Bear in mind, however, that this is unlikely to excuse you from early repayment fees. If your current lender is unable to port your mortgage, you may still be able to arrange a new Home Mover Mortgage with them if you are keen to stay with the same provider. New Home Mover Mortgage with an existing lender Those with large exit fees or with less than £50k outstanding on their existing mortgage are unlikely to benefit. For example, for those who are near the end of their current fixed-rate deal or have gained equity in their property,a new lender can be a great option. Timing is crucial when you make an application to take a new Home Mover Mortgage. Under the right circumstances, a new lender could save you lots of money, although this is down to individual circumstances and what rates are currently available to new Home Mover clients. Before you consider this, however, you should check out the early repayment charges on your current mortgage. If it’s not possible, or cost-effective to port your existing mortgage, or it won’t be beneficial for your circumstances, then your other option is taking a new residential mortgage with a new lender from the wider marketplace. It is therefore beneficial to discuss this with a Mortgage Broker such as ourselves to establish whether porting or a new lender is most cost effective in your circumstances and to help facilitate any porting or new lender application required. Porting your mortgage is not a guaranteed right and is subject to a brand new application and meeting the affordability calculations and criteria of your current lender at the time of the move. They would however likely be payable if you were to arrange a new mortgage with a different lender. These Early RepaymentĬharges are waived, if you port your existing mortgage to your new property and remain with your existing lender. Often during a product term, for example during a five year fixed rate period, a mortgage would likely have Early Repayment Charges. This can end up being more expensive than taking a new mortgage with an alternative lender, in which case porting will not benefit you. If your new home is higher in value than your current mortgage, your lender may require you to take out an additional mortgage. When you port your mortgage, you will need to make another application as well as pay valuation fees and stamp duty on your new home. Porting your mortgage is simply switching it from your current home to your new one and most lenders should be able to offer this service. In order to remain on your current mortgage terms when you move home, your lender can usually port your mortgage. When you move home, you don’t necessarily have to change mortgages, it’s often possible to remain with the same lender on the same mortgage, known as porting. Home mover mortgage may therefore refer to any mortgage products suitable for applicants classed as home movers. An applicant who has an existing property and plans to move house is known as a home mover. Home Mover is not a particular mortgage product, it relates to the applicant.
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