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Moving Home Mortgage

Moving Home Mortgage

Whether you are trading up or down, mortgage advice can help you get the best mortgage in your particular circumstances.

Aspects to consider

The main difference between buying your first home and moving home is that you are likely to already have a mortgage in place. This means that your current mortgage has to be compared to others on the market in terms of suitability of the mortgage product and the mortgage term.

If your current mortgage is portable that will have a bearing on the advice, and if there are early repayment charges those have to be taken account of. There is also the question of whether your current lender can lend, or lend enough for your new purchase, and in all cases this will depend on your personal and financial circumstances at the time.

By getting qualified advice, you should be able to avoid trying the wrong lenders with applications that may not succeed, which can damage your credit score.

Affordability & costs

Especially when taking out a larger mortgage, it is important to assess affordability both now and in the future.

This would apply from a lenders perspective, but you should also satisfy yourself that you would be able to cope if interest rates went up, or if you lost your job, or suffered ill health.

Then costs in moving need to be totalled up, including the amount of deposit needed, legal costs, Land and Buildings Transaction Tax, (LBTT), and other costs in moving or setting up home. On purchase, there may be a 3% LBTT surcharge if you are not selling your own home.

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As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.

Think carefully before securing other debts against your home. Your property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

For mortgages there will be a fee of usually £100, and we will also receive a payment from the lender.

For Commercial Loans we act as introducers only. The FCA does not regulate Commercial Loans.

The FCA does not regulate loans and some forms of Buy to let mortgages