Moving to a new home can be exciting – whether it’s your first purchase, upgrading to a bigger property, or relocating for work. But for many homeowners, the biggest question is: how can your mortgage support this move?
At Which Mortgage, we help you navigate the financial side of moving home, ensuring your mortgage is structured to suit your new circumstances.
Understanding Your Current Mortgage
Before you start looking at new properties, it’s important to review your existing mortgage:
- What is your current interest rate?
- Are there early repayment penalties?
- How much equity do you have in your current home?
Knowing this helps you plan whether it makes sense to switch, refinance, or transfer your mortgage to a new property.
Switching Mortgages vs. Taking a New Loan
If you’re moving, you may have two options:
- Port your current mortgage – transferring your existing mortgage to your new property
- Apply for a new mortgage – getting a fresh deal that may offer better rates or terms
A broker can help compare these options and identify which will save you money and provide the most flexibility.
Budgeting for Your Move
Moving home often comes with additional costs beyond the property price. Make sure you account for:
- Stamp Duty (1% up to €1 million, 2% above that)
- Solicitor fees (€1,500–€3,000 plus VAT)
- Moving costs and new furnishings
- Valuation and surveyor fees
A broker can help you factor these costs into your mortgage plan, so you’re not caught by surprise.
Improving Your Borrowing Power
If you plan to upgrade, knowing how much you can borrow is crucial. Tips to improve your borrowing potential include:
- Reducing existing debts
- Maintaining stable income
- Saving a larger deposit
We can provide a realistic assessment of what lenders are likely to offer based on your circumstances.
When to Get Mortgage Advice
It’s best to speak to a broker early in the moving process, even before you put your home on the market. This ensures:
- You know your budget for the new home
- You can obtain Approval in Principle (AIP) to strengthen offers
- You can explore options to save on interest or fees
Making Your Move Easier
With the right planning and guidance, your mortgage can make moving home smoother and more cost-effective. A broker can help you:
- Compare deals from multiple lenders
- Find the most suitable mortgage for your situation
- Ensure a smooth transition from your current property to the new one
Ready to make your next move stress-free? Contact Which Mortgage today – we’ll guide you through your options, help you secure the best deal, and make your move as smooth as possible.