your current mortgage with you to the new property. Most mortgage lenders allow you to port your mortgages; however, you should check whether that would be the best option for you.
- 2. Remortgage with current mortgage provider – you have an option to get a new mortgage with your current lender which might offer you better rates. You should also consider any extra costs, such as an early repayment fee. Early repayment fees can vary from 1 to 5% of the outstanding mortgage balance.
- 3. Get a mortgage with a new lender – you also have an option to find and arrange a mortgage with another lender which can be beneficial if your house prices have gone up since you bought the house. The new mortgage will come with its fees, such as legal and product related fees.
- 1. Upsizing (getting a bigger house) – if you are looking to get a bigger property / mortgage compared to the current one, you will required to prove to mortgage lender that you can afford to pay higher monthly repayments. You can prove your affordability by showing them your income and outgoings; they may ask you to provide them with bank statements and your monthly wage payslips. If your credit history isn’t good and have missed mortgage monthly payments, you might struggle getting another mortgage.
- 2. Downsizing (getting a smaller house) – If you are looking to get a cheaper / smaller house, your mortgage amount will decrease which means your monthly repayments will decrease too.
