MORTGAGES
Home Mover
- You'll experience an unrivalled customer service
- We offer a comprehensive range of products from across the market but not deals that you can only obtain by going direct to a lender.
- You can contact us 24/7, we're always available to help
Your home may be repossessed if you do not keep up repayments on your mortgage.
What are Home Mover mortgages?
Home Mover is not a particular mortgage product, it relates to the applicant. An applicant who has an existing property and plans to move house is known as a home mover. Home mover mortgage may therefore refer to any mortgage products suitable for applicants classed as home movers.
When you move home, you don’t necessarily have to change mortgages, it’s often possible to remain with the same lender on the same mortgage, known as porting.
What is Porting?
In order to remain on your current mortgage terms when you move home, your lender can usually port your mortgage. Porting your mortgage is simply switching it from your current home to your new one and most lenders should be able to offer this service.
When you port your mortgage, you will need to make another application as well as pay valuation fees and stamp duty on your new home.
If your new home is higher in value than your current mortgage, your lender may require you to take out an additional mortgage. This can end up being more expensive than taking a new mortgage with an alternative lender, in which case porting will not benefit you. Often during a product term, for example during a five year fixed rate period, a mortgage would likely have Early Repayment Charges. These Early Repayment.
Charges are waived, if you port your existing mortgage to your new property and remain with your existing lender. They would however likely be payable if you were to arrange a new mortgage with a different lender.
Porting your mortgage is not a guaranteed right and is subject to a brand new application and meeting the affordability calculations and criteria of your current lender at the time of the move. It is therefore beneficial to discuss this with a Mortgage Broker such as ourselves to establish whether porting or a new lender is most cost effective in your circumstances and to help facilitate any porting or new lender application required.
Taking a New Home Mover Mortgage
If it’s not possible, or cost-effective to port your existing mortgage, or it won’t be beneficial for your circumstances, then your other option is taking a new residential mortgage with a new lender from the wider marketplace. Before you consider this, however, you should check out the early repayment charges on your current mortgage. Under the right circumstances, a new lender could save you lots of money, although this is down to individual circumstances and what rates are currently available to new Home Mover clients.
Timing is crucial when you make an application to take a new Home Mover Mortgage. For example, for those who are near the end of their current fixed-rate deal or have gained equity in their property, a new lender can be a great option. Those with large exit fees or with less than £50k outstanding on their existing mortgage are unlikely to benefit.
New Home Mover Mortgage with an existing lender
If your current lender is unable to port your mortgage, you may still be able to arrange a new Home Mover Mortgage with them if you are keen to stay with the same provider. Bear in mind, however, that this is unlikely to excuse you from early repayment fees.
Usually however, if you are unable to port your mortgage with your lender, this is often because you do not meet their lending criteria or the amount they are willing to lend you on your new purchase is insufficient to your needs. So this would only usually be relevant if your existing lender has a new Home Mover client rate that is financially beneficial compared to porting your existing product to the new property.
A new Home Mover Mortgage with a new lender
Obtaining a new Home Mover Mortgage with a new lender has the exact same costs involved as taking a new product and not porting with your current one, so the chances are, a new lender will be more likely to entice you with a more attractive deal.
When you choose to obtain a new Home Mover Mortgage, it may be possible to borrow more from a new lender than the mortgage amount you currently hold with your existing lender. This could allow you to hold back some equity out of the sale, putting down a lower deposit on the new purchase.
How does the value of your current home affect your options?
Upsizing
Upsizing is the most difficult option for home movers, even when their existing property has risen in value. This is because if their existing property has increased in value, so would the more expensive property they are looking to purchase. A higher purchase price without additional deposit monies such as from savings, would likely increase your loan to value ratio, meaning you are less likely to be accepted to borrow the required additional finance at better interest rates.
Downsizing
Choosing to downsize when you move home gives you the best chance to save money. It increases the chance that your application for a new mortgage will be accepted, as repayments on your mortgage will likely become more affordable and your borrowing will likely decrease, assuming your financial circumstances haven’t declined.
