Home Moving Mortgages: Stress-Free Solutions
Home Moving Mortgages: Stress-Free Solutions
There are many reasons you might want to move into a new home, you need more space, you are looking for a new challenge, or you need to relocate. Regardless of the reason, moving home can be an expensive and stressful time for anyone.
But what happens to your mortgage when you move, and what are your options?
Expert Advice for Moving Home Mortgages
In the first instance, when it comes to moving house, you need to know exactly what you currently owe on your mortgage before looking at your options. This will give you a clear idea of how much you may need to borrow if anything, any equity in your home, and better rates when looking at your options for moving home.
At Prestige Mortgage Solutions, we are experts in negotiating the right deal. If you need a mortgage advisor in Glasgow, we are on hand to help navigate the landscape when it comes to finding the right mortgage deal for you.
‘Your home may be repossessed if you do not keep up repayments on your mortgage’
Moving Home Mortgages – What Are Your Options?
In the first instance, you should get expert mortgage advice to discuss your needs and requirements when moving home. This will allow you to remove the stress from finding the right mortgage deal and will enable you to weigh up your options with all the facts to hand.
If your mortgage is portable, you might be able to move your mortgage to your new property. This is called porting. If your new home is of a similar value, porting your mortgage may be the solution as you can avoid any additional fees, higher interest rates and valuation fees, to name a few. You will still need to apply for your mortgage, and if you need to increase your borrowing, your lender will require you to take out a new mortgage to cover the difference.
Talk to one of our mortgage advisors to find out if you have the option to move your mortgage.
Other options include remortgaging with your current lender or a new lender. However, doing so could mean paying moving house fees and early settlement fees depending on your mortgage lender and the time you have left on your current deal. Typically these moving fees or early exit fees are between 1-5% of the total value of your mortgage.
Remortgages are popular with people looking to move home when house prices have risen considerably in their area.
Talk To Prestige Mortgage Solutions
Our experience with the Scottish housing market lets us find you the right deal when moving home, be it via a remortgage or moving your current mortgage.
If your circumstances have changed or you need to increase your borrowing for your new home, you need to know precisely what moving house fees are associated with your options and make the whole process as smooth and stress-free as possible. We can help those with negative equity, bad credit or self-employed applicants discover the best-moving home mortgages in Scotland for their needs.
We will need to discuss your current mortgage, what you owe and how much you need to borrow to obtain your new home i.e. the difference that is needed to add to any equity you may have. From your existing mortgage paperwork we will be able to see what debt is outstanding, how much interest you are currently being charged, when your current mortgage deal ends, early repayment charges that are owed and if the mortgage is portable (can be transferred to another property).
We will discuss what you can borrow, work through an income and expenditure analysis to produce a monthly repayment schedule and help build a budget for your mortgage.
We will work on your behalf, We work from a comprehensive panel which is representative of the whole of the market to find the right mortgage for you.
Decision in Principle
Once we know what you can afford to borrow we will apply for a decision in principle from the lender. This document simply outlines what a lender is likely to lend you before you buy a property. You will be in a strong position to offer on the property you want to purchase
When you find the property you want to purchase you make an offer. Your mortgage in principle will help you to get this deal organised quicker as you will be in an advanced position to continue once your negotiation on price has been agreed.
When you find the property you want and the offer has been accepted you will need to instruct a solicitor who will represent you for the various searches, legal documents etc needed for the sales process. We can introduce you to a solicitor for the conveyancing process.
We will complete the application with you and apply for the mortgage on your behalf, dealing with any requests or enquiries into your finances.
After the contracts are exchanged, a date will be agreed for the completion of your purchase. On completion day, the balance of the agreed purchase price will be sent to the sellers solicitor and your new home is now yours, you are now free to collect the keys and enjoy your new property.
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