Home Movers
Thinking about moving home can be overwhelming, so whether this is your first move or your last, a trusted broker can help you to navigate the process. There are several steps involved in the process such as determining your budget, arranging financing, selling your
current home and finding a new one.
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At Your Mortgage Room, we will examine your circumstances and search the market to find the most suitable products to enable
you to fund your house purchase.
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It may be practical for us to port your mortgage, but we’ll advise you on the different types of mortgages available and how they may impact on your personal situation. Staying with your current provider may not always be the cost-effective option for you, which is why we are here to help you to decide what is best for your individual circumstances.
All that we require is some basic personal information and one of our advisors will begin the process of searching the mortgage market specifically for you straight away.
What is porting?
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Porting a mortgage refers to the process of transferring your existing mortgage from your current property to a new property when you move. This allows homeowners to keep their existing mortgage deal, interest rate and terms and conditions without having to pay off their existing mortgage early. Not all lenders offer porting, so it is important to check with your broker if your lender allows this.
What other costs are involved in moving?
Common costs to consider include:
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Estate Agent Fees:
If you're selling your current property, you'll typically need to pay fees to the estate agent who handles the sale.
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Conveyancing Fees:
Conveyancing is the legal process of transferring property ownership. You'll need to hire a solicitor or conveyancer to handle the legal aspects of the sale and purchase.
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Survey:
A survey provides valuable information about the property’s condition, enabling you to make an informed decision about the property and potentially save money in the long run.
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Stamp Duty Land Tax (SDLT):
When purchasing a property above a certain value, you may be required to pay SDLT. The amount varies based on the property price and other factors.
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Mortgage Costs:
If you're obtaining a new mortgage or porting your existing mortgage, there may be arrangement and valuation fees.