This type of mortgage is typically for people who are stepping up the property ladder. There could be various reasons as to why you move home whether its moving to a larger property or down-sizing to a smaller property. What you want to do with the current property will determine the route for the mortgage process.
- If you already have a mortgage; you can move that on to your new property. This is called “porting”, where you keep the current loan and rate with the same lender and can also request additional amount (subject to affordability) to purchase your ideal home.
- You may want to keep your current residence but unsure of how to release fund to provide for the deposit. This is where we talk about let-to buy mortgages which allows you to release capital to fund the deposit and keep your property on a let-to-buy basis.
If you believe you can’t afford to make the move, there is always another way- joint borrower sole proprietor.
Speak to us at Advance Mortgages to get an insight knowledge of the process and how we can help you move forward.
