When relocating, it is crucial to ensure that you have the appropriate moving house mortgage to suit your requirements. Many mortgage lenders offer the option to transfer a mortgage from one property to another, which can be advantageous if you are purchasing a home of similar value. However, if you require additional funds to buy your new home, you will likely need to apply for a new mortgage to cover the extra expenses. This new mortgage may come with a higher interest rate and an arrangement fee.
Our team of mortgage brokers can assist you in finding the best deal by comparing a wide range of products from the leading lenders in the UK. We will also help you evaluate your current mortgage deal to determine if switching to a new deal is the most suitable option after considering any associated fees. If we recommend applying for a new mortgage and you agree, we will handle the entire process for you from beginning to end.
If you are considering moving home and would like to explore your options, please contact us to schedule a consultation with one of our knowledgeable mortgage advisors. Our initial consultation is free of charge and comes with no obligation.
PLEASE NOTE THAT YOUR HOME MAY BE REPOSSESSED IF YOU FAILTO KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
In order to prevent the possibility of having two mortgages, one option is to refinance with the current lender to potentially secure a more favorable interest rate. Typically, there will be early repayment charges and exit fees involved. Additionally, when obtaining a new mortgage, you can expect to pay arrangement and valuation fees. Despite these costs, it may still be a beneficial move, and this is where our assistance can be valuable.
If you discover a more favorable mortgage for moving house with a different lender, you have the option to transfer your mortgage to the new provider and settle your current mortgage. However, it is important to note that your current lender will most likely impose an early repayment charge and exit fee. Additionally, you will typically be required to pay an arrangement fee and valuation fee to your new lender. Nevertheless, we can assist you in determining whether this would be the optimal choice for you.
© 2024 By EcMortgage. EC Mortgage Solution Ltd is an appointed representative of Beneficial Ltd, which is authorised and regulated by the Financial Conduct Authority, FCA number 736655. EC Mortgage Solution Ltd is authorised and regulated by the Financial Conduct Authority, FCA Number 974789.
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