Moving Home Mortgage
Helpful & Proactive moving home mortgage solutions – making sure you get the best deal.
When it comes to moving home, we know it can be an exciting and stressful time. Which is why at Barr Financial we do a lot of the heavy lifting for you! Not only will we make the mortgage process easier and quicker for you. We will also ensure you get the best moving home mortgage deal in the market for your circumstances.
Do you have a question about a moving home mortgage?
Can I transfer my mortgage to another property?
If your mortgage is portable, you will be able to transfer the mortgage to another property, provided you and the property you are buying meets the lenders current lending criteria.
If your mortgage is not portable, you will have to get a new mortgage for the property you are planning to buy.
Although some mortgages are portable, its important to be aware that transfering a mortgage to another property, is not a straight forward process. When you first got the mortgage, the lender had to make a full assessment of your circumstances, income and the property, and they will be doing exactly the same again.
So it doesn’t matter whether you are comfortably paying the mortgage now, the mortgage lender could decline your application to transfer it to another property if your circumstances have changed, or indeed if their lending criteria has also changed.
What happens to my mortgage when I sell my house?
When you sell your house a couple of things can happen.
New Home Mover Mortgage:
You will apply for a new mortgage on the property you want to buy and this will start when you complete on your purchase.
Assuming you buy and sell symultaneously, on completion the mortgage on the property you are selling will be paid off. The solicitors you will be using to buy and sell will manage this whole process. All you need to focus on is getting the new mortgage on the new house and working with a good independent mortgage broker can help facilitate this whole process.
Transfer your existing mortgage to a new house:
If you can and want to transfer your existing mortgage to a new property your mortgage will quite simply be moved from the property you are selling, to the property you are buying.
Any house with a mortgage has what is called a legal charge against it. This means that if a mortgage is not paid, the lender can take possession. So effectively the legal charge is removed once you sell your house, and then the legal charge is put on the propety you are buying.
What happens if my bank does not allow me to transfer the mortgage to a new property?
Quite simply don’t panic. Just because your lender does not allow you to port and transfer your mortgage to a new house, does not mean there won’t be another lender who does.
Remember every lender is very different. They all have different lending rules and criteria so its worth speaking to an independent mortgage broker who will be able to look at the whole of the market to find a suitable lender.
We’re completely independent. So we can access the whole market
We’re best positioned to get you the best mortgage deal. Because we’re independent, we’re not tied to just one lender, ensuring our customers get the best possible deal.
- We assess
- You instruct us
- We research
- We find the best deal for you
Agreement In Principle
- You agree to the deal
- We submit the first stage of your application
- You get an agreement in principle
- We submit the second stage of your application
- We present your application in the best possible manner
- They assess your situation
- We support you throughout the process
- They assess your property
- You receive your mortgage offer
- Technically our job is done but we also like to help
- We liaise with solicitors and estate agents
- We keep you updated
- You achieve your goals