It’s likely that much has changed in the property market since you bought your last property, and therefore we would advise seeking advice from a qualified advisor about the next time buyer mortgage options currently available to home movers. Mortgage lenders have tightened their lending criteria significantly in the last couple of years, and you will need to be able to put down a deposit of at least 20 percent in order to secure a next time buyer mortgage deal. This deposit requirement will rise if you have a poor credit rating from missed loan payments, CCJs or irresponsible borrowing in the past, and you may find that the next time buyer mortgages you are offered will have less competitive interest rates.
Moving home is a complicated business and it is important that you are fully aware of your options, and whether in fact you need to take out a next time buyer mortgage. If you are moving to a property with a lower value than, or a similar value to your existing property, you may be able to transfer over your existing mortgage loan. However, if you are looking to transfer up to a larger property, you will require an entirely new next time buyer mortgage deal unless your current lender will allow further borrowing at a favourable rate. If you would like to talk through your options with a qualified mortgage advisor from the SimplyFinance network, simply fill in our short form. Let us help you to minimise the stress of moving house.