Homemover

Southampton, Hampshire, National

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage, or any other debt secured on it.

Thinking of
Moving Home?

A home mover mortgage isn’t any different to a standard mortgage. It’s simply the process of getting a new mortgage when you move house so the mortgage is suitable for the house you’re moving into. Choosing the correct mortgage for you is critical as you will need to ensure it is still affordable whilst suiting your changing needs.

Process...

Home mover mortgages are typically for people who are stepping up the property ladder and looking for a bigger home, and as a result are also looking to increase the size of their loan amount. Many mortgages are ‘portable’, which means you can take your existing mortgage to your new home, others are not, requiring you to look for another option when moving home. You might also find that your current loan provider won’t allow you to borrow the additional amount necessary for you to move home.

Even if you aren’t looking to borrow more money, changing your mortgage when you move house, rather than transferring the current one over, can help to better suit your new circumstances and get you a better deal.

Early Repayment Charges (ERC)...

When a client enters into a contract for their initial mortgage they are bound by the terms and conditions of this and might be subject to a fee when leaving that current deal. The process of changing any mortgage to a different lender is classed as remortgaging.

As with any remortgage, you should check whether there are penalties - also known as Early Repayment Charges (ERC) - for ending your current agreement earlier than contracted. You should check if these exist on your current mortgage before considering changing your mortgage.

How Alexander Southwell Mortgage Services Ltd can help . . .

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We will take a look at your current mortgage and assess whether it is in your best interest to change to a new mortgage agreement or transfer your current one to your new property.

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We are experienced, knowledgeable, experts and will lead you through the mortgage maze, helping you make the right decisions, until the day arrives when you pick up the keys to your new home.

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We’re independent which means we offer a comprehensive range of mortgage products from across the market. We offer both first and second charge mortgages, but not deals that you can only obtain by going direct to a lender.

Our professional fees for homemovers mortgages

For establishing your needs, undertaking research and making a recommendation, we typically charge a fee of £295 on submission of the mortgage application. These fees may be waived for existing clients.

For more complex cases, for example adverse credit, self employed or homes of multiple occupancy, we typically charge a fee of 1% of the loan amount. For example if the loan is £80,000 our fee would be £800.

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