MORTGAGES

Home Mover

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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

barbara kisolo
barbara kisolo
02/10/2023
I was introduced to Mortgage Matchmakers Limited by a friend who had used them before. From the moment we contacted Paul, he walked the journey with us until exchange of contracts. Paul was reachable 7 days a week and would answer his calls even outside the normal working hours. He was constantly updating and advising us on each step of the way including engaging the solicitor severally when things stalled. He provided useful advice whenever we felt like giving up. The fee was far less than what these guys offer and Paul was so patient with us. We are glad we chose Mortgage Matchmakers. Thank you so much Paul. We can't thank you enough.
Suman Pandey
Suman Pandey
19/09/2023
I cannot express enough how grateful my family and I are for the exceptional service provided by Bhavna Grover during our mortgage approval process. In just two short days, Bhavna worked tirelessly to help us secure our mortgage, and her dedication and expertise were truly outstanding. What truly sets Bhavna apart is her unwavering support and her wealth of knowledge in the field. She patiently and thoroughly explained every aspect of the mortgage application process, providing us with invaluable advice that allowed us to make informed decisions. Bhavna's friendly and easy-going demeanor made the entire process feel seamless, and we genuinely enjoyed working with her. Throughout our interactions, Bhavna demonstrated a high level of professionalism and competence. But beyond her professionalism, Bhavna's personal touch was what made our experience truly exceptional. She made us feel comfortable, and her ability to explain complex concepts in a language we could easily understand was greatly appreciated. She was not just a mortgage expert but also a trusted advisor and friend. Thank you, Bhavna Grover, for going above and beyond to help us achieve our mortgage goals.
Chetna
Chetna
06/09/2023
Fantastic service! Mohit and Bhavna were super efficient & quick - more importantly, they were able to get me a great mortgage rate. I loved that they were so responsive and I was able to call/message anytime and they would respond almost immediately. I'm so happy with their service and would highly recommend them!
Tim Bashforth
Tim Bashforth
17/08/2023
If I may start by saying I never leave reviews but in this instance I felt compelled to. As this was my first time getting a mortgage it felt quite daunting but from the first time speaking to Mohit he put my mind at rest and talked me through the process. When I had concerns or questions he was just a phone call away to give an answer and was always happy to help even after three calls in a row when I had forgotten some of my questions. He made the process of getting my mortgage a stress free experience and I would strongly recommend Mortgage Matchmakers to everyone. To be honest five stars just isn't enough! my experience couldn't have been any better, if you are looking for a mortgage adviser look no further and give them a call, you won't be disappointed.
Ayan Sengupta
Ayan Sengupta
10/08/2023
Very informative discussion with Mortgage Matchmakers. Mohit is really helpful and willing to go the extra mile in assisting clients depending on their circumstances.
Diana Terence
Diana Terence
24/07/2023
Mohit thank you for sorting our buy to let mortgage. You've been excellent in giving us good options and advise on terms. Thanks again
Kam Zaman
Kam Zaman
09/07/2023
Paul Asare was fantastic he kept me updated all the time and explained things clearly. I’d recommend this company a lot they were great and gave me the best deal.
Emi
Emi
08/07/2023
I remember 2 years ago I was in a difficult situation in my life and I was looking for a good mortgage advisor. I searched online and Mohit's name came up. I read all his reviews and decided to give him a chance. So we met and OMG, Mohit is such a warm person with such a positive attitude, he told me all the possible options that I had and advised me the best choices for me. But unfortunately things went wrong in my personal life, so I didn't contact Mohit for another 2 years . After 2 years I was afraid to call him again and ask for help with my mortgage (because of last time) but Mohit helped me out again and he was so polite and professional. He tried his best, he was always in contact with me and I had my mortgage offer within a week !!!!!!! Honestly I am so happy I returned to Mohit, he helped me with everything, advice on things and I finally got my mortgage with my name only and it only took him a week! I really couldn't believe things happened so quick 😊 Mohit did something which other brokers couldn't ! I've been told I can't get a mortgage on my own but here I am and I got one with Mohit's help 😊 I will always recommend Mohit to my friends if they need help with their mortgages. Thank you Mohit for everything 🙏
Anthya Fernandes
Anthya Fernandes
12/06/2023
Mohit and Bhavna has been a huge help in my buying process. As a first time buyer and with rates changing all the time due to the economic uncertainty, I've been more than a little out of my depth, and Mohit and Bhavna has done a fantastic job of making the entire process simple to understand, straightforward, and stress-free. For the peace of mind that has given me alone, I could not recommend them highly enough.
Jaideep Pathak
Jaideep Pathak
11/06/2023
Mohit has been extremely professional, responsive and quick in helping me find a great offer. The entire process was seamless and I was surprised how quickly I managed to get an offer. Mohit cares for his clients and patiently addresses all questions. I would highly recommend his services.