Mortgages for Home Movers
If you are moving home you have a great deal of mortgages available to you. Providing you have a reasonable deposit you could take advantage of a low rate for a set period or you could change mortgage type completely. There are also a few other options available that you might not have thought about.
Choosing an interest rate
Most mortgage holders pay the standard
variable rate to their mortgage lenders. However there are several
other interest rates available from most lenders for a set period.
These include:
Fixed rate | Capped rate | Tracker rate | Discounted rate
Choosing a new type of mortgage
There are a diverse range of mortgages available with special features
that allow you to make your money work in different ways. Here are
some of the available options:
Current account mortgage | Offset mortgage | Flexible mortgage
Other possible options
Self build mortgage
You may not have thought about building your own home but it may be
possible with a self-build mortgage. The project can be financed in
advance of the building phases meaning you don't have to get a bridging
loan.
Let to buy mortgage
As a home mover you may be relocating for work reasons but would also
like to keep your current property if possible. A let to buy mortgage
allows you to do this if you let out your current home to repay the
mortgage on your new home. This could be a great way of investing
for the future.
Buy property abroad
Thinking of relocating abroad? You could arrange a mortgage with a
British lender or a foreign lender. Or you could release equity
from your property with a remortgage
and keep your UK property whilst investing in foreign property.
Other considerations
Is your mortgage portable? If so you could stay with the same lender and avoid the hassle of looking for a new mortgage.