Home Mover

Home Mover

Fallen in love with a new home? Let us handle your mortgage, so all you have to handle is the unpacking.

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A home mover mortgage is a type of mortgage you need when moving from one property to another. There’s not much difference between a home mover mortgage and a standard mortgage. You can sometimes take your current agreement with you, it’s important that you get the right mortgage for you, that suits your needs and your new house.

This is called “porting” a mortgage and you can only do it if your current mortgage has porting as one of the product features. Even then, being able to port your mortgage is not guaranteed – it will depend on whether the lender will move it to the new property.

If you need a larger mortgage, you’ll have to meet the requirements for the new cost of the loan. Your monthly mortgage cost is likely to increase, so you need to ensure you can afford the extra outgoings. Depending on your mortgage agreement, you may be able to ‘port’ your mortgage. If this isn’t possible, you’ll have to re-mortgage.

If you’re in a fixed term agreement, there’s a chance you’ll have to pay an early repayment fee. However, if you transfer your agreement to your new property (porting), you may not have to pay a fee. You should check the agreement you have with your supplier to see if ‘porting’ is allowed with no fees.

If you’re buying in England or Northern Ireland, then you won’t have to pay any Stamp Duty on properties worth up to £250,000. If your new home is worth between £250,001 and £925,000, you will have to pay Stamp Duty at 5% of the amount over £250,000.

The amount of equity you have in your home is the difference between the value of your property and the outstanding mortgage balance. For example, if your home is worth £250,000 and you have £180,000 remaining on your mortgage, you have equity of £70,000.

You will naturally build up equity by making your regular mortgage payments, but you can build up more by making overpayments or lump sum payments. Your equity can also increase on its own if the value of your property rises.

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Representative example: A mortgage of £187,500 payable over 25 years, initially on a fixed rate of 1.64% for 2 years and then a standard variable rate, currently 3.59%, for the remaining 23 years. This would require 24 monthly payments of £762.36 and then 276 monthly payments of £933.31 (this includes a broker fee of £995 to be paid upon completion). The overall cost for comparison is 3.3% APRC.