New Home

Moving Home?

Do You Need a New Mortgage?

March 2022

Moving home can be the perfect opportunity to explore your options to find the best mortgage for you. Whilst it is possible to move your mortgage from your current home to your new home, this may not be the most cost-effective method.

We strongly recommend speaking to one of our professional mortgage advisors, they are trained and qualified to give you the best advise; whether this be to continue with your current mortgage, or obtain a new one.

Things to consider to help decide whether you need a new mortgage:

Firstly, understand your current mortgage.

Check to see if there are any penalties for leaving your existing mortgage. If you are on a fixed or discounted rate, then there may be additional interest charges. If charges to leave are high, or if your current mortgage has a lower rate than any new alternative mortgage, then you may want to consider moving it to your new home.

Conversely, if your new property is more expensive than the previous and you need a larger loan then it can be easier to change to a new policy. You may wish to extend the length of your mortgage, so a new policy would be necessary.

If your circumstances have changed since you took out your original mortgage; for example, your credit score has risen, your salary has increased, your Loan to Value is lower then this can put you at an advantage when being assessed for a new mortgage; allowing you to qualify for a lower rate.

It is also important to note that moving your current mortgage from your old property to the new is unlikely to be free. Mortgage companies will have to assess and value the new property, resulting in fees to transfer.

If you are moving properties and are considering whether to remain with your current policy or change to a new one, contact Pure Mortgage and Protection and speak to a Personal Mortgage Adviser. Our aim is to help make your process of moving home a smooth and easy experience, and to get you the best possible mortgage for your circumstances.

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