Moving home can be one of the most stressful times for anyone, as you have to balance both selling your property and purchasing your new home. On top of this making decisions on the finance for your new home can seem quite daunting. That is why using a London expert like Rosebank Mortgage Brokers to advise on your mortgage options is of such a benefit when you are moving home.
There are too many reasons to list for why people move home but in the main these can be grouped into three categories. Firstly, a bigger home may be needed, secondly a smaller home may be needed and thirdly a location change is required. Whatever the reason for making a move there is likely also to be a change of financial perspective also, for example a larger home will probably be a more expensive home whereas a smaller home may mean downsizing and a less expensive home.
Home Mover Mortgages
Moving home is a great time to re-evaluate your home financing options and look at the mortgage deals on offer.
It is unlikely that your borrowing needs on your current home are going to be the same as your new home so talking to a mortgage broker to look over all your options is the best idea to get the right mortgage deal for your personal circumstances. When it comes to moving home and mortgages you essentially have three options:
- Porting your existing mortgage. Portable mortgages are quite common and of your mortgage lender agrees to port over to your new home then this is a simple way of financing your next home as you don’t have to reapply for your mortgage. However, if the change in property value or your personal circumstances is significantly different then you may not be able to do this. It may also be the case that your mortgage lender does not offer a portable option when you move home so a new mortgage will be required.
- You may be able to borrow more on your current mortgage deal to cover the cost of your new home. Again, this will depend on the point of view of your lender, the cost difference and your personal financial situation. Simply adding more to your mortgage may seem like an easy way to finance your new home purchase but it is worth looking at other mortgage deals out there as there may be better rates than your current lender is offering.
- Get a new mortgage. Many people choose this option as it gives them the best opportunity to find a mortgage that works the best for them in the context of the price of their new home. Using a London mortgage broker like Rosebank Mortgage Brokers ensures that home movers get the best mortgage deals possible when financing their new home.
The mortgage product you finally choose will depend on a wide range of factors including the terms of severance of your existing mortgage, your personal finances and credit score, and the deals available in the mortgage market at the time. Rosebank mortgage brokers can combine all these elements and apply them against the mortgage products available and provide you with a small range of mortgage deals to suit your personal circumstances to choose from.