Home Mover Mortgage
No-one is better at finding you a home mover mortgage deal than an independent financial adviser. With our whole of market approach we are not limited to a small range of mortgages – we can use our market overview to located the very best mortgage deal for you.
Independent advice could save you almost £1,000 per year on your mortgage repayments!*
Take a look at just some of the deals we can locate for you!
Click here for our mortgage calculator or phone 0800 678 5929
As a home mover, you may have built up equity in your property, which will give you a range of options when taking out a new mortgage deal.
If the value of your property has increased since you bought it, the equity you have built up in your current home will provide you with a substantial deposit for purchasing your next home. This can give you the option to trade up to a larger property, or from a semi-detached to a detached home.
Whether you are moving lender, or staying with your existing one, you are likely to find a range of attractive options that come with a home mover mortgage. Some lenders offer a six-month interest-only deal, which will reduce your repayments considerably in the initial period, and give you extra cash for improvements to your new property. However, you must bear in mind that you are not reducing your capital loan (i.e. the money borrowed) during this period, you are paying only the interest on that capital.
Remortgage and clear other debts
When selling your home and taking a home mover mortgage, this is an ideal time to use part of the profits from your sale to clear other debts. This may be your chance to clear high-interest owings, such as credit card debt. However, this will reduce the size of the deposit you bring to the table, in negotiating your home mover deal.
Alternatively, you may wish to consolidate other debts into your home mover mortgage, and some lenders are prepared to consider this. This can make it possible to reduce your total monthly outgoings, and pay back your debt at a lower interest rate.
A home mover mortgage also offers you the chance to change the term of your mortgage. Your new deal might be based on a shorter term, if you wish to become mortgage-free earlier, or you may wish to go the other way, lengthening your term to reduce your monthly payments.
Whatever your choice, our friendly advisers will find the mortgage best suited to you!
Work out your repayments or ask us a question online, with our mortgage calculator or phone 0800 678 5929
*Source: ‘The Value of Mortgage Advice’, Association of Mortgage Advisors AMI, 2009
