House moving can be overwhelming. Here are different types of mortgage options for you to try out.
- Portable Mortgage – You can move your current mortgage to your new property using a portable mortgage. You probably have to fill out a request to switch and you may have to increase the size of your mortgage if the new home has a higher property value than the old home. Watch out for a higher interest rate in the new loan.
- Remortgage with current lender – This method can help the home mover find better rates, but there are other costs associated with this loan that make up for this. Depending on how deep you are into your current mortgage, the fee for remortgaging with the current lender is usually a cost between 1-5% of the previous mortgage. Exit, arrangement, and valuation fees may also apply.
- Remortgage with a new lender – This mortgage helps because it pays off your existing mortgage. You may also be able to sell off your old home. If the property value in your area has risen, this may be advantageous to the home mover. Repayment charges, Exit fees, arrangement fees, and valuation fees may also apply.