Moving Home Mortgage
The mortgage and home moving processes change over time; our expert guidance will add value to your next move… guaranteed. We will explain how to get a mortgage when moving home and ensure you get the best rates with the least amount of hassle and stress.
As Independent Mortgage Brokers based in Greenwich and London, we have access to the whole of the market and DO NOT charge a broker fee. Check out what a typical mortgage journey of a Conran Mortgages customer looks like here.
We take a holistic approach to mortgages and will review what your existing lender can offer and compare this with the entire mortgage market to see if there could be better options to save you money by moving mortgage lender. We will take care of all the paperwork for you and ensure everything goes smoothly.
Many of our clients who use us to buy their first home stick with us for their subsequent mortgages too – there is good reason for this as we value our customers and add great value to their home-buying experience. Check out our reviews to see what some of these home-buying customers think about us.
Your first step is to complete the form opposite or pick up the phone for a friendly and non-pushy conversation with one of our lovely mortgage experts.
Home Mover
What Makes Us Unique when buying a home
- We will never charge a broker fee
- Whole of market mortgageadvice
- Access to exclusive rates often not available on the high street
- Immediate appointments available
- Use us online via Teams or over the phone
- At times which will suit you
- Hassle-free and stress-free
What is a Home Mover Mortgage?
A home mover Mortgage is for customers who have an existing mortgage on their current property and are looking to move to a new one. This type of mortgage allows you to purchase a new property with the option of transferring your existing mortgage to a new property or taking out a new one with a different mortgage provider offering better terms. Generally, lenders require evidence that the borrower has been paying their current mortgage for at least six months before greenlighting a home mover loan. The terms and conditions with this type of loan vary from lender to lender, so borrowers must compare different offers available and ensure they get the best deal possible.
What Is Mortgage Porting?
Porting a mortgage is when you transfer an existing mortgage from one property to another. This means that you are taking the same loan with the same mortgage lender and re-registering it for a new property. The main benefit of porting a mortgage is being able to stay with your current lender and retain the benefits of your current loan.
When porting a mortgage, lenders typically want to ensure that your new property meets their lending criteria in terms of value and security. To secure the loan amount, the new property must typically be worth more or equal to the existing one. If there’s any difference between the two properties’ values, you may need to pay additional costs, such as legal fees and early repayment charges.
Most lenders will require borrowers to have made regular payments on their existing mortgage for a certain number of months to be eligible for mortgage porting. Your income must also be sufficient for them to approve a loan increase if necessary—plus, there may be restrictions on which properties are eligible for portability depending on the location or condition of the home.
Are All Mortgages Portable?
Not all mortgages are portable. Some lenders don’t offer this service or require additional fees to port your mortgage. Also, your eligibility for porting depends on the type of property you own; for example, you may not be able to port a mortgage on a buy-to-let property. If the size or value of your property has changed since you took out the original loan – or if the rate or term of your original loan has changed – you may find it more difficult to port your mortgage. Furthermore, depending on how much time has elapsed since taking out your original loan, lenders may require an updated valuation before they let you port it over. For these reasons and more, not all mortgages are portable; however, being aware of these issues can help you make an informed decision when considering whether it’s right for you.
What Is the Difference Between Porting vs Taking a New Mortgage, and What Would Influence My Decision?
Porting is when you are moving your existing mortgage to a new property. A new mortgage is when you take out a brand-new mortgage on new terms with a different provider.
The latter is best when you can get a better rate compared to your existing mortgage lender, considering fees such as redemption fees from your existing lender and arrangement fees with the new lender.
How Would I Know What My Best Solution Is Between Porting and New Mortgage?
This is where the skills of an independent broker will expertly guide you to the best solution. We would meet with our client, review the current mortgage terms, and balance the existing lender’s terms and/or what they can offer vs. a new mortgage with a new mortgage lender.
Can I Downsize if I Port My Existing Mortgage?
Absolutely you can, but it is subject to your lender’s terms. If you are locked into a preferential rate such as a fixed and many Tracker rate mortgages, it is feasible there could be a proportionate redemption penalty. Before you fall in love with a new property, we advise you to check that the security and type of property you wish to buy are suitable for your lender; otherwise, there could be heartache ahead.
You never know; if your property has grown in value then you may have enough equity not to need a mortgage – that’s the dream, huh?
Can I Upsize if I Port My Existing Mortgage?
of course this is a possibility. Very similar to downsizing, the new property must be suitable for the lender. In addition, is there enough income to service the additional borrowing requirements if you need to increase your mortgage borrowing? A brief conversation with us can help in this regard.
How Can Conran Mortgage Experts Help With Home Mover Mortgage?
Conran Mortgage experts can help you secure a new home mover mortgage or assist with porting your existing mortgage. Our job is simple, take the stress away from you, professionally advise you and independently ensure you get the best deal.
As an Independent mortgage adviser, we have established relationships with most UK lenders ensuring you are in safe hands. What’s more, we are a fee-free broker.