Home Mover Mortgages
What is a Home Mover Mortgage?
A home mover is a mortgage for anyone moving house from one property to another property. There are two options when moving home:
A current mortgage transfer to the new property is known as porting.
Nowadays, most mortgages are portable. It means you can move your current mortgage over to your new property. If your new property is more expensive than your current one, you have to increase your mortgage with your current lender. Effectively, your lender will require you to take out a separate mortgage that covers the price difference, and you will run 2 mortgage accounts with them.
Another option is to replace your existing mortgage by taking out an entirely new mortgage with your current provider if you are not tied to your mortgage product. Alternatively, you can look for a mortgage with a different lender.
How to check the cost of moving?
The cost of moving to a new house depends on many factors, such as which estate agents you go with, solicitors you use for the transaction, how much your onward purchase is (stamp duty), costs of remortgaging, and other factors that can come into effect.
We understand that your home is your biggest financial asset, so it is worth reviewing all your options. As a knowledgeable mortgage adviser, we will assess whether it is in your best interest to change to a new mortgage agreement or transfer your current one to your new property.
Moving to a new home with DJB Mortgages made easy
People say that moving home is one of the most exciting but stressful experiences, even more than that first purchase you made as a First-Time buyer. It is because of all the different elements involved in moving. Moving home typically involves more people in the 'CHAIN' below and sometimes even above you.
As an experienced mortgage broker here at DJB Mortgage, we know how to take away the stress and headache of having to source your own mortgage. We assist with the mortgage process from the moment you start to think about moving. Our advisers carry out a cost of moving to determine a likely deposit and then help you work out a monthly budget based on your typical spending habits. Once we know the financial aspect, we search through mortgage lenders on the market to find the most suitable mortgage tailored to your circumstances.
Finding the best Home Moving Mortgage Deal with DJB Mortgages
Being a qualified and professional mortgage adviser, we provide expertise on the moving process, your existing mortgage and the new mortgage with insurance arrangements. We have access to exclusive, semi-exclusive mortgage deals designed just for our clients. This is because DJB Mortgages is a trading name of Just Mortgages Direct Limited, which is an Appointed Representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority. The Openwork Partnership is one of the UK’s largest Financial Advice networks, with over 4,500 advisers and in excess of 700 appointed representatives based throughout the UK.
By choosing DJB Mortgages, our clients can rest assured that they will get a mortgage advice service that they can trust.
Do I need to save for a deposit?
The deposit can come from the equity within your current home. We would go through a cost of move with you, work out how much equity you would have after all fees have been paid for and this would then leave you with the deposit or your onward purchase.
If you do have additional savings, they can be added to the pot to give you a higher deposit.
How much does it cost to move?
This depends on many factors such as which estate agents you go with, solicitors you use for the transaction, how much your onward purchase is (stamp duty), and sometimes other factors will come into effect. We would take you through a cost of the moving and give you an idea of costs once we know what you are wanting to achieve.
I want to keep my current property, can I do this?
This depends on many factors but yes this can be achieved and is known as a 'LET TO BUY'.