Moving Home
Moving Home is known to be one of life’s biggest cause of stress. To relieve some of this stress, we provide the perfect opportunity to look for a better deal – whether it’s with your current lender or a new one.
We help you compare
Most mortgages are portable, meaning that you can transfer it from the property you originally borrowed against your home and move it to your new one, with the same lender.
Alternatively, this could also be an opportunity to look around for a better mortgage deal. Like any remortgage, you should start by checking whether there are any penalties to pay on your existing home loan. In particular, there are likely to be fees and additional interest charges if you’re still in the ‘special offer’ period of the loan – on a fixed or discounted deal rather than the lender’s standard variable rate.
In order to be better off by moving mortgage provider, you will need to find a deal that is sufficiently cheaper to cover the cost of these penalties. That’s not impossible, though it will be easier to save money if your current deal is penalty-free.
Mortgages for those moving home are increasingly competitive and if you are trading up to a larger property, you may need to increase the size of your loan, but you will also need to ensure its affordable once you move into your new property, so it is crucial to get the right advice upfront.