Moving Home
Helping you find the best mortgage for your circumstances
What is a moving home?
A moving home, also known as a home purchase mortgage, is a loan specifically designed to help individuals finance the purchase of a new property while selling their existing one. This type of mortgage allows homeowners to move to a new property without having to pay off their current mortgage in full.
Key Considerations When Obtaining a Moving Home:
Financial Assessment:
a. Current Mortgage Evaluation: Review the terms and conditions of your existing mortgage, including any early repayment charges or penalties for paying it off early.
b. Affordability: Assess your financial situation, including income, expenses, and any changes in your circumstances, to determine your affordability for a new mortgage.
Property Valuation and Equity:
a. Property Valuation: Obtain a professional valuation of your current property to determine its market value, which will help estimate the equity you can use towards your new property.
b. Equity Considerations: Assess the equity available in your current property and consider how it will impact the deposit and borrowing capacity for your new mortgage.
Sale and Purchase Timing:
a. Chain Considerations: If you’re part of a property chain, where the sale of your current property is dependent on the purchase of a new one, consider the potential challenges and contingencies involved.
b. Bridging Finance: Explore bridging finance options if you need temporary funding to cover the gap between selling your current property and purchasing a new one.
Mortgage Options and Rates:
a. Mortgage Rates: Research current mortgage rates and compare offers from different lenders to secure the most competitive rate for your moving home.
b. Mortgage Type: Consider the various mortgage options available, such as fixed-rate mortgages, tracker mortgages, or variable-rate mortgages, and choose the one that best aligns with your financial goals and circumstances.
Seek Professional Advice:
a. Mortgage Broker: Engage a mortgage broker with expertise in moving home to guide you through the process, compare offers from different lenders, and ensure you secure the most suitable mortgage.
b. Solicitors and Conveyancers: Seek advice from legal professionals who specialise in property transactions to ensure a smooth and legally compliant transfer of ownership.
Our lenders
Why Choose Us?
Capital Assure is an appointed representative of PRIMIS Mortgage Network. As a mortgage broker, we work for you and not the lender.
- Free mortgage advice with the UK’s most comprehensive panel of UK mortgage lenders
- Bad credit, self-employed, visa status, government help schemes, commercial, bridging and specialist finance.
- If you are looking for a loan, equity release or any kind of protection plans, then we have a referral network designed to assist you with the best possible advice
- Just need advice? We are advisors so there is no obligation to use our services, you can just give us a call for a chat without any hard sell.
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