New mortgages for upsizers or downsizers.

A home mover mortgage refers to the process of obtaining a new mortgage when moving to a different property. While it is not fundamentally different from a standard mortgage, the home mover mortgage is tailored to suit the specific requirements of the new property and the borrower’s changing needs.

The primary goal of a home mover mortgage is to ensure that the new mortgage remains affordable and aligns with the borrower’s financial situation and preferences as they transition to a different home. As with any mortgage, it’s crucial to carefully evaluate various options and consult with a mortgage adviser to secure a mortgage that meets the borrower’s unique requirements and circumstances.

When moving your mortgage, whether it’s transferring to a new property or adding a partner, you may encounter fees or charges depending on the specific circumstances. If you make changes to your mortgage during the existing mortgage term, you could be subject to an early repayment charge (ERC). This charge is levied when you modify the mortgage agreement before the end of the fixed or introductory rate period.

To avoid incurring additional costs, it’s generally recommended to make changes, such as adding a partner, when it’s time to remortgage. At this point, you’ll likely have more flexibility to renegotiate the mortgage terms without facing early repayment charges. However, it’s essential to review your current mortgage agreement and consult with a mortgage advisor to understand any potential fees or charges associated with moving your mortgage.

Yes, it is possible to obtain a mortgage when relocating, but there are specific factors to consider during the process. Here are two essential aspects to keep in mind:

• Eligibility criteria: Ensure that you meet the lender’s eligibility requirements, which may include factors such as credit history, income, employment status, and debt-to-income ratio. Different lenders have varying criteria, so it’s important to evaluate your financial situation and research suitable lenders accordingly.
• Affordability: Carefully assess the affordability of the loan to ensure that you can manage the mortgage repayments in addition to other living expenses in your new location. This may involve considering factors such as changes in cost of living, potential fluctuations in income, and any additional relocation expenses.

In summary, while it is possible to obtain a mortgage when relocating, it’s crucial to ensure you meet the eligibility criteria and carefully evaluate the affordability of the loan in your new location. Consulting with a mortgage advisor and conducting thorough research can help you secure a mortgage that suits your specific needs and circumstances.

When moving house, it’s generally expected that you provide a cash deposit, which can contribute to securing a mortgage with more favourable terms. A deposit of 15% or more of the property value could increase your chances of being accepted for a mortgage. However, the required deposit amount may vary depending on the lender and the specific mortgage deal.

For those who already own a home, the equity built up in the first property can be used towards the deposit for the next home. If you’re moving to a significantly more expensive property, you might need to save additional funds to cover the difference in the deposit requirement.

In summary, while you typically need a cash deposit when moving house, the amount required can depend on factors such as the property value, your existing home’s equity, and the specific mortgage deal you’re seeking.