You have decided to relocate, upsize or downsize and you still need a mortgage loan to purchase the new home.
There are a few ways this can be achieved:
Remain with your existing lender on the same mortgage terms but port this debt over to the new property.
- Port over existing debt but also “top up” with an additional mortgage loan with your existing lender
Take a new mortgage with an alternative Mortgage lender.
Each of the above still requires a full mortgage application, affordability check and specific documentation to support the loan application. It is beneficial to discuss this with us so we can determine which is the best and most cost-effective option for you to secure your new home.
Also, it is important you are aware of any costs that may apply if remortgaging to an alternative lender i.e. early repayment charges (ERCs).
An early repayment charge is a fee to your mortgage lender. If you have a mortgage with a fixed, capped or discounted interest rate product, your lender might apply an early repayment charge which you may have to pay if you reduce the amount you've borrowed, perhaps by paying off a lump sum or redeeming the mortgage loan in full during the term of the special rate product.