Home Buyer Mortgages

If you are moving from one home to another, then you will probably need to take out a new mortgage, possibly with a different lender. This is called a home movers mortgage and by speaking to an independent mortgage adviser, they will help you to find the right mortgage for your new purchase and look after the admin and communications for you.

If you are looking for a mortgage for a home move, there are a number of factors to consider:

• If you want to take on a bigger mortgage, you will need to find out if one is available, even before you start looking for a new home.  This will help to ensure you avoid disapppointment
• Your current lender (if you have one) may not be able to 'port over' the new mortgage if you cannot meet their criteria for the new mortgage amount and term
• If you are still in a mortgage deal, then there may be early redemption charges to pay if you cancel it to take out a new mortgage
• The new mortgage may not have the same benefits, interest rate, terms and conditions etc. as your old mortgage

By speaking to an independent mortgage adviser, they will find out what is best for you, which may be staying with your current lender (either on the same product or a different one) or cancelling your current mortgage and take out a new one with a different lender.  Ask them to show you the pros and cons of each option, including the figures.

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