DIMORA MORTGAGES

Movers

Moving house can be challenging and stressful, whether it’s your first home or your second or third home, or even downsizing. But one thing you can count on is your Dimora independent mortgage advisor in Norwich for moving house advice.

Moving house is a big financial commitment at any stage of your life, and just because you’ve gone through the process of buying a house before, it doesn’t mean it gets any easier or less stressful. If you have a home to sell as well, it adds a further step in the process and can complicate matters even more.

As you get older, your circumstances and your priorities will change. That means your mortgage needs will also change. The mortgage you had for your previous home won’t necessarily be suitable for your new home.

Porting Your Mortgage

The good news is that many mortgages today are portable – you can move, or ‘port’, your existing mortgage to a new house. You will still have to apply for the mortgage.

But the benefit is that if your new home is more expensive and you need to borrow extra money, your existing lender will likely be more favourable (you will only have access to that lender’s deals).

It also means that your lender may waive any early repayment fees if you have a fixed-rate mortgage deal. The drawback is that you could end up with two related mortgages with different fixed-rate end dates.

Apply to a new lender

Alternatively, your mortgage advisor in Norwich may recommend applying for a mortgage with a new lender.

Whilst you are likely to pay early repayment fees on your previous mortgage, you could have a mortgage deal that is better suited to you and your circumstances.

A Guide to Moving

Discover how much you can borrow – once you’ve had your home valued (we recommend asking three different agents), talk to our mortgage advisors for moving house advice on mortgages and find out how much you can afford to borrow.

List your house for sale – while you wait for your mortgage agreement in principle instruct an estate agent to list your house for sale on the open market.

Get your mortgage agreed in principle – put yourself in an enviable buying position by getting your mortgage agreed in principle, which includes confirmation you have passed the first phase of your credit rating with the lender.

Source a solicitor – don’t wait until you’ve found a house. Find a solicitor you can trust as soon as possible, as they can start the process of buying your home. Need help? No problem. Talk to us, and our mortgage broker in Norwich can help you.

Hunt for your new home – now you’re all set to start house hunting and finding your new home.

Get your offer accepted – once you have found the perfect place and had your offer accepted, call your Dimora mortgage broker, who will process your mortgage agreement into a mortgage application.

Wait for the mortgage valuation – your lender will send a valuer to assess your future home to ensure it is worth what you’re paying. This protects you and the lender should something unforeseen happen, and you can’t maintain mortgage repayments.

Receive your mortgage offer – good news! Your lender has approved your mortgage application.

Get insured – your mortgage lender will require you to insure the buildings of your future home. Chat with your Dimora mortgage advisor, who will offer first-time buyer advice on buildings and contents insurance and other insurances you should consider.

Exchange contracts – you’re almost there! Your solicitor has legally exchanged contracts with the vendor’s solicitors, and all parties have agreed on a moving date.

Now it’s time to move into your new home – congratulations on your new home!

How We Can Help

Moving house at any time is challenging, and knowing whether to stay with your existing lender or jump ship to a new lender is not always clear.

Our highly experienced, knowledgeable mortgage advisors in Norwich will assess your needs and match you with the right mortgage solution.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Time to start your mortgage journey?

Truly, a five-star service

We’d be nothing without our valued clients. We pride ourselves on creating proper relationships on a case-by-case basis.