Home Movers and Residential Mortgages

Moving home mortgages

Moving home mortgages offer a tailored financial solution for those embarking on the journey to a new home, seamlessly bridging the gap between selling your current property and purchasing your next.

Whether upsizing or downsizing, if you are looking to move homes and already have a mortgage on your current property, it is best to seek professional advice as there is no 'one-size-fits-all' approach.

At We Do Mortgages, our friendly and experienced advisers will help you find the right fit based on your circumstances and goals, accommodating the unique timeline and financial intricacies involved in the home-moving process.

If you are looking to compare the best moving home mortgage rates, contact us today. The available options can significantly differ from standard mortgage types, especially if you are in a fixed-rate period or need to borrow more to climb the property ladder. If you are downsizing, our team can also help you select the right mortgage option based on your goals.

Need more space? Homeowner mortgage options

Navigating the journey up the property ladder means borrowers should seek mortgage solutions tailored to meet the evolving needs of their life and family situation.

Whether you aspire to upgrade to a larger home, move to a different part of the country, or aim to optimise your financial position through a more favourable mortgage arrangement, the array of options is extensive. Our professional and friendly advisers are on hand to guide you through moving home mortgages, ensuring that you identify a path that aligns seamlessly with your immediate objectives and future ambitions.

This process includes a comprehensive review of your current financial status, an assessment of the market's leading rates, and a bespoke selection of mortgage solutions designed to facilitate your climb up the property ladder. With a focus on crafting a strategy that suits your needs, our team is dedicated to illuminating the best step forward, paving the way for a smooth transition to your next property purchase.

What happens to my existing mortgage if I want to move house?

If you are a homeowner with a mortgage considering moving to a new house, the process of porting your mortgage is a viable option to explore.

Porting allows you to transfer the interest rate and terms of your current mortgage deal to your new property, maintaining the continuity of your mortgage conditions. The initial step in this process is to contact your lender and communicate your intention to purchase a new house. Upon this notification, your lender will undertake a series of affordability checks similar to those conducted when you first applied for your mortgage.

It is crucial to understand that while the interest rate and terms of your mortgage can be ported, the approval is contingent on meeting your lender's current lending criteria. This assessment ensures that the mortgage remains sustainable for your financial circumstances as you transition to your new home.

Need help taking the next step? Contact We Do Mortgages today.

Can I move if I already have a fixed-rate mortgage?

Embarking on a house move during a fixed-rate period presents a series of financial decisions. Although waiting until this period concludes can often be the more economical path, personal circumstances can often mean an earlier move is required.

Again, opting to port your mortgage avoids the early repayment fee, albeit with complexities and potential disadvantages. One significant consideration is the cap on borrowing; should you be at or near your limit with your current lender, the possibility of acquiring additional funds might be restricted or come with higher interest rates.

Prior to committing to porting, it is advisable to investigate the market for more competitive rates. This is particularly relevant if you envisage the need to increase your borrowing, as switching to a new lender could prove more cost-effective. Early settlement of your existing mortgage typically triggers an early repayment charge, calculated as a percentage of the loan balance. Notably, this fee reduces as you approach the end of your fixed-rate period.

If you are looking to move but are in a fixed-rate period, contact We Do Mortgages to speak to a member of our experienced and knowledgeable team who can help you determine the most suitable option for your current circumstances.

Remortgaging: When is it time for a change?

With the mortgage rate landscape constantly evolving, securing a deal that aligns with your current financial standing and future aspirations can help you make the most of your finances. Remortgaging for a home move demands a detailed exploration of available borrowing options, taking into account the varying rates, terms, and conditions on offer. Our specialists at We Do Mortgages are committed to simplifying this process, providing bespoke and impartial advice to navigate the market's complexities.

By understanding your goals and personal circumstances, we aim to provide moving home mortgage solutions that not only meet your immediate financial requirements but also take into account your long-term goals, ensuring that the decision to remortgage keeps you on track to achieving your financial objectives.

If it is time for a change, contact us and we will help you discover your options.

Choosing the right moving home mortgage

Navigating through the plethora of mortgage options requires a keen eye and an understanding of what truly benefits your financial journey. Interest rates are a pivotal factor; however, delving deeper into the mortgage's features can unveil opportunities that align more closely with your objectives.

Flexibility in repayment terms can appeal to some borrowers; however, understanding the implications of fixed versus variable rates can safeguard against unexpected market shifts. Additionally, evaluating any associated fees beyond the headline rate – such as arrangement or valuation fees – is essential for a complete view of the mortgage's cost.

At We Do Mortgages, our advisers recommend a thorough comparison of the market, considering not just the immediate appeal of low rates but the long-term impact of your mortgage choice on your financial health. Engaging with one of our friendly mortgage advisers can clarify the selection process, providing tailored and impartial advice that navigates you towards a moving home mortgage that best suits your goals.