Moving home - so what happens to my existing mortgage?

May 8th 2019
By: Melanie
Moving home - so what happens to my existing mortgage?

If you already have a property and are planning a move you will need to consider what happens to your existing mortgage. Normally, if your investment has increased in value you will have more money to put down as a deposit on your new property, which will give you more mortgage choice if you are thinking about changing to a new lender as long as you have a good credit history. 

Before remortgaging make sure that you still meet the new strict lending criteria which have been bought in over recent years. The new changes mean that now all of your expenditure is taken into account, such as subscriptions etc. when working out how much you can afford to borrow and repay. 

So the quandary is do you stick to your current lender or consider a change?

If you stay with your original lender they might offer you a few incentives such as a free mortgage set up, or free exchange. However, they might not necessarily offer the best deal in the market place, so it’s always good to see what new mortgage products are available by arranging a meeting with a financial advisor such as Embrace Mortgage Services. That way you will have all the facts which will enable you to make an informed decision.

What is LTV?

LTV, loan-to-value, is a term used by lenders and refers to the size of your mortgage compared to the current price of your home. So for example, if you wanted to buy a property which costs £400,000 and you have a deposit of £100,000 then this would equate to a 25% LTV. Usually, the lower your LTV is the better rate you will be able to get, normal taking into consideration other factors such as age etc. 

For more advice please contact Embrace Mortgage Services.


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