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MOVING HOME2020-09-14T13:51:33+01:00

REVISITING THE MORTGAGE PROCESS

first time buyer mortgages

1. GET STARTED

Come in and discuss your new mortgage with an adviser, revise your monthly budgets and gain a Decision in Principle from your chosen lender.

find the right mortgage

1. Mortgage Offer

Put your home on the market, find a new property that’s suited to you and we’ll help with finding a mortgage offer that meets your needs.

find the right mortgage

1. Swap Keys

After your surveys take place and you get in touch with a solicitor, you’ll be feeling nostalgic and swapping keys over before you know it.

Moving home in a different way

Moving home, you’ll find, is a very similar process to the first time that you stepped onto the property ladder, except that this time you’ll know exactly what to expect! You’ll also most likely be entering into a ‘chain’, where you have the option to not only look to find a new mortgage in order to buy a property, but you’ll also probably be looking to sell your current property. Here at Southern Mortgages, it’s important to us that you experience the most hassle-free environment surrounding your mortgage, so that you can concentrate on finding the perfect property and getting the right price for your home.

moving home

TYPES OF MORTGAGE

There are a wide array of mortgage types to choose from, and it can sometimes get a little confusing. Hover/tap on the box to find out more about the different mortgages available.

repayment mortgage

Repayment

This is the most common type of mortgage and involves paying off a combination of your loan and the interest you owe each month, repaying the loan off in full by the end of your term (usually 25 to 30 years).

interest only mortgage

Interest Only

Looking to have lower monthly payments, an interest-only mortgage could be for you. You don’t repay the loan amount that you borrowed – only the interest that you owe on it – until the end of your mortgage term.

repayment mortgage

Fixed Rate

If you are looking for stable monthly payments you can fix your payment for a certain period of time (typically 2 or 5 years, but sometimes longer). During this time the interest rate cannot change.

variable rate mortgages

Variable Rate

There are a few types of variable rate mortgages, but they all do exactly as it says on the tin – the interest rate can vary during the course of your term.

offset mortgages

Offset

If you have savings available, an offset mortgage could help you by either lowering your monthly payments, or shortening your mortgage term, depending on what suits your needs.

cashback mortgages

Cashback

Cashback mortgages mean that you receive a cash lump sum when you successfully complete your purchase. The lump sum that you receive varies depending on the lender, but this may increase your monthly payments.

Tracker Mortgages

Tracker

This is a type of variable rate mortgage,
where the rate “tracks” that of the Bank of England base rate. If the base rate rises, so does your mortgage rate and vice versa.

capped rate mortgages

Capped Rate

Similar to a tracker mortgage, but it has a ‘cap’ to stop the interest rate going above a certain level. Sometimes they even have a ‘collar’ to stop the interest rate going below a certain level. Not as popular as they once were.

capped rate mortgages

Flexible Rate

Flexible mortgages allow you to make underpayments, overpayments and even take “payment holidays” during the course of your term, meaning that your mortgage adapts to your financial needs. You could end up paying less overall in interest payments by choosing this type of mortgage.

discounted rate mortgages

Discounted Rate

This mortgage gives you a discounted rate for the first period of your term (normally between 2 and 3 years). The discount is deducted from the Standard Variable Rate offered by the lender.

Looking to move house?
Speak to one of our advisers

Call 01702 746811

REQUEST A QUOTE

Speak to an Adviser

01702 746811

Our Hours

Mon – Fri 09:00 – 17:30 Sat 09:00 – 12:00

Get in Touch

Speak to an Adviser

01702 746811

Our Hours

Mon – Fri 09:00 – 17:30 Sat 09:00 – 12:00

Get in Touch

FAQ for Home Movers

The mortgage process is never straight forward, so don’t worry if you still have some questions to ask. Take a look at our handy FAQ’s, and if you can’t find what you’re looking for, give us a call today.

When is the right time to move home?2020-08-19T12:03:21+01:00

As you know, there are many different things in life that don’t turn out exactly how you may have planned them, so it becomes necessary to adapt to your circumstances and be flexible with what life throws at you. Whether you’re looking to relocate for a change of career, moving home to find a larger property for your growing family, or adjust according to your new financial situation, having an expert broker on board can help you find a new mortgage deal that suits you better than ever before.

Do I need to find a new mortgage before I find my new home?2020-08-19T12:02:51+01:00

You wouldn’t be able to fully complete your mortgage process without finding the property that you would like to purchase, as there are surveys etc. that need to take place in order for your mortgage to complete. However, we do advise coming in to see us before you begin searching for your new home, as we may be able to secure you a Decision in Principle that will give you a guide price to consider when house hunting.

REQUEST A CALLBACK

If you would like to speak to one of our mortgage advisers and see how we can help you with a stress free mortgage, or you would like to discuss our range of loans or insurance cover, complete the contact form and we would be happy to call at a time that is convenient to you. Alternatively, simply request a reply by email if you prefer and we will get in touch with you.

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