Moving Home Mortgages

Mortgages for Moving Home

Moving to a new home is both exciting and stressful. The joy of house hunting and exploring new neighbourhoods is accompanied by the challenges of arranging a mortgage, especially if you have specific requirements like a non-standard construction or specialised property.

Selecting the right mortgage is crucial when buying a new home, whether you’re upsizing or downsizing. Selling your current home adds complexity and stress, but Argyll Drummond is here to make the process easier.

Moving Home Mortgages
New Home Mortgages

Independent Mortgage Brokers

Argyll Drummond is an independent mortgage broker with access to the entire market. We offer comprehensive assistance throughout your property-buying journey. Our services go beyond mortgage advice to ensure a stress-free experience for you.

Discover your mortgage options and find out how our experts can support you.

If you have any questions, our mortgage experts are here to assist you.

Change Mortgage or Port?

When you move to a new property, you have two options for your mortgage: you can either obtain a new mortgage with a different lender, or you can transfer your existing mortgage through a process called “porting.”

Porting your mortgage involves transferring your current mortgage from your old property to the new one. This process entails paying off your existing mortgage when you sell your old property and obtaining a new version of the same mortgage product for your new property upon completion.

Portable Mortgages
Moving Home Mortgages

Not all Mortgages are Portable

If you have a competitive interest rate on your current mortgage or want to avoid early repayment charges, you might prefer to transfer your mortgage to your new home. However, it is important to consult with your broker to confirm if your mortgage is indeed portable.

Even if your mortgage is portable, there is a possibility that you may not qualify for it on your new property. Changes in your personal circumstances, the lender’s criteria, or if the new property is deemed unsuitable as security could impact your eligibility. In such cases, you would need to reapply for the mortgage with the lender.

For further information about porting your mortgage when moving to a new home, feel free to contact us and speak to one of our experts.

Switching to a New Mortgage

Many people switch to a new lender when moving house. Whilst it is possible to transfer an existing mortgage to a new property through porting, a house move can provide a good opportunity to explore better deals and mortgage options available from different lenders.

When switching to a new mortgage product, the existing mortgage is repaid upon the sale of the old property, and a new mortgage product is obtained for the new property upon completion.

Contact us to discuss your options and make the most of your house move.

New Home Mortgage

Important Information

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Moving Home Mortgage FAQs

When moving home, the need for a deposit will depend on various factors such as the purchase price of the new property, the mortgage product you choose, and the requirements of the lender. In general, a deposit is typically required when buying a new home, and the amount will vary based on factors like the loan-to-value ratio and the lender’s criteria. It’s advisable to consult with a mortgage advisor  to understand the specific deposit requirements for your situation.

When porting a mortgage, a deposit may not be required if the outstanding loan amount is less than or equal to the value of the new property. This means that you are essentially transferring your existing mortgage without the need for additional funds. However, if the loan amount exceeds the value of the new property, you may need to provide a deposit to cover the difference. The specific deposit requirements for porting a mortgage can vary depending on the lender and the terms of your mortgage agreement. It is advisable to consult with your mortgage provider or broker to understand the deposit requirements in your particular case

Yes, it is possible to move house with a fixed-rate mortgage. When you move to a new property, you can typically transfer your fixed-rate mortgage to the new home through the process of porting, as long as your current lender allows it. This means that you can keep the same interest rate and terms for the remaining duration of your fixed-rate period.

However, it’s important to note that there may be certain conditions and restrictions associated with porting a fixed-rate mortgage. For example, the new property must meet the criteria set by your lender, and you may need to go through a reapplication process. It’s recommended to consult with your mortgage provider or broker to understand the specific terms and requirements for moving house with a fixed-rate mortgage.

Yes, it is possible to downsize your mortgage. Downsizing your mortgage refers to reducing the amount you owe on your current mortgage by selling your current property and purchasing a less expensive property. By downsizing, you can lower your monthly mortgage payments and potentially decrease your overall debt.

When downsizing, it is important to consider factors such as the equity in your current property, the cost of the new property, and any associated fees and expenses. You may need to work with a mortgage advisor or lender to assess your options and determine if downsizing is feasible and beneficial for your financial situation.

Yes, it is possible to borrow more money with a moving home mortgage, depending on various factors such as your income, credit history, and the value of the new property. This additional borrowing is often referred to as a “further advance” or “top-up” and allows you to increase your mortgage amount to cover additional expenses or fund home improvements. However, the lender will assess your affordability and consider the loan-to-value ratio before approving any additional borrowing. It is advisable to consult with a mortgage advisor or lender directly to discuss your specific situation and options.

Yes, individuals over the age of 60 can be eligible for a mortgage. Many lenders offer mortgage products specifically tailored for older borrowers, taking into account factors such as retirement income, pension, and other assets. The specific terms and eligibility criteria may vary among lenders, so it’s advisable to consult with mortgage advisors or lenders to explore the available options for individuals over 60 and determine the best solution based on your financial circumstances.

The term of your mortgage will depend on various factors, including your financial situation, long-term goals, and preferences. Generally, mortgage terms can range from 15 to 30 years or even longer in some cases.

A longer-term mortgage, such as 30 years, typically results in lower monthly payments but may accrue more interest over the life of the loan. On the other hand, a shorter-term mortgage, like 15 years, usually comes with higher monthly payments but allows you to pay off the loan faster and accumulate less interest over time.

To determine the appropriate term for your mortgage, consider factors such as your budget, long-term financial plans, and how long you intend to stay in the property. Seeking advice from mortgage professionals can help you make an informed decision based on your specific circumstances and goals.

The average timeframe for completing a switch to a new mortgage deal when moving home can vary depending on various factors. Generally, the process can take anywhere from a few weeks to a couple of months.

The timeline for completing a mortgage switch involves several steps, such as submitting an application, undergoing a mortgage assessment, arranging the necessary documentation, and coordinating with solicitors and other parties involved in the transaction. Delays can occur due to factors such as property surveys, legal processes, and the responsiveness of involved parties.

To get a more accurate estimate of the timeframe for your specific situation, it is recommended to consult with your mortgage advisor or lender. They can provide you with a clearer timeline based on your circumstances and the specific requirements of the mortgage deal you are switching to.

Get in Touch

If you have any questions, or would like to learn more about Moving Home Mortgages, please in touch to speak to one of our experienced advisers.

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