Moving House

It is crucial that you fully understand your rights under the current loan agreement when you relocate and get a new mortgage. This includes being aware of any restrictions that might apply when switching lenders as well as if you can do so without incurring penalties. Additionally, make sure the new loan terms are acceptable to you and be aware of any associated costs you might have to pay. Your lender and the sort of loan you have will determine your legal rights.

Do your homework before choosing a mortgage. It’s critical to evaluate the many lenders and products on the market, and it’s worthwhile to look up customer reviews too. While selecting a lender, you should also carefully consider the costs and conditions attached to various mortgages.

Your new mortgage lender will write to you to confirm your monthly payments if you have redeemed your previous mortgage and chosen to go with a different lender. It is possible, nevertheless, that there won’t be a payment due for a few weeks.

For the initial payment, you may still pay twice. But, the first month’s fee can be a little more. This is due to the fact that some lenders add the shortfall—that is, an additional payment that you make—to the end of the mortgage. You shouldn’t worry because the extra weeks without payment will be covered in any case.

Consider The Following To Get Started:

1. Recognize the rights you have under the terms of your current mortgage.

2. Seek for expert guidance from a mortgage adviser/broker.

3. Make sure you get the best value and the right product.

4. Think about the expenses involved; don’t forget to account for the cost of the removal vehicles.

5. Choose whether to stick with your current lender or move on.

6. Determine how much you’ll need for a new mortgage. If you can move your current mortgage to avoid early repayment penalties, staying put will probably be less expensive. This allows you to transfer your current rate to the new mortgaged property with the same lender and avoid paying penalties.

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How Chapel & Stone Mortgages Will Help You:

1. We’ll determine how much you can afford and how much it will cost to pay off your previous mortgage.

2. We’ll look through our network of more than 170 lenders to discover the best offers.

3. We’ll provide advice on the best mortgage for your needs and situation.

4. We’ll assist you throughout the whole application process, from filling it out to submitting it.

Note:
By paying off a portion of your mortgage, you might want to think about lowering its amount. If, of course, your current rate is redemption free, you can do this before committing to a new product without incurring any penalties.

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Need Help Getting Started? Call Us!

0330 223 2181

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.