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Your lender will also reassess you against their affordability criteria.Īs a result, they could reject your porting application, especially if your income or credit rating has fallen since you originally arranged the mortgage. However, porting will still mean reapplying for the mortgage, and potentially paying arrangement fees and valuation fees. It can sound simpler than trying to end one mortgage while starting a new one. Essentially, you stay on your current mortgage deal even though you’re changing properties. Porting a mortgage means moving it over to the new property. Please note it is important to read the terms of your existing mortgage carefully as not all mortgages are portable. This means that you may stay with your current lender or may find a new one. When you’re moving house, the main avenues open to you are to ‘port’ your existing mortgage or take out a new loan. It helps them to understand your situation and priorities. Mortgage providers view customers as either First Time Buyers, Home Movers or Remortgagers. Easy Street can help you consider your options for a Home Mover mortgage. One important decision is how you will get a mortgage for the new house. Moving house is a big life event – there is a lot to consider before you take the plunge. We will draw down your Mortgage and issue the funds to your solicitor to complete the purchase.Home Mover Mortgages – what are your options?
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Your solicitor and the seller’s solicitor will tie up the details. Step 6: Exchange contracts and pay your deposit.Ask us about our great value Home Insurance and Life Cover 1. These will need to be in place before you can draw down your mortgage. Step 5: Arrange Home Insurance & Life CoverĪt this stage, you should arrange the appropriate Life Assurance and Fire Insurance policies to protect both you and the property.In some cases we may require that you get one, particularly if the house you’re buying is older. We always recommend that you get a surveyor’s report as well, for your own peace of mind, which can uncover faults that aren’t easy to see. We will give you the name of an approved valuer who can carry out a valuation for us before the loan is drawn down. It will contain your Letter of Offer, the European Standardised Information Sheet (ESIS) with full details of your mortgage and the terms and conditions of your loan. We will send a loan offer pack to you and to your solicitor. Step 3: Get your Letter of Offer and appoint a solicitor.Once you’ve found the home that’s right for you, let us know the address and the purchase price. Step 2: Choose a location & find the right home.a longer savings period or a reduced loan amount. There may be steps you can take to improve your chances of approval – e.g. If your application is not successful this time, don’t give up. If successful, we can give you a “House Hunter” approval if you haven’t found a suitable property – this gives you time to search for your new home. We will help you through your mortgage application. You will need to know what you can afford before you start looking for the right home – our mortgage calculator can give you a good indication. Step 1: Find out how much you can borrow & get House-Hunter Approval.We are here to help you, providing as much guidance and advice as you want or need. What’s more, you don’t have to take them on your own. If you know what’s involved in the mortgage process, you can see it instead as a number of small, easily managed steps. As steps in life go, buying a home is certainly one of the big ones.