Home Mover
A home mover refers to someone who is selling their current property and purchasing a new one, usually because of life changes like a growing family, a job relocation, or wanting to upgrade or downsize their living space. The process of moving homes can be a bit more complex than buying your first home, as you’ll be involved in both selling your existing property and buying a new one.
Understanding the process
Mortgage Options
There are several mortgage options that are tailored to first-time buyers:
Porting Your Existing Mortgage
Some lenders allow you to "port" your existing mortgage to a new property. This means you can transfer your current mortgage terms (interest rate, remaining loan balance) to the new property. However, there may be additional requirements, such as a reassessment of your finances, and this option may not always be available.
Taking Out a New Mortgage
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If porting isn’t an option, you can apply for a new mortgage. When applying for a mortgage, you’ll need to consider:
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Loan-to-Value (LTV):
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Affordability:
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Fixed vs. Variable Rate:
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Bridging Loans
A Joint Borrower Sole Proprietor (JBSP) mortgage allows multiple people to apply for a mortgage, but only one person is the legal owner of the property, while the other applicants are jointly liable for the mortgage payments.
When to Consider Moving Home
1
Growing Family
If your current home no longer fits your needs, a move to a larger property may be a good option.
2
Job Relocation
If you’re moving to a different area for work, it might be time to sell and buy in a more convenient location.
3
Change of Lifestyle
If you want to downsize, upgrade, or relocate for personal reasons, moving may offer you the flexibility and change you need.
Other costs!
In addition to the deposit, there are other costs to keep in mind when buying a home for the first time
