Our Mortgage Specialists are incredibly helpful when you're moving home mortgages, particularly if you're selling your current home and buying a new one, or if you simply want to transfer your mortgage to a new property. Here’s how we can assist:
Mortgage Portability
If your current mortgage is portable, the specialist can help you move your existing mortgage to a new property. This means you can transfer your current loan to a new home without paying off the existing mortgage or taking out a new one, potentially saving you from penalties and fees.
Reviewing Your Options
Mortgage specialists assess your current mortgage terms and help you understand whether it’s more beneficial to transfer the mortgage to a new property, port it, or break the mortgage and secure a new one. If you're moving to a larger or more expensive property, they may also recommend a top-up to cover the increased loan amount.
Help with Bridging Finance
If there’s a timing gap between selling your current home and purchasing a new one, a mortgage specialist can help you arrange bridging finance to cover the short period. This type of loan is a short-term solution until you secure the proceeds from your home sale.
Negotiating Better Rates
If you are moving homes and need to secure a new mortgage, a mortgage specialist can help negotiate better terms, interest rates, or fees with your lender, based on your financial situation. This can be especially helpful if your credit score or circumstances have changed.
Understanding Costs and Penalties
They will explain any prepayment penalties or discharge fees for breaking your current mortgage contract early if you’re not able to port it. This can prevent unpleasant surprises down the line.
Application for New Mortgages
If you need to get a new mortgage because portability isn’t an option, mortgage specialists will guide you through the application process, from finding the best lender and rates to assisting with documentation and requirements.
Ensuring Smooth Transition
The mortgage specialist helps ensure that there is no interruption in the mortgage process when you move. They will work with your real estate agent, lender, and lawyer to make the transition as seamless as possible.
Offering Financial Advice
Beyond just mortgages, specialists can provide you with general financial advice to make sure your mortgage strategy aligns with your long-term goals. They can help assess whether refinancing your mortgage makes sense in light of the new property purchase.