Moving house can be an equally exciting and stressful time for many. Whether you’re thinking of expanding, uprooting your family to a new area or moving for better schools and amenities, there are plenty of reasons why a mortgage for moving is something you’re looking for. If you already have a mortgage on your current home, then you’ll be looking for something suitable that fits your lifestyle, your new property and your current finances far better than a typical first home mortgage could.
Want to know more about getting a new mortgage when you move house? At dsMortgages, we’ve got the knowledge and experience to explain it all – and provide the valuable insight needed to find a mortgage for you if you’re moving house. Read on to find out more, and learn all about what a moving home mortgage means:
If you are thinking about moving home and want help to find the BEST mortgage and work out all your costs, we'd love to Help you
How we can help you
Guide you on all the costs involved with Selling & Buying
Work out how much deposit you'll have after all the costs are paid
Show you how much you can borrow
Search ALL UK lenders to find you the BEST rate
Get you a Mortgage Agreed in Principle
Take care of all the paperwork
Liaise with solicitors and estate agents
Deal with the whole process from start to finish
We have access to ALL UK lenders so will find the BEST mortgage for your circumstances
How It Works
What you need to know about mortgages for moving house
There are several options available to those moving house – none of which involve having to pay two mortgages at once. Firstly, you can choose to transfer your mortgage to your new property. While this will require reapplication and checks, if you have a particularly good deal, this may be the right option for you if the mortgage rate is 'Portable'
For many of our customers at dsMortgages, their existing mortgages are no longer as cost-effective as they once were. That means the ideal choice is a new mortgage for your new property – giving you access to better rates, improved deals and more affordable payments for your new property. Whichever option you choose, you’ll need to go through the typical applications process and credit checks for your new house mortgage – but with expert help, getting through that paperwork is simple and easy.
If you’re moving to a bigger or more expensive property, you’ll likely need to show an increase in income or equity to be approved. If you’re moving to a smaller property, however, with a lower value then your current home, it’s possible to reduce your mortgage payments or even purchase your property entirely mortgage-free in some instances. With the help of a professional broker for mortgages, understanding your options is far more manageable. Our team talks you through every step of the process, and ensures you’re well-informed on all your options before finding the mortgage solution that works for you.
What is the difference between a first mortgage and a mortgage for moving?
While a first mortgage will be based solely on your current credit and income, mortgages for moving house have a few additional parts to them. Not only will a lender look at your income and outgoings, but they’ll also be able to look at your current property too. If your home has increased in value, this means you have equity – which can be used towards reducing the cost of your moving home mortgage going forward. However, negative equity – when your property is worth less than it was valued for your first mortgage – is also something lenders will consider, which means it’s essential to know where you stand before you start the mortgage process.
Beyond that small change, a lot of first mortgages and moving mortgages have the same components. To find the best deal, working with an expert mortgage broker is the ideal option for you. You don’t have to stick to your existing lender, especially if you aren’t getting the best value for your money. At dsMortgages, we have access to mortgage deals for over 90 different lenders across the UK. That means we’re able to find the best deal for you, and walk you through the whole process from start to finish. No stress or fuss – just your new home waiting for you at the other end.
Do you need a broker to get a mortgage for moving house?
If you want to find the best deal for your new mortgage, then working with a mortgage broker is the best thing you can do. With the added complexities involved in equity and selling an existing property, having a professional team on your side that knows all the ins and outs can be incredibly valuable. If you’re getting a mortgage to move, consulting with a mortgage broker or expert advisor can ensure you’re getting the best deal for your specific needs. You don’t want to settle for second best, especially when it comes to the property you hope to live in for a long time.
Our team at dsMortgages is equipped with that skill and decades of experience in helping our customers to move successfully. By using a mortgage broker, you’re taking the pressure off of yourself to complete every step of the mortgage process solo. With professional help, the process can be smoother, more relaxed and faster – as well as more beneficial for you in terms of the deals and options you can access.
Why dsMortgages is your number one choice for your moving house finances
If you’re planning on moving shortly, and you’re looking for a friendly, professional mortgage broker, then dsMortgages is the best team for the job. We aim to provide an exceptional standard of customer service that doesn’t end after we find the best deal for you. When you work with us, we support you in every step of the moving process. Taking the stress off of your shoulders and allowing you to enjoy your new home without extended mortgage searches or confusing paperwork.
If we sound like an excellent fit for your upcoming move, get in touch with us on 0330 22 333 10 today. Or you can use the contact form, and we will be in touch with you as soon as possible. With over 90 lenders available to us as part of the Stonebridge Mortgage Group, we can find Sussex mortgages perfectly suited to you. Give us a call or drop us an email today and get started on your next property move the right way.
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