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
If porting isn’t an option, you can apply for a new mortgage. When applying for a mortgage, you’ll need to consider:
-
Loan-to-Value (LTV):
-
Affordability:
-
Fixed vs. Variable Rate
Joint Borrower
Sole Proprietor (JBSP)
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.
Think carefully before securing any other debts against your home.
Your home may be repossessed if you do not keep up repayments on a mortgage.
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
Regulatory Notice: You are currently viewing a webpage dedicated to Mortgage products. It is important that you understand that the information and advice provided on this page only are subject to regulatory frameworks. Anantam Mortgages and Protection are a trading name of Cox and Flight Financial Solutions Limited an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority and are responsible for the advice conducted on Mortgages and Buy to Let Mortgages.