At Leap Finance we believe that moving home is the perfect opportunity to look for a better mortgage deal. So why not let our team of specialists help you with your mortgage options?One of the first steps is to find out exactly how much you can borrow, and then find the best mortgage deal and rate to suit your individual circumstances. If you are trading up to a larger property, you may need to increase the size of your loan. You will need to ensure this is affordable once you get there, so it’s crucial that you get the right advice from the outset. Even if you do not need to borrow more, our expert advisers will work to find you a mortgage that best suits your new circumstances. We know that moving home can be a stressful time, so why not let one of our expert advisers relieve the pressure and do a lot of the hard work for you.
“We were over the moon with how much money we could potentially save... I cannot recommend these guys enough. Thank you for all your help!”
Moving home is often an opportunity to look around for a better mortgage deal. Like any remortgage, you should start by checking whether there are any penalties to pay on your existing home loan. In particular, there are likely to be fees and additional interest charges if you are still in the special offer period of the loan – on a fixed or discounted deal rather than the lender’s standard variable rate. In order to be better off by moving mortgage provider, you’ll need to find a deal that’s sufficiently cheap to cover the cost of these penalties. Some of these sorts of calculations can cause a real headache, but the Leap Finance team can cut through this and give you the bottom line information you need to see what is the best value option and help you make a fully informed decision.
Look for a better mortgage
You might think there are no better options out there, but we say it’s always worth scouring the market for the hidden gems! It will of course be easier to save money if your current deal is penalty-free. Mortgages for those moving home are increasingly competitive, with variable rates starting at around three per cent and fixed rates currently priced a little higher. We will help you weigh up your options and consider the impact of arrangement fees and other charges lenders may levy – these will typically be added to the mortgage value, but will add to the headline rate of interest payable.
“He saved us £280 per month, shortened our mortgage term by 6 years and 3 months, and also raised £3,000 for a new bathroom! It just shows you what’s possible when someone takes the time to do a proper job.”
We can help you through all the relevant credit assessment documentation and explain how lenders’ decisions are made. If you are thinking of moving your mortgage, it is likely you will be assessed against a much stricter criteria than before the credit crunch. You will normally be asked many more questions than you might have been previously, and there will be a lot more paper-chasing involved before you’ll be able to move your mortgage. When it comes to transporting your current deal to a new property, you must remember that you will have to meet the lender’s criteria at that particular point in time. So, while your circumstances might not have changed, your lender’s criteria might have got much stricter, which means you may no longer be eligible to move your mortgage.
Switching mortgage lenders
When times are tough, as they are now, you could find that especially if you’re upsizing and wanting to borrow more, that your lender may not allow it. If you find you cannot transfer or port your mortgage to a new property, then your only option will be to stump up any early redemption penalties and to move lenders, or to stay put in your current property. So when taking out a mortgage, always give plenty of thought to when your next move might be before you lock yourself into another mortgage deal – even if it is ‘portable’. You may be better off going for a two or three-year fix so that when you do move you can shop around and have a choice of deals so you do not restrict yourself to the same lender.