Fixed-rate vs. adjustable-rate mortgages: which is right for you?
When it comes to securing a mortgage in the UK, one of the most significant decisions you’ll face is whether
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What mortgage choices do I have when relocating to a new home?
Two primary mortgage choices normally become available when you move to a new home.
Porting Your Existing Mortgage: You are allowed to move your current mortgage to your new property if it has portability features. Porting your mortgage saves you early repayment fees but requires a loan application for the new home and possibly additional borrowing if the new property costs more.
Taking Out a New Mortgage: Your options when moving house include finding a new lender or getting a new deal from your existing lender. You gain the ability to explore different options which may lead to a lower interest rate or more advantageous terms.
Comparing deals with MoneySpider helps you identify which mortgage option best suits your needs because each choice presents distinct costs and benefits.
Is it possible to relocate without needing to switch my mortgage contract?
A portable mortgage enables you to move to a new property while keeping your existing mortgage arrangement intact. Porting enables you to move your existing mortgage to your new home. Lenders will perform a financial reassessment and evaluate the new property’s value during the mortgage porting process.
The need for extra borrowing on the new property may lead to you obtaining a “top-up” loan with different terms and interest rates than those of your current mortgage.
Is it better to stick with my current lender or should I switch to a new one?
The choice between maintaining your current lender or changing depends on your specific situation.
Staying with Your Current Lender: Staying with your current lender might be easier and cheaper when your mortgage is portable and their rate is competitive.
Switching to a New Lender: You might save money over time by switching lenders if you find better deals with another lender or your financial situation changes. MoneySpider helps you make an informed decision about whether changing lenders suits your needs.
Is it possible to relocate without needing to switch my mortgage contract?
A portable mortgage enables you to move to a new property while keeping your existing mortgage arrangement intact. Porting enables you to move your existing mortgage to your new home. Lenders will perform a financial reassessment and evaluate the new property’s value during the mortgage porting process.
The need for extra borrowing on the new property may lead to you obtaining a “top-up” loan with different terms and interest rates than those of your current mortgage.
The market value of your new home will directly influence your mortgage terms.
Your new house value serves as a fundamental factor in mortgage calculations.
Asking for more money to purchase a costlier property may lead to higher monthly loan payments or necessitate a bigger deposit.
Relocating to a cheaper home enables you to minimize your mortgage balance or drop your monthly payments while potentially eliminating your mortgage debt altogether.
Your loan-to-value (LTV) ratio determines the interest rates available to you because it compares your loan amount with your property value. A reduced LTV ratio typically allows borrowers to obtain more competitive interest rates.
What methods can I use to reduce expenses while transferring my mortgage?
Shop around
MoneySpider lets you evaluate multiple mortgage rates from different lenders to secure the best deal for you.
Negotiate with your current lender
Lenders may sometimes match or exceed competitor offers to retain your business.
Check for fees
Watch out for early repayment charges and arrangement fees because they can negate the benefits of changing mortgage providers.
Increase your deposit
A larger deposit enables borrowers to lower their LTV ratio which can lead to better interest rates.
FAQ
Need more help?
Is mortgage portability available to me after recently changing jobs?
Your lender establishes the requirements that determine whether your mortgage can be ported. Your lender might make a different decision about porting your mortgage if you change jobs while still on probation or if your new salary is lower than your previous one. Check with your lender before proceeding.
I need to understand if switching my mortgage will result in early repayment fees.
An early repayment charge could apply to your mortgage if it’s not portable or you decide to change your lender. Examine your existing mortgage terms before reaching any decision.
What is the time frame required for completing the mortgage transfer process when moving homes?
Arranging a new mortgage or porting your existing mortgage usually takes between four and eight weeks. By starting early and preparing all necessary documents you can accelerate the home moving mortgage process.
Is there a required deposit amount when relocating to a new home?
Upsizing your home purchase could require extra money to balance the gap between your present mortgage amount and the new property’s cost. You might be able to use your current home’s equity to serve as your deposit when downsizing.
Would switching lenders help me secure a better interest rate?
A change in your financial conditions or market trends since your initial mortgage can lead to lower interest rates when you choose to switch lenders. MoneySpider enables you to assess different rates to secure the most competitive offer.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. The actual rate and fees charged will depend upon your circumstances. Ask for a personalised illustration. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
