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New Home Mortgage / Transfer Mortgage to another Property
Use your existing mortgage rate and all of its terms and conditions go with you when you move.
New home mortgages are when you either port your old mortgage to the newer home
or start a new mortgage deal with the same or different lender.
or start a new mortgage deal with the same or different lender.
NEW HOME MORTGAGES
New home mortgages are when you either port your old mortgage to the newer home or start a new mortgage deal with the same or different lender, please speak to our specialist mortgage advisors to discuss the best option for yourself.
Your options when getting a new home mortgage are: Provided your current mortgage product allows you to “port” your mortgage to a new property (moving your current mortgage is called porting), or take out a new mortgage deal with a new or current lender.
If you decide to move your current mortgage across to a new property, the lenders will reassess your profile as if you are starting a new mortgage deal, this check is completed to see that your circumstances have not changed since you took your last mortgage out, checks that are carried out are normally jobs security, see if you have become self-employed, had a child, basically the lenders want to check if there is any additional drain on your finances. If the lenders find any complications, it would mean you can’t move or have to find a new lender who might help, please speak with our specialist mortgage advisors for further information.
Advantages of transferring your current mortgage to a newer home:
- You won’t have to pay an early repayment charge for canceling the mortgage.
- You can take advantage of your current interest rates if they are competitively low.
Disadvantages of transferring your current mortgage to a newer home:
- You may be able to get a better interest rate with another lender.
- Your deal might not be as good as deals elsewhere. Even though you might avoid an early repayment charge, your deal may not be competitive when compared to other products available in the market.
- You may have to borrow additional money, which will have to be at a different rate.
Your lender may restrict the amount you can borrow or offer you less attractive terms than a new lender.
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