Moving Home Information
Moving Home can be stressful from making sure you have a suitable mortgage at the start, to the final moving in. It can also be very exciting and rewarding!
Moving Home and Home Mover mortgage advice from WPP Financial Services, Rochester, Medway, Kent, could help with this.
When moving home you may also want to consider porting your mortgage. WPP Financial Services can help you understand your own affordability limits and decide if porting your current mortgage and taking it with you is an option.
Although it seems to suggest you are just carrying your current mortgage with you, porting your mortgage in fact means that you are repaying your existing mortgage and will start a new mortgage in the same terms for your current property after you move.
If there has been a change in your personal circumstances since your existing mortgage was taken out, you may have to consider a new mortgage that has different terms and if the new mortgage is for a property that is a higher cost, the new mortgage might have a higher rate. If you downsize to a cheaper mortgage again the terms may be different and early repayment charges can be incurred.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Moving Home – Porting Your Mortgage
It might not be a good idea to port your mortgage and different options should be considered carefully. If you don’t have an early repayment charge from your current lender, it is possibly worthwhile shopping around. You will need to check with your current lender as well to confirm if there are any exit fees on the mortgage.
If you have changed jobs and now have a lower income or are self-employed, you might also find that your options on new mortgages are limited. The current lender will also run credit checks and check loan and mortgage payments have been maintained.
The advantages and disadvantages of porting a mortgage
Advantages of porting a mortgage
The speed of the application process should increase because the lender will already have lots of the information they need from you.
Quite often you do not need to pay exit fees or repayment charges as you are keeping the same terms with the same lender.
If your current mortgage rate is a lower interest rate than current rates you will be able to keep these lower rates.
Disadvantages of porting a mortgage
There may still be some fees to pay, e.g. a valuation fee of the new property and an arrangement fee. There will, of course, be legal fees involved in the conveyancing of the property and there might be a transfer fee.
There could be better rates available that you could access by remortgaging.
For a more expensive property, you may have to borrow the additional money with a different rate and term.
Moving Home – tips to help
Home Mover mortgage advice from WPP Financial Services, Rochester, Medway, Kent, could help with this.
To do before Moving Home
- Declutter first (before you even put your home on the market!)
- Dismantle before – even if it means sleeping on the floor on a mattress
- Book a removal company
- Book pets in for day boarding and young children with friends to make the process easier.
- Pack a SURVIVAL KIT. Pack a box or plastic crate with a kettle, milk, teabags, coffee, sugar, snacks, toilet roll, a bottle of your favourite celebratory/restorative tipple and mugs. Bin bags, cleaning cloths, multi-purpose cleaner and a phone charger.
- Redirect your post using Royal Mail’s redirection service to ensure that any bills or other mail you’ve not changed your address on still reaches you.
- Label all boxes with the room and items inside on top and on the side (so you can see it when it’s stacked)
- Stick bags of screws and fittings in plastic bags to the relevant bit of furniture with masking tape.
Make sure you know the following about your new property
- Stopcock location (to shut off the water)
- Location of the gas meters
- Location of the electric meter
- Location of the water meter
- Bin collection day
- Instruction manuals and warrantied for any remaining electrical items
- Energy provider
- Broadband provider
- Water company
- TV/Home phone provider
- Check the light bulbs work as soon as you get into the new property so you have time to buy some before it gets dark.
After your move
1. Register to vote
2. Return the previous occupiers’ posts the right way. Write on it ‘return to sender’ and this will let the sender know they have moved on and prevent them from sending additional posts. .
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