If you are planning on moving house or are in the process of doing so, you may require a home mover mortgage. Moving house is a great opportunity to reconsider your current mortgage and look for a better deal, whether you are looking to move to a different location Or climb the property ladder.
Home mover mortgages are typically for people who are looking for a bigger home, and as a result are also looking to increase the size of their loan amount. Although some mortgages are ‘portable’, which means you can take your existing mortgage to your new home, others are not, requiring you to look for another option when moving home. You might also find that your current loan provider won’t allow you to borrow the additional amount necessary for you to move home. Even if you aren’t looking to borrow more money, changing your mortgage when you move house, rather than transferring the current one over, can help to better suit your new circumstances and get you a better deal.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.