Advice for home movers
Moving home can be a stressful time. Along with all the paperwork that goes with it you will no doubt need to juggle speaking to an estate agent, solicitors and your mortgage company. Even though you’ve handled everything with your lender before, you may need to put in extra work to ensure everything runs smoothly.
When moving to a new home you can do something called ‘Porting’. This means transferring your existing mortgage to your new property. If you do this then you will still have to go through the application process with your lender. You may also have to increase the amount you are borrowing if the value of the new property is different. If this seems confusing to you then it would definitely be advisable to talk to a mortgage broker in Wolverhampton such as ourselves.
You could replace your current mortgage entirely by remortgaging with your current lender. The down side to this is that you may be hit with additional costs, such as an early repayment charge. The closer you are to the end of the deal though, the less you are likely to have to pay. There may be other fees associated with this including arrangement fees and valuation fees. Check with your lender or with your broker to ensure you don’t pay more than you need to!
During your appointment
During your appointment our mortgage advisors will chat to you about which deals are currently available. Wherever possible they will try to reduce your mortgage term and/or your monthly repayments.
If changing lenders you are likely to still need to prove your annual income and tell us about any existing debts. If you stay with the same lender then they may use previously supplied information.
There may be special offers to entice you such as cashback, free legals or free valuations. We’ll talk you through all of these and also advise if there are hidden costs which you may not think about.
Get advice now
Talk to us today to ask any questions and find one of the best mortgage deals through our brokers. You can talk to us over the phone or we can come and visit you at home or at work. Visit our contact page to book an appointment or use the form below.