It’s also an option for those whose financial circumstances have declined because borrowing less shows financial responsibility and you will have a better chance of meeting the affordability criteria.
In some circumstances, it may even be possible to purchase a lower value home outright with the profit from selling your existing home.
Negative Equity
Other than in very few extenuating circumstances, such as relocation for work, it’s unlikely that you would choose to move home where your home has fallen into negative equity. Negative equity usually occurs as a result of a drop in the value of your current home, meaning that you owe more on your mortgage than its current value. Therefore in this instance, if you sold your property, you would have to redeem the remaining balance of the mortgage from savings or other funds.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
Some Buy-To-Let Mortgages are not regulated by the Financial Conduct Authority.
Happy Clients
Sharmila Rumpa2024-05-28Excellent and professional service, wanted to call out Bhavna Gover especially, she helped me to sort out a Ltd Company buy to let mortgage. She's very thorough in her work. Please ask for Bhavna if you need a mortgage in future, she will be happy to help for sure.
Kash Anis2024-05-23We approached Mortgage matchmakers regarding to get an options as we alreday tried few brokers before.Mohit introduced Bhavna which helped us out through out our journey.We felt it was difficult as our situation was bit tricky, but Bhavna worked out the best resoultion and sort this out. We have no words to say thank you, as it was amazing support from Bhavna and got the mortgage offer. Bhavna was fantastic,friendly and very passionate person, she is very professional Mortgage Advisor. Once again I would like to say Thanks so much for helping through out my journey to get mortgage for my new house.
Larushhh O2024-05-18It was a pleasure working with Paul over the last few months with my remortgage. He took away the stress of remortgaging with his professionalism and patience till the deal was finalised. I highly recommend him as a broker. Thanks for your support and help once again.
Aromes Bienmaison2024-05-15Paul was very helpful and provided a great guidance throughout the whole process
Shalaka2024-05-14We couldn't have asked for a better mortgage advisor! Mohit has been an absolute asset, always there when we had a question, and believe me, we had plenty! Being first-time buyers, his guidance was invaluable. What we appreciated most was his honesty and the fact that he never made us feel rushed into any decision. We're still in the process, but we already feel confident with his support. Totally recommend him to anyone in need of mortgage advice!
Dinesh Johnson2024-05-13Mohit was simply brilliant and helped us to understand all the options available in the market and choosing the best and importantly the right product for our need. Mohit is very efficient, he goes out of his way to help his clients and keep his client’s interest at top of his priorities. He was very professional and knowledgeable, would certainly don’t think twice to get his service in the future. I would highly recommend him to anyone who needs advice and support in sorting their mortgages. Thank you soo much Mohit for your hard work and support in sorting our both residential and BTL mortgages! Tharaka & Dinesh
Bagya P2024-04-30If anyone looking for hassle-free mortgage process, then I would suggest to discuss with Mohit. Mohit explained the process more in detail, assessed the situation very well and gave perfect suggestions to get the process done. Also, he closely connected with Solicitor and made the whole process easy. Additionally, I would like to thank Bhavana for her exceptional work. She tried many options to get the better deal from different Vendors. She explained all my queries on time and appreciate her professionalism. Thanks a lot once again Mohit and Bhavana for all your support.
Oliver Harris2024-04-24Mohit was a great help with finding my first mortgage. He talked through all options clearly and found the best deal to suit my needs. I'd thoroughly recommend using his services.
Veronica Ihonor2024-03-03The team was very professional with spontaneous delivery in line with agreement. Well done guys
Ogechi Eke2024-01-14If you’re looking for a professional mortgage broker who actually goes above and beyond his role then look no further. Ankur Daru is your main man. He is extremely helpful and knowledgeable. Even when the interest rate dropped for my lender, without prompting, he sent me an updated deed. There are so much more I could write but I’ll sum him up in a few words: Professional, knowledgeable and helpful. Thank you for securing the deal for me Ankur! I look forward to the next one! Ogechi