Planning for a Moving Home Mortgage

If you have a mortgage and are planning on moving to a different property you have a couple of options in terms of your mortgage. The first option is to take your existing mortgage with you, a term known as bportingb. The second option is to speak with a different lender than your current arrangement and get a new moving home mortgage.

If you want to port your mortgage it might not always be possible, with your current lenders feeling you no longer fit their criteria. This could be due to a change in job, income or your personal debt and credit score. In these circumstances it is always worthwhile talking with specialist mortgage advisors, just like our team at Central Mortgages. It is best practice to seek out an alternative before your current lenders, in case it isnbt possible to port your mortgage.

You might think you have a fair idea of how much you can realistically borrow for a new mortgage, but youbd be surprised at how often people are surprised with the results! Plan ahead and bring to use all the financial information that will be important to the applications, such as recent pay slips and bank statements and your latest mortgage statement.

If you would like advice on your mortgage situation at a time when you are considering moving home, contact our friendly team of advisors at Central Mortgages today. We understand that things might seem complicated, but thatbs what we are here for, to help you make a fully informed decision on your mortgage in the simplest terms.

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