Home Mover Mortgages
A moving home mortgage for people who already own a property
If you already own a property and are hoping to sell up and buy somewhere else and you require a second time mortgage or a home mover mortgage then it is imperative you get the best mortgage possible as you are going to miss out on the perks of being a first time buyer, such as no stamp duty, help to buy and first time buyer mortgage perks. But it's not all bad, as you now have a history of servicing a mortgage there are some extremely competitive moving home mortgages available to choose from.
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As an experienced homeowner there are some great second time buyer mortgage deals available to you but as many lenders don't advertise on mortgage comparison websites, the only way of comparing the whole market is to speak to an independent broker like me. So get in touch and let me tell you what your best moving home mortgage deal will be, I offer a completely free home mover mortgage consultation with no obligation to proceed with anything so you have nothing to lose!
Home mover mortgage FAQ's
What is a second mortgage?
A second time buyer mortgage (sometimes called a home mover mortgage or moving home mortgage) is the mortgage that you use if you are no longer a first time buyer
Do I need a home mover mortgage?
If you currently own a property then yes, you will need a moving home mortgage. If you have owned a property previously but do not own one at the time of application then you may be able to get a first time buyer mortgage but in the eyes of the taxman you will not be a first time buyer and so will be liable to paying stamp duty at the full rate
How much can I borrow?
This will depend greatly on your personal situation and the only way to know for sure is to get in touch and let me know a bit more information but as a rule of thumb you might be able to borrow around 4.5 times your salary (less committed expenditure) and up to 95% of the value of the property
I am a first time buyer but my partner owns a property, do we need a home mover mortgage?
The short answer is yes. And, again, in the eyes of the taxman you will be classed as home movers and not first time buyers
What's the difference between a second time buyer mortgage and a second charge mortgage?
A second time mortgage is the mortgage you use to buy a new home, despite the name it will be registered as the first charge on the new property (this means it has precedent over any other loan that may subsequently be attached to the property). A second charge mortgage is a new mortgage that would be attached to a property that already has a mortgage on it (the first charge) and the second charge would be paid out after and only if the first charge mortgage is settled
What interest rate will my home mover mortgage have?
Rates are comparable to first time buyer rates and are very competitive at the moment. To get an idea of what is available today get in touch but someone with a good credit score and deposit might be able to get a rate below 2%
What if I have a bad credit history?
Although it makes things more tricky there are many lenders who are more than happy to lend to people with some adverse credit history in the background. Get in touch and let me know what your situation is and I’ll let you know what is available to you
Why Use a Mortgage Broker
Although I offer a completely free, no obligation mortgage consultation there is a charge if you would like me to apply for a mortgage on your behalf, so why use a mortgage broker instead of going direct to a high street bank?
Making the wrong choice about your mortgage can cost you hundreds – even thousands of pounds – more than you need to pay. And because mortgages are awash with additional fees and charges, it’s all too easy to get tripped up. That’s why it makes a lot of sense to go with a mortgage broker.
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Mortgage brokers possess a wealth of valuable market knowledge and experience, in addition to having to be formally qualified to give advice on financial products. And independent mortgage brokers help you find the best mortgage deals available on the market – not just from a single provider.
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They know which lenders are comfortable with unusual circumstances and they will offer advice and guidance throughout the mortgage process, they will also act as your advocate with the mortgage lenders, making it less stressful. They are also particularly useful if you are in an unusual position.
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They might have exclusive deals with lenders, not otherwise available and they’ll help you take all the costs and features of the mortgage into account, beyond the interest rate. They often complete the paperwork for you, so your application should be dealt with faster and should only recommend a mortgage that is suitable.