The American Reporter
Thursday, May 19, 2022
  • World
  • National
  • Science
  • Business
  • Health
  • Education
  • Lifestyle
  • Entertainment
  • Sports
  • Technology
No Result
View All Result
  • World
  • National
  • Science
  • Business
  • Health
  • Education
  • Lifestyle
  • Entertainment
  • Sports
  • Technology
No Result
View All Result
The American Reporter
No Result
View All Result

Here is Everything you Need to Know about Home Movers Mortgage

mm by Jennifer Ross
April 28, 2022
in World
8 min read
Home World

When you buy a property, you do not think about letting it go soon. However, there may be situations when you need to move to a new home. Whether you want to move to a bigger house or are willing to downsize or move for another reason, it is important to get the process right.

If you already have a mortgage on the existing house, you can take a home mover mortgage for your new house. You can sell your property and get a new one on mortgage. Before you get yourself a home movers’ mortgage, it is advisable to get in touch with skilled and experienced mortgage brokers to help you get the best deal in the market.

RELATED POSTS

How Long does it take to get a Life Insurance Policy?

Tourism to South East Asia is Set To Boom In The Coming 5 Years

If you are looking forward to making a fresh start by moving to a new house, here are some important tips to consider as you get yourself a home movers’ mortgage:

Let your mortgage broker handle mortgage needs.

Once you have finalised moving home, you should immediately get your local mortgage broker involved. Their expertise would help you navigate through the entire process smoothly. Moreover, it is advisable to have your mortgage broker explore all the options for you, and your broker will provide you with the best mortgage options from the whole market.

Whether you should stick with your existing lender or switch to a new one, as your local mortgage broker MariannaFS would explore all the options and make all necessary assessments and get you the best deal that suits your requirements.

Choose the right option.

Before taking a home movers’ mortgage, it is important to be aware of the options you may have with the home move – porting your existing mortgage if you are selling your current home, consent to let from your existing lender or remortgaging with a new lender as let to buy if you are not selling a current home and get a new home mover mortgage.

Porting Your Existing Mortgage

Most mortgages are portable and allow you to move the same mortgage over to your new property. However, you would still be required to go through the conventional application process. You will also need to increase the mortgage size if the property you are moving to is more expensive than your existing property.

If you choose to increase the size of your existing mortgage, your lender will ask you to take a different mortgage to cover the difference between the two deals. As this would cost you an additional arrangement fee, it is important to consult with your mortgage broker and understand how much the shift would cost you. Check our remortgage guides.

Consent to let from the same lender or let to buy.

If you choose to keep your current home, you can get consent to let or remortgage as let to buy.

You can choose to get consent to let from the existing lender without changing your lender. This would involve keeping the same mortgage terms and rate but getting the lender’s permission to rent your property for a limited time. While this option may help you get a new mortgage at a better interest rate, you will likely increase your costs.

You can remortgage and change your current mortgage as let to buy. Which means you are letting it buy a residential home. Let to buy can help you raise money for the deposit or home improvement.

If you want to leave your current mortgage deal, the lender would require you to pay an early repayment charge before you make a new application. This would depend on the total value of your mortgage and the time left on your current mortgage deal. Your lender may also charge you an exit fee, a valuation fee, and an arrangement fee.

A mortgage with new lender

If you are not selling your current home and do not want to port your existing mortgage with your existing lender, you can get home movers mortgage with a new lender. Here, you would take a new mortgage deal from a different lender.

If this is a beneficial option for you, your mortgage broker will be able to advise on it. However, a mortgage with a new lender would also involve various charges paid to the existing and the new lender. Make sure you consult with your home mover mortgage broker before making any decision.

Try saving wherever possible.

Instead of making decisions in a hurry, it is advisable to cut your costs wherever possible. If your existing property was taken on a fixed-rate deal, it is advisable to wait for your term to end before you take a new mortgage. This would help you get rolled on to the lender’s standard variable rate (SVR). Despite having high rates and being uncompetitive, SVRs do not come with early repayment charges if you decide to end your deal early.

