It is important to make sure you know in advance all the costs of moving so you know it is the right thing for you. Below is a list of things to consider, although not all may apply to your situation.
Most lenders will allow you to port your mortgage to another property. This depends on the deal you took out originally and they will do a new assessment at the time of application. Providing it still meets the lenders criteria and affordability checks they will move the current deal to a new property penalty free, you may even be able to top up with additional borrowing at this time. We can look at the affordability and rates for any extra borrowing to see what is best for you and deal with the lender through the whole process.
You may wish to keep your existing home and raise funds to put down on a new purchase. This is known as a Let to Buy and can be arranged to complete alongside a new purchase.
Requesting Consent to let from your current lender is another option. For a fee they will agree for you to rent out the property, if for example you move area for a new job or move in with a partner, it is a requirement of most mortgage contracts to get this agreed with the lender if you intend to rent your current home out.
This could be a good option if you are not raising funds, but it is always a good idea to take advice from a Mortgage Broker before considering any option to make sure it is the best choice for you and your situation. Getting it right first time could save a lot of time and money.
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Our mortgage calculators and tools are designed to help make things easier for you. They’ll give you an idea of how much you could borrow and see how changes to your mortgage could affect your repayments.
As an independent broker our services & advice are impartial in helping you find the perfect financial solution that suits your needs… Enter your details below & we’ll be able to get you on the right track straight away!
We offer free initial advice, with no obligation.