home Mover Mortgage guides
Home Mover Mortgages are for those looking to move to a new house, either for more space, a better location or extra facilities. As families grow, or shrink, many people need a different home.
Moving up the property ladder can be a time of mixed emotions. If you thought finding your dream home was difficult, buying and selling at the same time can be even more tricky. However, you have experience of how things work and that’ll help. But, equally you may find a helping hand even more important.
As a doctor, including as a locum doctor, you may find yourself working for short periods of time on random shifts and doing flexible hours. This could result in you having several gaps within your employment. There are currently a range of lenders which will consider lending based on your annualised contract rate. You may also be able to borrow more than you think, as this will ensure that any tax deductions on your payslips will not affect the mortgage affordability.
Mortgage providers will assess the value of the property you want to buy to establish how much they are prepared to lend you.
The cost of a mortgage valuation varies. It’s based on the value of the property you’re looking to buy. As an example, the cost can range from as little as £150 up to in excess of £1,500.
Some lenders might not charge you for a mortgage valuation, offering this for free. A lot depends on what type of mortgage product you select.
Capped rate mortgages are rare, so if you’re going it alone, you’ll have to search well to find a selection of rates to choose from.
Mortgages with a capped rate are in effect variable rate mortgages. However, they have one important difference. That important difference is: an interest rate ceiling, known as the “Cap” above which your repayments can’t rise.
It’s a good idea to take your time when finding a solicitor or conveyancer. Solicitors or conveyancers look after the legal aspects of buying or selling a property.
Normally, the first question you’re asked after making an offer on a property is the name of your solicitor or licenced conveyancer.
*Home MOver mortgages*
If you’re considering home mover mortgages soon (or even within a few years, you should certainly brush up on your mortgage knowledge. Get to know what to do before your mortgage application, during the application process itself and the way in which to use it after buying the property. If you would rather not take this approach, then instead contact an adviser, who will be able to walk you through the process.
Your Credit Is of Great Importance.
Home Mover Mortgages are a serious affair. Banks put up a lot of money at their own risk. So much so, they’ve been very careful since the subprime mortgage crisis of 2008. To qualify for a mortgage, good credit is helpful, but not essential. Based on your present situation, we can also be your guide when it comes to how much you can afford to pay for your new home and what your price ceiling should be. Not only will we help you buy your dream home, we’ll also help you finance it with the lowest cost and most convenient mortgage deal available.
Mortgage Regulatory Information
Building societies, specialised mortgage lenders and banks provide the most mortgages across the UK. There is a total of 200 different financial institutions which offer mortgages in Britain. Lloyds Banking Group and Nationwide Building Society owns the market’s largest share.
Even though UK banks and building societies have always been regulated closely, the FCA (formerly the Financial Services Authority) put a regulatory scheme in place for mortgages. The Financial Services Act 2000.
Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. There are strict rules regarding the use of unfair, misleading adverts and promotions. There are also checks to make sure the terms of any contract for financial services are fair for the consumer. The original regulations represented in the rules for Mortgage Conduct of Business (MCOB) were reconstructed due to the 2014 FCA Mortgage Market Review (MMR).