Moving Home Made Simple

Straightforward mortgage advice from expert brokers. Finding the perfect mortgage just for you without the jargon. 

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Straightforward mortgage advice from expert brokers. Finding the perfect mortgage just for you without the jargon. 

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Moving Home Made Simple, Vantage Mortgages

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Mortgages for moving home are available from pretty much every lender, almost all the lenders you can think of will offer mortgages to help you move home.

What is a home mover mortgage?

Quite simply, a home mover mortgage is just a mortgage that is available to someone buying a house. A home mover generally is someone who is selling their house and buying a new one and most of us will need to take a mortgage to make that happen.

What is “porting”?

Porting your mortgage just means moving it from one house to another. Usually you will take the interest rate you currently have with you to the new house but at the same time, you will be able to amend the term and, depending on affordability you will be able to borrow a bit more on a new rate. Each lender has their own rules and criteria around this but generally speaking, porting is just like any other mortgage application and you will need to be accepted in the same way any new customer would be.

Should you port your mortgage?

So should you just stay with the same lender? This is the biggest question when it comes to moving home. Most mortgages these days are portable so it is usually an option. It is also very hard to get the timing right to move just as your current fixed rate ends but without being on the variable rate for too long! So we will need to calculate whether it is best to stay or go. If you move to a new lender that will usually come with a penalty to leave your current deal early. If you stay with the same lender it may not be the best deal nowadays so we have to work out the best option for you. How long you have left on your current rate will have a big impact on which option is best here, but the result is always individual to you. 

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When is it not best to port your mortgage? 

There are a couple of reasons why sometimes we end up moving lenders. Firstly, if you have a long time left on your current rate and you can get a much better rate by moving, this can sometimes mean you save enough money each month to warrant paying the penalty on your existing mortgage. The second reason is sometimes out of your control. Your existing lender will no doubt have been the very best for you when you took out your mortgage. But, things change, lenders change, criteria changes and your situation may have changed. This could mean that your current lender may not lend you what you want for your next home. There is a whole world of other lenders out there though and it happens time and time again, we end up having to swap lenders because there is someone else who will give you what you need even after paying the penalty. This is a shame but sometimes it is the only option!

What is the process of moving home?

When should you start planning your move? This is the one that so often gets done the wrong way round! It’s no good finding your new dream home then finding out it isn’t possible to buy it. The first thing you will need is a valuation on your current house, its usually best to get 2 or 3 really and then take an average. As a side note here, choose your estate agent wisely, as with so many things in life cheapest is rarely best! And don’t go thinking the highest valuation is best either, they need to be able to back up their valuation with real recent sale prices of houses similar to yours. So once you have your valuation now it is time to investigate figures. This will mean all the same affordability checks as usual to work out how much you can borrow. Once we know how much your house is worth and how much you can borrow, this will give you an idea of your budget for your new home. Then it’s time to get your house on the market and get you moving!

What happens with your equity when you move?

When you bought your house we called it your deposit. Now it is the same money but it is referred to as equity. Your equity is the difference between how much your house is worth and how much you owe on your mortgage. We will work out how much equity you have and then take away all of the fees and costs, the amount left is what you have to put down as your new deposit. If you have some extra funds to put in as well then this will increase your deposit for the new house.

Can you keep some money back when you move?

Yes absolutely! As long as you still have enough for your new deposit. So if you have plenty of equity in your current property and you are buying a new house that needs some improvement then you can keep back some of your equity. As long as you can put down enough deposit, generally you will need a minimum of 5% but in these cases typically you may want to put down a little more to give yourself a lower rate for your new house, especially if you have lots of work to do on the property!

Why should you use a broker to help you move?

Going straight to your existing lender may sound the easiest option but it doesn’t give you the chance to compare if that is the best thing for you! A lot of the time, sticking with the same lender will work out best but it is always best to check! We can help you either way though, we will be able to take care of all the paperwork, all the liaising, the application, the time and the stress of it all. Dealing with lenders yourself is always a pain and will mean a few hours of phone calls and generally speaking to different people in a call centre. With us by your side you won’t have to worry about any of that and we are contactable whenever you need us!

Why Vantage?