Getting a mortgage the first time around can be quite overwhelming, and when you have to do it all over again when moving home, it seems like an impossible task. Lucky for you, The Mortgage Architect will help you whether you’re a first time buyer or thinking of moving.
Applying for a mortgage when you are moving home requires you to consider a lot of factors. You have to think about how much you need to borrow, how much of a deposit is required, are you selling or retaining your current property.
You will also have to fill in an entirely new set of documents and applications. Your credit history as well as your gross annual income will be reviewed again, thus determining how much mortgage loan you can acquire. The maximum loan amount is typically 3.5 times your gross annual income as a second time buyer. Additionally, selecting the best mortgage interest rate that aligns with your circumstances is crucial.
Learn About Porting
Taking your existing mortgage deal with you to avoid early repayment charges.
Determine Borrowing Limit
Consult our mortgage planners to calculate how much you are qualified to borrow.
Compare Rates
Calculate and compare the rates between different lenders to see how much and how many monthly payments you will have to make.
Trade Up or Down
Sorting out your mortgage application when selling your existing property.
Apply for an Agreement in Principle
Get a written estimate from lenders to show to potential estate agents.
Mortgage Protection
Protect your new home with mortgage protection.
Understanding Home Mover Mortgages
A home mover mortgage is specifically designed for individuals transitioning from one property to another. While it functions similarly to a standard mortgage, it ensures that the terms and conditions are tailored to suit the new property. Choosing the right home mover mortgage is crucial to ensure that it remains affordable and aligns with your evolving needs. Whether you’re upsizing, downsizing, or relocating, securing a mortgage that fits your new property is essential for a smooth transition.
Mortgage Options and Considerations
When exploring home mover mortgage options, it’s important to consider the different types available:
- Fixed Rate Mortgages: These offer a fixed interest rate for a set period, providing stability and predictability in your monthly repayments.
- Variable Rate Mortgages: These come with an interest rate that can change over time, which may affect your monthly repayments.
Reviewing your finances with an experienced adviser is essential. Your circumstances may have changed since you took out your original mortgage, and a dedicated mortgage advisor can help you assess your current financial situation and determine your borrowing capacity. This ensures you choose the best mortgage deal for your needs.
Making Mortgages Simple
