Helping to ease the stress of moving home
Exciting but at the same time quite daunting; you are not only buying a new house but you are also selling your current home, so it can be quite an emotional time.
Inevitably you will need to review your existing mortgage as you may need to borrow more or even extend the term to make your new home more affordable. There are a couple of mortgage options available to you when moving home:
Porting your mortgage
Porting means moving your existing mortgage to your new property. Most lenders will allow you to take your existing mortgage product with you to your new home – great if you are on a low interest rate that is no longer available. Our experienced mortgage advisers can arrange this for you and also help if you require any additional borrowing.
Taking out a new mortgage with a new lender
Your dedicated mortgage adviser will research the market to see if it is more beneficial for you to take out a new mortgage with a different lender when moving home. We will factor in any early repayment charges that may be applicable on your existing mortgage and help you weigh up your options.
Whichever option is best for you, your mortgage adviser will handle the mortgage process for you so that moving home is a little less stressful.
For a free consultation with one of our mortgage advisers, call George Square Financial Management on 0115 947 5545 or contact us online here.
Your home may be repossessed if you do not keep up repayments on your mortgage. Equity release may be arranged as a lifetime mortgage or a home reversion plan. To understand the features and risks ask for a personalised illustration.