Moving home should be one the most exciting times of your life. Helping you turn this dream into a reality is why we absolutely love what we do!
What crucial information do you need to know?
Hopefully you’ll be able to raise the deposit through the sale of your existing home. Usually, you’ll need a minimum of 5-10% deposit. If you don’t have enough equity in your current home you may need to top this up with savings.
It is quite acceptable to use a gift of money for the deposit, but this would usually be restricted to gifts from your family.
Moving your existing mortgage
If your existing mortgage is on a special deal, you might very well be tied into that mortgage until a certain date. So long as you stay with your existing lender, you can usually move this mortgage onto another property without having to pay any penalty. We will assess whether you are best to stay with your current lender, or move to a better deal elsewhere.
If you are downsizing you can usually move the mortgage onto your new home. You might have to pay a penalty if you are repaying a portion of your mortgage.
If you have spoken to your existing mortgage company and they cannot help with your new mortgage, don’t despair, another mortgage company might be able to help.
A great time to switch
If you are no longer tied into a special rate, moving home gives you the opportunity find the very best deal from the marketplace. Moving home interest rates are increasingly competitive, so now is the time to get the very best mortgage for you.