Home Mover Mortgages
Whether you’re upsizing, downsizing, or simply looking for a fresh start in a new home, we understand that moving can be a daunting experience. With our expert guidance and years of experience in the finance sector, we are here to help make your home-moving journey seamless and stress-free.
FREE Home Moving Mortgage Consultation & Advice
Complete our form to request a free initial consultation about finding the right home mover mortgage for you.
Welcome to Goldmanread, home movers mortgage expert in Essex
With over a decade of experience as a specialist mortgage and insurance broker in Essex, Goldmanread can help take the hassle out of securing a new mortgage when you move home. We recognise that every home mover’s situation is unique, and that’s why we offer a tailored approach to finding a new mortgage.
When you work with us, you can expect high-quality, professional service. We take the time to understand your specific requirements, financial goals, and long-term plans. Whether you’re stepping up the property ladder, downsizing for retirement, or perhaps relocating to a new area, we have access to a wide range of mortgage products and can find the best new mortgage to suit your circumstances.
With Goldmanread, you can embark on your home moving journey with confidence, knowing you have a professional broker by your side who will work tirelessly to secure the best mortgage terms and rates. To arrange a free initial consultation, please get in touch.
What is a home mover mortgage?
A home mover mortgage is simply a type of mortgage designed to help individuals who are moving to a new property, such as a house or flat, and need financing for their new home. The homeowner may be able to source a new deal with their existing lender but can take the opportunity to look for a more competitive deal with the same or new lender.
To be approved for a new deal, you must meet the lender’s criteria. They will look at your financial circumstances, credit rating, loan amount and the purchase price of your new property when making an offer.
Just as there are mortgages that are targeted at first-time buyers, home mover mortgages offer specific incentives, such as cashback, assistance with home insurance, conveyancing, valuation and legal fees. A number of lenders have recently launched a range of incentivised mortgages aimed at those buying an energy-efficient home.
It is a very competitive market, so it’s wise to work with a broker to fully investigate your options and find the right mortgage for you.
Home mover mortgage rates
The mortgage rates on offer will be similar to those on other mortgage types, including:
Fixed-rate – the monthly payment will be fixed for a specific period, i.e. 2, 3, 5 or 10 years (though other periods are available).
Base-rate linked mortgage (variable mortgage) – this type of mortgage rises and falls with the Bank of England’s Base rate. One benefit of variable mortgages is that they often come with no early repayment charges, offering greater flexibility to borrowers.
Home mover mortgage application process
When considering a new mortgage deal, it makes sense to discuss your circumstances with an independent mortgage broker like Goldmanread.
They will assess whether it is better to ‘port’ your existing mortgage to your new property or seek out a new mortgage deal. If you have a very competitive existing interest rate and don’t need a larger mortgage, porting your mortgage is often preferable.
How much can home movers borrow?
When it comes to borrowing amounts, it depends on a number of factors such as your income level, whether you are employed or self-employed, the number of dependents you have, your level of existing debt and any other fixed commitments (e.g. school fees or car lease agreements).
Generally, most lenders offer income multiples of around 4.5 times joint income though there are lenders who’ll consider 5 – 5.5 times income, even up to 6 for newly qualified professionals.
At Goldmanread, our goal is to present you with your available options and provide impartial advice based on your circumstances. We’ll help you make an informed decision to ensure you are comfortable with the monthly repayments.
Home mover mortgages for working professionals
Working professionals are seen as attractive borrowers to many lenders. This is because they are seen to have a structured career path with escalating pay linked to experience and seniority.
For this reason, many lenders offer specialist rates and enhanced terms to professionals. This may be greater income multiples allowing higher borrowing levels or favourable mortgage structures to aid affordability, e.g. on a part interest-only basis.
Why choose Goldmanread to source a home movers mortgage?
At Goldmanread, our long experience in the mortgage market means we have access to a wide range of lenders offering competitive mortgage rates. We are independent brokers, so we are dedicated to finding you the best available deal for your circumstances.
Our in-depth knowledge of the mortgage market includes the varying lending criteria of different lenders. So we know which lenders to approach to suit your needs to save time and increase your chances of approval. We’ll ensure the application process runs smoothly to save you the hassle, and always try to save money on your monthly payments.
To arrange a free initial consultation, please get in touch.
Frequently asked questing about home mover mortgages:
Can I move house without changing my mortgage?
Yes, this may be possible depending on the terms of your existing mortgage. You may be able to 'port' your current mortgage, i.e. move it from one property to another, thus avoiding early exit penalties.
It's important to discuss all of your options with your mortgage adviser. Good mortgage brokers will always look at ways of minimising your costs and helping you avoid paying early repayment charges.
Will I incur early repayment charges (ERCs) on my existing mortgage?
This depends on whether you have the option of porting your mortgage when moving house. If you can move with your existing deal with the same lender, then you may be able to avoid early repayment fees.
Can you move house with a fixed mortgage?
Yes, fixed-rate mortgages are often portable.
Does negative equity affect the remortgage process?
Yes, if you are in negative equity, it may not be possible to remortgage your home. Your existing bank will generally offer rates switch deals in this scenario. This is useful when you come to the end of your current mortgage deal.
Does Goldmanread port mortgages?
Yes, the good news is that as long as you are eligible, we can assist with all of your porting requirements. We'll make a full assessment of your mortgage options and advise you if porting the same mortgage with your current lender is the most affordable option.
We'll consider deals from a wide range of lenders, taking into account factors such as the lender's arrangement fee to ensure you can budget for your home move effectively.
Our Mortgage Broker Reviews
We believe that professionals deserve an extremely high level of personal service when choosing their mortgage and we pride ourselves on treating each customer as an individual, not a number! Our clients couldn’t agree more and are happy to recommend us.
Contact us to discuss your Home Mover Mortgage
We’d be delighted to discuss your mortgage and insurance requirements and get an understanding of your individual goals. Feel free to phone or message to arrange a call back or appointment.