Home Mover Mortgages
If you would like to move home and require a mortgage to assist with the new property, Creative Lending Solutions is here to help. This may mean securing an alternative mortgage where it is not possible to meet your objectives with your existing lender or, where it is, we can help port your current interest rate over to a new mortgage we arrange with them.
Helping you move home, with a mortgage that's perfect for you
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How much deposit will I need?
Broadly speaking, you will need to provide a minimum of 5% of the purchase price as a deposit, although a lower rate of interest may be achieved if you can manage more than this. This is because lenders use a loan to value tiering system with their rates, where improved products are available at the lower tiers. A higher deposit also means you will be taking on less of a mortgage and therefore your monthly cost will naturally be lower.
Often, it will be the equity in your current property that forms your deposit, but additional forms of acceptable deposit include your own savings and investments, or a gift from your family. A family gift is acceptable to a lender, providing that the donor is not wishing to take any ownership of the property as part of the transaction and where no repayment of the funds will be required in the future. For added flexibility, there are some lenders who will permit the deposit to be gifted by a friend, with the same conditions as a family gift being required.
How much can I borrow?
When considering moving to a new property, this may be one of the first questions that you have and whilst it is not possible to provide a straightforward answer here, it is something that can be confirmed following a brief fact-finding exercise.
Each lender works to their own affordability assessment and calculations may be performed once income and expenditure is known. However, it must be said that for a home mover mortgage there are certainly some more favourable lenders who can offer a higher multiple of income than may you have encountered with others, particularly where a lower size deposit it concerned.
At Creative Lending Solutions we are experienced in locating the right lender for home movers, whether this is simply for the right fit of mortgage product or indeed if it is for the loan amount required to complete the purchase.
What is porting?
Porting is a product feature that most lenders offer where you can transfer your current rate of interest to a new mortgage when you move house. This is particularly beneficial when you have an Early Repayment Charge to pay on settling your existing mortgage as this will either be waived or refunded as part of the process. The new mortgage must be approved by your current lender and you may port your rate on the equivalent amount of borrowing, with any additional borrowing taken on a current rate of interest from their current portfolio of products.
It is important to note that the option of porting is not a guarantee of a new mortgage, and that a new application must be made to the lender for the borrowing to be approved again on your next property. If there have been changes to your financial circumstances or perhaps your credit score, your existing lender may be unable to offer you the new mortgage you require and you may require us to look elsewhere. By speaking with an adviser at Creative Lending Solutions, we can talk to you about your mortgage options and how best to achieve them.
What Home Mover help do we offer?
At Creative Lending Solutions we will take time to understand how best we can help you and we look forward to assisting you at every stage of the buying process. Should you require an Agreement in Principle to secure an offer on a new property, then we can typically achieve this for you on the same day you request it, providing you with a pre-approval certificate that you can show to the estate agent.
Whether we are helping you to port an existing product with your current lender, or sourcing a new mortgage elsewhere we will be on hand every step of the way. We will complete the lender’s application form and forward them your supporting documentation. We will respond to the lender’s underwriter with answers to any questions they may have and to offer assurances where they may be required. Once your mortgage offer has been issued, we will remain available for any questions you may have and for any action that your solicitor may require from the lender.
More great reasons to get in touch
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- Over 20 years’ industry experience
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- Same day pre-approvals
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Your home may be repossessed if you do not keep up repayments on you mortgage.
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