Home Mover Mortgage Guide
A home mover mortgage, in the broader sense, encompasses mortgage products available to those who already own a property and are looking to move to a new one. This can include both porting mortgages, where the existing mortgage is transferred to the new property, as well as other mortgage products suitable for non-first-time buyers.
The key distinction for a home mover mortgage is that it caters to individuals who have already owned a property and are now moving, as opposed to first-time buyers who are purchasing their initial home.
The features and eligibility criteria of a home mover mortgage can vary among lenders, so it’s important to research and compare different mortgage products to find the most suitable option for your specific circumstances as a non-first-time buyer.
Consulting with a mortgage broker can also provide valuable guidance throughout the process.
What does ‘porting’ your mortgage mean?
Porting a mortgage means transferring an existing mortgage loan from one property to another. This is typically done when a homeowner wants to move to a new property but wishes to keep their existing mortgage loan rather than taking out a new mortgage.
When you port your mortgage, you essentially transfer the terms of your existing mortgage loan to the new property. This means that the interest rate, repayment period, and other terms and conditions of the original mortgage loan remain the same.
By porting your existing mortgage to the new property, you can avoid paying an early repayment charge on your existing mortgage and may be able to take advantage of the favourable interest rate and terms you already have with your existing lender.
However, porting your mortgage is subject to approval by the lender and may require additional fees or charges. The lender will need to assess the new property and ensure that it meets their lending criteria. If the new property does not meet their requirements, the lender may not allow you to port your mortgage.
It is important to note that porting your mortgage may not always be the best option, and you should carefully consider the pros and cons of porting versus taking out a new mortgage. It is recommended that you speak to one of our mortgage experts before making any decisions.
Can I obtain a mortgage within 6 months of completing my purchase?
Yes, it is possible to obtain a mortgage within 6 months of completing a purchase, but it may depend on a variety of factors, most notably the lender’s lending criteria.
Some lenders may be willing to offer a mortgage to borrowers who have recently completed a purchase, but they may only use the purchase price rather than the current market valuation. Other lenders can consider the market value if you’re able to evidence works that have been carried out to the property to improve its value (invoices etc).
Other lenders may have specific waiting periods before allowing a new mortgage application after a property purchase.
Seeking advice from a qualified mortgage professional can help you understand your options and make an informed decision about your mortgage needs.
The Financial Conduct Authority does not regulate building surveyors.
Thameside Mortgage Ltd are not regulated by The Royal Institution of Chartered Surveyors, we do not have any involvement in the provision of this type of service / activity. We are not qualified surveyors and the information provided on this website is for informational purposes only. The information provided is not intended to be a substitute for professional advice, inspection, or survey.
It is important to seek professional advice and to undertake a proper survey/inspection before making decisions or taking actions related to a property.
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