Moving Home Mortgages Like Never Before!
Switching mortgages between homes can be a nightmare, especially for those who have never done it before. But fear not! The expert advisors at Mortgage Advisors 365 will guide you through the whole process.
From chasing the bank to filling out the paperwork, Mortgage Advisors 365 will stick by your side till the end!
A New Mortgage for a New Home
Moving homes comes with a long to-do list, including the stress of getting a moving home mortgage. With Mortgage Advisors 365, this stress will not be for you to take at all. We will help you get the best deal according to your personal needs.
How much money can YOU get for a Moving Home Mortgage?
According to the bank you seek and your affordability, the amount one can lend you will vary. The first thing that will state your affordability will be your salary, the more you earn, the more you can borrow.
Our expert team at Mortgage Advisors 365 will give you a clear vision of everything, from how much money you can borrow to how many years the repayments will take.
Mortgage options while moving homes
According to the circumstances in which you are moving homes, our mortgage advisors at Mortgage Advisors 365 can walk you through the whole process.
Port a mortgage
Porting a mortgage has its pros and cons. It is a tough decision to make and comes with complicated procedures such as having the lender go through all your expenditures and budgets to check for changes. So, think hard before deciding to port a mortgage.
Apply for a new mortgage
The process of getting a new mortgage is not easy. But Mortgage Advisors 365 makes it look like a piece of cake! We talk you through everything related to a new mortgage and help you take the best decision. Not only that, but we will do the whole process the way you would want it done.
Getting a Remortgage
If you decide to remortgage your home after deep consideration, you can either stay with your existing lender or move on to a new one.
If you want an expert opinion on whether remortgaging is the right decision for you and to know the estimated amount you may receive on a new mortgage, our mortgage advisors at Mortgage Advisors 365 will use our mortgage calculator to tell you all.
How much will you pay for a new home?
Your new home will cost much more than just the house. Extra budgets such as agent fees, stamp duty, and the repayments according to the area you decide to live in will all go on the expense list.
Charges of a Mortgage Broker
Some mortgage brokers charge a fee for helping you, while others do not. Those who are paid by the lenders may cut you some slack but keep this budget safe just in case.
Early Repayment Expenses
These charges are mentioned in your contract and are to be paid to the lender in case you decide to end your contract before time. Early payment charges are reduced with each passing year of the contract. For example, the early payment charges of a 7-year contract may be 7% during year one, and as low as 1% in the last year.
Every mortgage lender will present to you their early repayment charges according to the terms and conditions of the Financial Conduct Authority (FCA).
Price of a Moving Home Mortgage
A mortgage cost is decided based on your monthly repayments and the lender’s fees. These may include:
- Fees of the mortgage arrangement
- Fee for mortgage booking
- The home report valuation fee
It is up to the lender to demand these payments upfront or include them in your monthly repayments.
One way to reduce these charges is to pay a large deposit of at least 25% of the total cost. This way, the lender may give you a more favorable rate.
If you are still confused as to how much a mortgage will cost, feel free to contact our expert mortgage advisors from Mortgage Advisors365.
The Cost of Moving?
If you are moving for the first time, make a budget for these expenses:
- Stamp duty
- Conveyance fees
- Land registry fees
- Storage and removal costs
- Insurance costs
- Furniture and appliance costs
- Redirecting mail
- Utility costs
Deciding where to buy your home? Contact us!
Keep in mind that if the house style and value vary with location, so does the cost.
It is best to consult local estate agents to get a better understanding of house prices and make a wise decision. Lastly, make sure to visit the places in person so you won’t be disappointed afterward.
If you still want further detail on what moving homes will cost you, reach out to Mortgage Advisors 365 and we will help you till the end.