Moving Home Mortgages
No Fee Mortgage Service
So, you're looking to move home?
Our Havant based mortgage advisors are passionate about making sure you get the best available mortgage to help you buy your next home. The right mortgage can save you money, at a time when every last penny is particularly important!
YesCanDo are ‘whole of market’ which means we search the entire market for every available mortgage to get you the best rates and deals. We do not charge for our services as we are paid by the different mortgage lenders.
Our local mortgage advisers are there to guide you throughout your property laddeer climb. While we focus on the mortgage application, you can focus on the excitement of finding your next home.
What happens with my existing mortgage?
At YesCanDo we have helped thousands of people move home. On this page we will explain the two ways in which you can buy a new house and whether it’s best to get a new mortgage or if it’s better to take your existing mortgage with you.
The chances that your mortgage term and the date you are planning to move home will coincide are very slim, therefore you will have two options open to you.
Taking your existing mortgage with you to your new home
If you are buying a home that is more expensive than your existing one, you can use your existing mortgage and get a top-up mortgage from your current lender for the extra amount.
Banks and building societies call the process of takng your existing mortgage with you porting.
Although this method of buying a new home is slightly more complicated than getting a new mortgage it is usually the most cost effective way as you will NOT be charged any Early Redemption Charges (ERC’s) from your lender. This can be as high as 3% of your mortgage, so on a £100,000 mortgage the amount you would have to pay to get out of your existing deal could equate to £3,000.
At YesCanDo Money we can do all of this for you. Talk to your existing lender and arrange to port your mortgage. We will arrange the top-up amount you need and complete all the necessary paperwork.
Arranging a new mortgage for your new home
It nearly always makes financial sense to take your existing mortgage with you (port) as we described above however occasionally this option may not be open to you.
The main reason to consider a new mortgage lender is if your existing bank or building society will not lend you the amount you require to enable you to buy a new home.
Each lender uses their own mortgage affordability calculator to decide how much you can borrow. The amount they will lend will differ from lender to lender as they all have different criteria.
Is it best to port my existing mortgage or to get a new mortgage?
At YesCanDo we are here to help you. We will be able to see if you can borrow what you require for your home move from your existing lender. If not, we will research the whole mortgage market to get you the best rates and deals.
Whether you are porting your existing mortgage or needing a new mortgage, at YesCanDo we carry out all the paperwork to the lender on your behalf. We will also speak to your estate agent and solicitors and provide you with weekly updates.
How can a mortgage broker charge no fee?
Although most mortgage brokers charge for their services, we don’t charge you a fee. This means we are known as a NO FEE mortgage broker.
We get paid commission by the mortgage lenders which means we can choose not to charge you for our service.
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Moving Home FAQ's
Maybe you are worried about what information you will need to get together before you can get the mortgage underway. The information you need varies depending on which bank or building society you are getting a mortgage from however here is a list of information that will always be required from you as a starting point: –
- Driving licence
- Proof of name & address
- Proof of income
- Proof of deposit
- Latest 3 months bank statements
There are so many options out there that it can be very confusing. Here at YesCanDo Money we give honest straight-forward and easy to understand financial advice.
We take care of all the mortgage administration and liaise with estate agents, mortgage lenders and solicitors to make sure the process is as smooth and hassle free for you as possible. Our mortgage brokers will find the best deal for YOU!
Being an independent business, we provide a service based on how we would like to be treated ourselves by offering appointments at a time and place most convenient for you – call us today to book a daytime or evening appointment at either our office or your home. We don’t think that is an offer you will see many other places!
Have a think – do you know anyone who has bought or sold, let or rented a property in the last year or so. Speak to them and ask them 1: whether they would recommend the agent that they used and 2: the things they learnt about the process and how they might choose an agent in the future.
Meet with lots of agents and chose the agent that you click with the most.
How much does it cost to use an estate agent?
In general, estate agents will normally charge you between 1% and 3% plus VAT of the price at which you sell your home. Make sure you ask about this carefully with the agents before taking them on. Check to see what extras they charge for too and factor that in on your decision. If you are considering several agents, tell them what you have been offered from the other agents and ask them to match the offer. Don’t be afraid to ask, this is a business deal, not a foregone conclusion!
Do I have to choose just one agent?
Short answer, no. You might get more market exposure with more than one, but if one agent is advertising on at least one of the major property portals, then sometimes there can seem little point. If you are using more than one agent, do make sure you read the small print for any charges incurred if you sell your property through another agent.
When it comes to getting an offer on your property, remember that is YOUR property and YOUR decision whether to accept an offer. Your agent will only make money by selling your property, so never feel pressurised to accept an offer you are not happy with.
It is important you know how much you can afford to borrow. It is not ideal to stretch yourself if you are likely to struggle to keep up with the mortgage repayments.
Our FREE mortgage service exists to expand your knowledge on mortgages and everything that comes with it. We will go over your options in a clear and understandable way and help you feel confident in what is achievable for your situation.
All mortgage lenders will want to see proof of your income, certain expenditure and any debts you may have. They might even ask for information about other household bills, child maintenance, and personal expenses.
Mortgage lenders require this information as their aim is to prove that you are able to keep up with the mortgage repayments if interest rates rise.
You will also need to consider your costs of owning a home such as household bills, council tax, insurances and flat costs (if applicable).
Lenders may refuse to offer you a mortgage if they don’t think you’ll be able to afford it or if your credit score isn’t high enough. We highly recommend that you read our blog to make sure you a mortgage ready!
You will have a choice of both fixed or variable interest rates with your chosen mortgage.
A fixed-rate mortgage means your repayments will continue to be the same for a certain time period. This is usually between two to five years.
These rates will be fixed regardless of what interest rates are doing through the mortgage market which means your interest and repayments will remain stable. However, if rates change you will lose out on the benefit of a lower rate.
The rate paid on a variable-rate mortgage can increase or decrease in line with the Bank of England base rate.
If you choose a variable-rate mortgage, then the interest rate you pay will move up and down depending on the market. Your interest and repayments are then fully dependent on the market at the present time.
Different types of mortgage repayments
A repayment mortgage is where you pay both the interest and part of the capital off every month. When the term comes to an end, you should be at a point where you have paid it all off and therefore you own your home.
This is what it says on the tin, interest-only mortgages mean you only pay the interest on the mortgage loan. This, however, means you will pay nothing off the capital (the amount you borrowed).
These mortgages are becoming both unfavoured and unheard of. This is because as you are only paying off the interest, you will be left with a debt that could potentially stay with you without the means to repay it.
This means that these mortgages are becoming much harder to come by as lenders and regulators are worried about homeowners being left with a huge debt and no way of reducing it.
If you do get an interest-only mortgage, you will have to have a separate repayment plan. This plan will decide how you repay the original loan (capital) at the end of the mortgage term.
Combination of repayment and interest-only mortgages
There are mortgages out there which will allow you to split your mortgage repayments between both repayment and interest-only mortgage.
When it comes to getting a mortgage, it’s best to have a clean slate but we understand that this isn’t always the case. Most mortgage lenders look back at your past 6 years credit history therefore you want to make your credit file look as clean and strong as possible. You can achieve this by ensuring/having/areas to focus on/focusing on these areas:
- NO Defaults and late payments
- NO to Pay Day Loans
- NO to Gambling
- Your Overall Credit Score and Debt
There are many different arguments for the right or ideal age to get life insurance but actually the simple answer to this is that once you have someone who will financially suffer if you were to die or be diagnosed with a critical illness then it should be in place. The youngest age you can get life insurance is age 16.
Mortgage protection is very important! Read more about life and critical illness insurance here »
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