"I'm Moving Home"

Moving home is said to be the second most stressful thing we can do. On the mortgage front, it can sometimes be straightforward, particularly if you already have a portable mortgage, your circumstances haven't changed, and you aren't changing the amount you are borrowing.

However, this isn't, in our experience, normally the case. People move to bigger (or smaller) houses, and may need more (or less) money. An existing lender may not be able to offer a mortgage on the new property, especially if it's an unusual building, a self-build, needing significant refurbishment or otherwise non-standard. Further, your financial circumstances may have changed since the original mortgage application, so you may not qualify to "port" your existing mortgage.

In some cases. vendors may decline to accept an offer from a potential purchaser who can't demonstrate that they have pre-approval for a mortgage.

In all these circumstances, The Mortgage Company Ltd* can offer help and advice on the best way forward. If the "best advice" is that you port your existing mortgage to your new property, that's what we shall advise. Otherwise, we will take detailed notes of your circumstances, and make the appropriate recommendation. We can then seek an "Approval in Principle" from the lender concerned, so that you can make an offer to purchase with confidence.

Your home may be repossessed if you do not keep up repayments on your mortgage.

* is a trading name of Karrek Financial Management Ltd.