Home Movers

Are you looking to move to your next property?

Whether it be upsize, downsize or just because you fancy a change…. We can help. There are lots of mortgage options when looking to move to your next home and we can help!

Terms. Loan to Value (LTV) and Fixed and Variable rates. Moving home again may be daunting but it needn’t be with our help. Let us translate the technical talk so you can decide what you need before you call us.

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Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

What do we mean by mortgage?

Simply speaking, a mortgage is a loan to buy a property. It’s a loan that can typically last between 25 – 30 years (although 35-year mortgages are available) depending on your circumstances. And it’s a loan ‘secured’ against the value of the property…so if you fail to repay your monthly payments your home may be repossessed.

How much you can borrow will depend on your income, your outgoings and what you can afford to pay back to your lender each month.

For home movers there are many different types of ‘repayment’ mortgages on the market. If you are still in a fixed rate mortgage you may even consider porting that mortgage onto a new property.

Now let’s consider rates. It’s not just the percentage rate you need to think about, it’s also the Loan to Value (LTV). This is simply the ratio of equity you own in the property. For example, if you have a 10% deposit would be 90% LTV.

You could choose from a Fixed Rate, Variable Rate, Base Rate Tracker or Offset Mortgage.

Mortgage types explained

Fixed Rate

Base Rate Tracker

Variable Rate

Offset

Interest-only mortgages

This is when your monthly mortgage payments stay the same amount for a fixed period of time.

The interest you pay on your mortgage each month is tracked against the Bank of England Base Rate (BBR) for an agreed amount of time. This means that your mortgage payments could go up or down each month in line with interest rates.

Similar to a Base Rate Tracker, with a variable rate mortgage your monthly payment amount could vary. This isn’t because of Base Rate, it will be determined by your lender as agreed in your terms and conditions.

Link your Offset savings account to your mortgage with specialist Offset lenders. With an Offset mortgage you’ll only pay interest on the difference between your savings and mortgage balance. So, the more you have saved the less mortgage interest you’ll potentially pay.

Although few lenders offer these, it’s important to understand what they are. Interest-only mortgages mean you only repay the interest on your loan each month. And then, at the end of your mortgage term, you repay the total capital that you’ve borrowed.

Mortgage Calculator

The figures provided by this calculator it is for illustrative purposes and actual figures would depend on your situation and circumstances, which we would be happy to discuss.