If the value of your new home is more or less similar to that of your existing property, porting your existing mortgage is a more cost-effective option. This would prevent you from taking out an additional loan to cover higher costs, saving you a lot of money while you move to a new property.

The Final Word

These were some of the most important tips to keep in mind before getting yourself a home movers mortgage. To get the best deals in the market and make cost-effective decisions, working with dedicated mortgage brokers in your city is always advisable.

Continue Reading
ShareTweetShare
Previous Post

How Can Homeowners Tackle Rising Bill Costs In 2022? A Discussion

Next Post

Asset management in Switzerland: key features & advantages of this kind of companies

mm

Jennifer Ross

Jennifer has been a part of the journey ever since The American Reporter started. As a strong learner and passionate writer, she contributes her editing skills for the news agency. She also jots down intellectual pieces from health category.

Related Posts

Reflections on Why a Parent Should Have Life Insurance

How Long does it take to get a Life Insurance Policy?

by Jennifer Ross
May 18, 2022
0

Life insurance is one of the most important types of insurance you can have. Once you have a life insurance...

Tourism to South East Asia is Set To Boom In The Coming 5 Years

Tourism to South East Asia is Set To Boom In The Coming 5 Years

by Richard Brown
May 17, 2022
0

If you're looking for an exotic travel destination that is set to experience a tourism boom in the next five...

Secret World – Ensuring Amazing Travel Experience

Secret World – Ensuring Amazing Travel Experience

by Richard Brown
May 10, 2022
0

“The world is a book, and those who do not travel read only a page.” ~ Saint Augustine  Traveling is...

Common Issues That People Face With Bitcoin Gambling Sites And How To Avoid Them

Common Issues That People Face With Bitcoin Gambling Sites And How To Avoid Them

by Jennifer Ross
May 10, 2022
0

Despite the ups and downs that Bitcoin has undergone over the years, it is a currency growing in popularity and...

Now Travel Without Worries with Nishnai Holidays Tours and Travels

by Jennifer Ross
May 6, 2022
0

You have come to the correct place if you are seeking for the best Tours & Travels in Mumbai. Nishnai...

Next Post
Asset management in Switzerland: key features & advantages of this kind of companies

Asset management in Switzerland: key features & advantages of this kind of companies

Basics of SPI Licensing

Basics of SPI Licensing

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest News

Sanjib Nandi’s Story: Meet The Founder of LUVO Who’s Revolutionizing The Way We Approach Wellness

Sanjib Nandi’s Story: Meet The Founder of LUVO Who’s Revolutionizing The Way We Approach Wellness

May 19, 2022

How to Choose the Perfect Chairs for Your Restaurant?

May 19, 2022

Latina entrepreneur Priscilla Vilchis made history as a trailblazer for women and minorities in the United States.

May 18, 2022

How Startups Survive in the Transport Sector

May 18, 2022

6 Mistakes that Every YouTuber Should Avoid for better Growth

May 18, 2022

How Long does it take to get a Life Insurance Policy?

May 18, 2022

How to Reduce your Total Student Loan Obligation With a Refi

May 18, 2022

Up Close and Personal With Bestselling Author Laura Formentini

May 18, 2022

Prime Spot Tourmake Changing the World through Advanced Digital Solutions and Virtual Reality

May 19, 2022

Ignacio Suárez “Cacho” on Following His Dreams and Making the Most of Them as a Tattoo Artist

May 18, 2022

Veterans’ Common Misconceptions About the VA: Former Decisions Officer Chas Sampson Separates Fact from Fiction

May 18, 2022

Lisa Vrancken’s Collaborative Book ‘BE…’ Embodies the Divine Feminine Energy Elevating Women in Business

May 18, 2022
  • Home
  • About Us
  • Our Staff
  • Contact Us
  • Privacy Policy
  • Editorial Policy
  • Use of Cookies

© 2019 - The American Reporter

No Result
View All Result
  • Home
  • About Us
  • Our Staff
  • Contact Us
  • Privacy Policy
  • Editorial Policy
  • Use of Cookies

© 2019 - The American Reporter

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.