If you’ve already sourced a mortgage through MortgageKey, we’re probably the best people to speak to about a moving home mortgage. Sticking with your current lender may reduce the stress of administration and can help you to avoid any remortgaging penalties associated when moving home. We can also offer sound advice about the sort of mortgage you are looking for, as moving home can often provide the perfect opportunity to secure a better mortgage. However, it’s not essential to remortgage, especially if the value of the new property is less than the original loan you took out. If you’re looking to downsize, then this route would be ideal.
Mortgages for those who are looking to move home are steadily becoming more and more competitive. Variable rates are now as low as 3% with fixed rates coming in just a little higher. This is very attractive for many people. So, finding a better mortgage deal is do-able. But only if you can avoid penalties and arrangement fees, as these can add to the headline figure and overall rate of interest. If not considered, you’re likely to be back where you started.
Moving your mortgage can incur further credit checks. The criteria may’ve changed somewhat, since the last time you were assessed. Therefore, be prepared for a lot more questions and paper chasing. If you’re not eligible under the new criteria, it can leave you in a difficult position and you may be left with no option but to sit tight. Even if your circumstances have not changed, new legislations may mean that you no longer meet the lender’s criteria.
The fact of the matter is that you may not be entitled to borrow more money, especially if the new home you want is more expensive. Despite this, MortgageKey will look to find a solution suitable. It may be that the additional borrowing goes on another mortgage product.
Like the finest Olympians, MortgageKey can jump any potential hurdles you may face. If you’re planning on moving to a new house, you’ve presumably had a mortgage before and understand the process. Knowing full-well it can be tedious and stressful, MortgageKey do the leg work for you by scoping many a mortgage deal to find the ideal solution for you. MortgageKey have helped thousands realise their dream of a new home. As mortgage brokers, we like to offer moving home mortgage advice as we have access to exclusive mortgage opportunities and deals that others don’t. If you think we can help you, get your quote now or alternatively give us a call on 0800 077 8980 as we’d love to hear from you.
For millions... Read More
Unsurprisingly, when tackling the topic of tax, everybody wants to know how to either pay less... Read More
At MortgageKey, our mortgage advisors are expertly placed to assess your circumstances and... Read More
Moving home but don’t want to sell? A Let to Buy Mortgage could be the option for... Read More