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Home Mover

You’ve done it, you’ve come to the decision that it’s time to move home. You’ve had the estate agent round and you know what you’re hoping to achieve.

Now it’s just about getting it onto the market and getting an offer accepted but what about your current mortgage?

Are you keeping it? Are you paying it off? Does it have any early repayment charges? Sometimes people make the decision to move home before knowing what their options could be with their current and future mortgage. The Mortgage Broker (Cambs) are on hand to help you with every question and to make any move as simple as possible

Can I Keep My Current Mortgage?

With interest rates being at historical lows especially in the last 3-5 years and with interest raises being on the rise. Keeping your current mortgage and taking it with you to your next property could be an attractive option. This is also known as “Porting”

Porting

Porting is the term used for picking up the mortgage on your current home and taking it to a new home. This means that you get to keep your existing interest rate for your existing mortgage balance which could be good if rates have increased since you last took out a mortgage.

However if you require a top up amount to make your move possible this element would be on whatever interest rates are available on offer by your lender.

As an example;

Your current home is worth £200,000 and you have a mortgage of £140,000 on an interest rate of 2% and this is fixed for a further three years. This means you hold £60,000 in “Equity” in your current property

You have found a house you would like to buy for £300,000 and after accounting for associated costs such as Estate Agents, Solicitors & Moving you have £50,000 of your equity left

£300,000 – £50,000 (Equity)= £250,000. You bring your existing £140,000 at 2% which means you require an additional £110,000 to make the move possible.

This £110,000 would be on whatever rates are available at the time, however paying 4.5% on £110,000 & 2% on £140,000 is a lot better than paying 4.5% on £250,000

 

Each situation with porting is unique so we would always recommend having an appointment to go through your specific case where we can advise the best way forward for you and all numbers above are for speculation and not to be used for accurate representation of your own situation.

As I've Already Had A Mortgage, Is It Easier To Get Another?

In reality, as a home mover the fact that you’ve had a mortgage/currently have a mortgage has no baring on your ability to get a new one. So it doesn’t make it any easier but it’s no harder. You will just be assessed the same as anybody else applying for a mortgage.

Obviously if you’ve had a mortgage for a number of years and you’ve always maintained your payments then naturally your credit score should be boosted by this which helps with any mortgage application but each application is assessed based on the lenders criteria at the point of application

What Costs Should I Factor In With Moving?

During an appointment we’d be sure to go over all of the key numbers but the most common ones we would expect to see;

Estate Agency Fees

Stamp Duty

Solicitors

Early Repayment Charges (if applicable)

Lender Fees

Mortgage Broker

Surveys/Valuation 

 

Why The Mortgage Broker (Cambs)?

Find the right mortgage today