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We are fully independent which means we have access to the whole of the UK lender market. We also have a number of experienced advisers who will advise you on what steps you need to take to either port your current mortgage to your new house, or to get a better deal during the move.
What happens to my mortgage when I move?
Moving can be a stressful time, but Flagstone advisers can help to make sure your mortgage doesn’t add to this. All mortgages are secured on a specific property, so when you move house, your current mortgage is paid off and a new mortgage is taken out for the new property. Our advisers will look at your current mortgage and explain the options to you without any obligation or pressure.
Can we apply for a first time buyer mortgage?
If at least one of the people on the mortgage has not owned a house before you may be able to apply for a first time buyer mortgage. Contact us today on 0808 231 1073 or fill in our simple to use contact form and our advisers can help you get the best deal.
What should we do first?
Before you decide on your moving plans, you should talk to an adviser and see what funds you have available to move – remember to consider stamp duty, early repayment fees and moving costs when deciding budgets as these will all affect the amount you have to put into a new mortgage.
What to consider before you move
When it comes to moving house, there are several options you can consider to make your move go smoothly. If you are moving from an area with a slower property market to one where the market moves more quickly you may find that the places you like are selling before you’re in a position to make an offer – in those kinds of markets you may find sellers are reluctant to accept offers before you’ve an offer on your own property, leaving you in an unenviable position.
If it’s feasible for you, consider renting in the area you wish to move to for 6 months / a year before buying – this has the advantage of letting you get used to the area as well as meaning you’ll be a chain-free buyer when you find your perfect place, meaning you zoom to the top of the list when it comes to putting in an offer – you may even get a discount as you can guarantee a ‘quick sale’.
The following is a list of other considerations you should be taking in to account before and during your move:
Is your current mortgage portable?
Porting your mortgage still means the loan on your current property will be paid off and a new one established on the next house, but your mortgage provider will waive any redemption penalties and will usually apply the same rate as your old mortgage to the new one, with the same conditions attached. Porting your mortgage is simplest when your new property requires the same level of mortgage as your current one: Although it is possible to increase the amount you borrow, this can be at a new rate so it’s important to understand the implications of this – your adviser can walk through the different scenarios with you and ensure you understand all the small print.
Have you remembered Stamp Duty?
The amount of Stamp Duty payable on residential properties can change depending on the latest budget and Tax rules. The rules can vary depending on whether you’re a first time buyer or own a second property. Your mortgage adviser can help to guide you on the latest Stamp Duty amounts and what you would need to put aside for this.
Have you arranged a survey?
There are a few different types of property surveys available. Your mortgage lender will conduct their own ‘mortgage valuation’ of the property you are buying to ensure they are comfortable with lending you the amount you have requested. There are two main types of survey: A Homebuyer Report or a full Building Survey. Our advisers will be able to recommend a qualified surveyor who can assist you with your survey and explain the different reports available.