MOVING HOME MORTGAGES

Thinking of moving home? Learn all there is to know about getting a new mortgage, the process of doing so and what the costs are.

We’ve got all the new mortgage advice you need. Explore the latest remortgage deals and discover invaluable tips in our FAQs.

Call our expert advisers now:

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0333 090 3221

Moving house 101 - How does it work?

Whether you’re upsizing or downsizing, relocating for work or just feel like a change of scenery, moving home can be a busy and stressful time. With all of the business, it’s a good idea to let us take the mortgage off your hands so you can focus on the fun parts such as viewings and choosing new furnishings.

The process of actually moving home sounds simple, but there’s lots of moving parts to consider and people involved

Estate agents

Most of the time when you’re moving, there will be at least one estate agent involved in the transaction. If you’re selling your house with a different agent to the one you’re buying from, there’s likely to be two.

Estate agents manage the process of buying and selling property, coordinating viewings and submitting offers from buyers to sellers.

Solicitors

Solicitors deal with the legal aspect of moving home, handling contracts, searches and other legal documentation. You, your buyer and the seller will all have a representing solicitor or conveyancer. Your solicitor also deals with paying off your old mortgage and requesting the funds for your new one.

Your buyer and seller

Your buyer is the person or people buying your home, and the seller is the person or people selling you your new home. Most of the time both the buyer and the seller will be moving too, which is called a ‘chain’, representing everyone in the process being in a chain to move.

Your mortgage broker

Your mortgage broker makes sure you get the best mortgage on your new purchase, working to make sure you get the right mortgage and managing your new mortgage from start to finish. They’ll fill out the application for you, gather your documents, and make sure you’re mortgage application goes as quickly and smoothly as possible.

Mortgage options available to home movers

When you’re moving home, if you’ve got a current mortgage you may be able to move it to your new house. This is known as ‘porting’.

Porting your current mortgage:

  • Your current mortgage must be ‘portable’. Most mortgages are, but it’s always best to check first

  • If your current mortgage has early repayment charges, you’ll avoid paying these if you port your current mortgage from one property to another

  • If you’re fixed into a low interest rate, it can sometimes be best to port your mortgage as your monthly payments on a new mortgage may be

  • Porting your mortgage is typically quicker and easier than getting a new mortgage from scratch

  • You can be declined: Your lender will complete a new affordability check and your new property will need to be valued and meet your lenders criteria, if your circumstances have changed or the new property value doesn’t stack up the lender can refuse your application

Getting a new mortgage:

  • Home mover mortgages are designed for for current homeowners buying a new property - They’re separate from first time buyer mortgages or those remortgaging

  • If you can’t port your mortgage or you want to see what other deals are available, a new mortgage with your current lender can be used to purchase your new home

  • If interest rates are more competitive since you took out your current mortgage, it could be cheaper to get a new mortgage with a better interest rate

Things to consider:

  • You may have to pay en exit fee on your current mortgage, even if it cannot be ported

Whether porting your mortgage or getting a new one, we’re always here to help. We’ll compare your current mortgage with new home mover mortgages available to you to make sure you get the best deal.

What costs are involved in moving home?

There are a number of different costs involved when you want to move home, we’ve listed some of the most common ones below:

Conveyancing or solicitor fees

Once you have your mortgage offer, whether you’re getting a new mortgage or porting your current one, your solicitor or conveyancer will begin the legal work in sorting the paperwork for your new property. Talk to your solicitor in advance to discuss their fees, or use our trusted solicitors to bring everything under one roof and get a competitive fixed fee.

Mortgage valuation

Your mortgage lender will want to value your new property to make sure it’s suitable security. Some lenders will offer a free valuation whereas others will charge a fee. You may also wish to instruct a homebuyers survey or full structural survey for your own benefit - We’ll discuss the different options available to you and the benefits of each well in advance.

Stamp Duty

You’ll pay Stamp Duty when you buy land or property over a certain value in the UK. You can calculate the amount of stamp duty you’ll pay here.

Broker fees

Mortgage brokers typically charge a fee for arranging your home mover mortgage, or to help you with porting your current mortgage. Some brokers charge a fixed fee whereas others charge hourly or dependant on the case. With Hiyve we only ever charge a fixed fee of £299, regardless of how complicated your case may be.

Removal fees

If you need help moving your things from your old home to your new one, you’ll need to factor in removal fees.

Lender fees

Lenders sometimes typically charge fees for reserving the mortgage rate while your application is processed and for valuing the property. Some mortgages come with no lender fees, though these can often be slightly more expensive in monthly payments.

Early repayment charges

If you’re locked into a fixed rate on your current mortgage, and you decide not to port it to your new home, you’ll likely need to pay an early repayment charge to pay off your existing mortgage.

How we help remortgagers

Free initial consultation

Independent advice

We'll discuss your options and give you an idea of what mortgages you're likely to qualify for without charging you a penny.

We're independent to our lenders, our advice to you is in your best interests at all times. We’re on your team.

Flexible Appointments

Easy Application Process

We're committed to helping you get your mortgage sorted, no matter what day of the week it is.

Whether you’re staying with your current lender, or moving to a new one. Our remortgage process is simple and easy.

FAQ’s

  • This depends on whether you need to borrow more or less than is outstanding on your current mortgage. If you’re borrowing more, your payments will likely increase. If less, they may decrease. As it’s unlikely that you’ll find a property valued at the exact same as your current home, you should expect some changes to your monthly repayments.

  • Yes -in most cases the sale of your current home will pay off your current mortgage, and the extra bit (your equity) will go down as the deposit on your new home.

  • Most of the time your deposit is made up of equity you have in your current home, and any other amount you decide to put down on top.

  • If you’ve currently got a fixed rate mortgage, especially if you have a really good interest rate, it’s understandable that you’d want to take that with you when you move. Most mortgages are portable, so in theory you should be able to copy it straight over. As always, you’re best speaking with us first to make sure that’s best for you.

  • It’s always best to have an agreement in principle before you start viewing potential new properties so you know exactly where you stand. It’s even more important if your income, credit or expenses have changed since you got your current mortgage. We offer same day agreements in principle, so there’s nothing to lose in exploring your options.

  • If you need a bigger mortgage than you currently have, you’ll need to make sure you can afford the higher monthly repayments. you should speak with us in the first instance so we can help you with your budget, and what your new monthly payments will look like.

  • If you’re downsizing, your mortgage payments are likely to be less than they are on your current home. If you’re porting your current mortgage to your new home and paying a large chunk of the mortgage off as you go, you may need to watch out for early repayment charges. We’ll be able to check these with you in the first instance.

Get in touch

hello@hiyve.co.uk

0333 090 3221

We’re available: Monday - Friday 9am - 5pm

Head office: Dallam Court, Dallam Lane, Warrington, WA2 7LT

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