Home Movers

What is a home mover?

This refers to anybody that has a residential mortgage and is moving properties. Regardless of whether you’re downsizing, upgrading or just moving an existing mortgage (porting) and raising a small sum to personalise your new home, we can help with your move.

 

Do I need to remortgage when I move?

This completely depends on your situation and what you want to do. Most mortgages will allow to port the mortgage to a new property, if this is the case then you may be able to port the mortgage yourself with the lender directly. Porting is useful as it means you don’t have to incur an early repayment charge for exiting the mortgage during your initial rate period (within the 2 year fixed rate period, for example). Porting a mortgage does require that you maintain the maximum loan to value of that mortgage so if the property is lower, or higher, than your current property then you may have to work around that. Changes in you financial situation and all other aspects of mortgage applications can have an affect here. Effectively it’s looked at as a brand new application with your mortgage lender. 

If porting isn’t an option then you can remortgage to a different lender and incur the early repayment charge, or not depending on if you are still in your initial term. Remortgaging means that you can treat moving as a brand new mortgage with your existing equity acting as a deposit on the property. Regardless of which way you want to go we can advise on the process and which route is in your best interests. 

 

How can it save me money?

Even if you end up incurring an early repayment charge, you can still save by remortgaging when moving home because we can look at your current situation and use the lender with the criteria that suits your present circumstances rather than trying to make it fit with the current mortgage lender. This is where a broker can be helpful as we can recommend options based on the whole of market to find a solution that fits your need. We don’t charge fees up front so if it turns out that you’re best option is to port it directly with your current lender, we will simply advise you stay put and help you with that. 

 

How we can help with your mortgage when moving:

 

  • We can review your options and see which is the cheapest route
  • We can source the most competitive rate in the market to fit with your needs
  • Advising on alternative options that you may not have considered, such as let to buy
  • You may not be able to do exactly what you want with your current lender and another lender is more suitable
  • You may wish to fix a new property up after moving then remortgage, we can advise on how to do this to minimise future costs
  • Switching rate types on the mortgage and advising on the considerations 

 

Can’t I just do this myself though?

The short answer is yes. The longer answer is you could, but it would take you a very long time going to every lender. Some lenders are broker-only and there are a host of smaller lenders that most people haven’t heard of, they can all have some great deals that you could miss out on without a broker.

We can search for mortgages across the whole market for you with the knowledge to pick out lenders that fit your circumstances. We will only ever recommend a mortgage to you if you are better off taking it than not, we will never recommend anything, remortgage or otherwise, that doesn’t make sense to your situation. That aside there is no cost to get the figures, so there’s no downside to finding out your options and seeing what kind of savings are available to you!

How much will this cost?

This really depends on the situation,  generally, you’ll expect some fees from the lender. The best thing to do is to give us a call and see what’s available. We always aim to get you some options , usually 2, 3 or 5 years, based on the total cost over the period on the same day. We do charge a broker fee which is only payable on mortgage offer; after going through the application and the lender agreeing to lend you the mortgage. The cost is entirely dependant on the size of your mortgage and will always be disclosed during the initial conversation over the phone.

Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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JW Mortgages Limited is authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority do not regulate Buy to Let Mortgages.

J W Mortgages Limited is registered in England and Wales.  Registration Number: 10086660.  Registered Address: 1 Bamburgh Close, Rushden, England, NN10 0TD

Registered in the UK. Company Number: 10086660 with FCA number 938878

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE 

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