Moving Home Mortgages
Whether your current property is lacking space, or rather you want to downsize, we are here to help you secure a moving home mortgage from 95% LTV.
What are my mortgage options when moving home?
When moving to a new home, there are two main choices related to your mortgage: either you can “port” your existing mortgage to the new property, or you can obtain a new mortgage designed for home movers.
Porting your mortgage
Porting your mortgage involves moving your current mortgage to your new property. This is a good option if you have a competitive mortgage with low interest rates and wish to avoid specific fees. However, you'll still need to follow the standard approval process, and not all mortgages are eligible for porting.
Home mover mortgage
If you cannot transfer your mortgage, you will need to settle your existing mortgage with the proceeds from selling your old home and then get a new mortgage for your new home. During this process, your lender will conduct a credit check to ensure you can comfortably manage the expected repayments. With a home mover mortgage, you may encounter arrangement fees and potentially face early repayment charges if you're still within an introductory period.