Are you looking to move a new house? If yes, you will be glad to know that mortgages are portable that means you can transfer your existing mortgage to your next home and you can take out extra funds if you need.
Three mortgage options that Shine Mortgages provides you:
- Keep your current mortgage as is
If you want to move to a big house, you can port your existing mortgage. Shine Mortgages will transfer your current balance without charging prepayment fees as long as your new mortgage starts within three months of selling your current home.
- Port your mortgage and borrow additional funds
If your new house is expensive and you need to borrow additional funds, our competitive mortgage deals will enable you to apply for the balance over your existing mortgage.
- Take out a new mortgage deal altogether
You also have an option of taking out a new mortgage. You will have to pay off your current mortgage. Compare mortgage deals and choose the one that best suits your needs.
Why Choose Us
Our incredible services make us standout.
- You will get the personalised deal We are a team of mortgage advisers, who will talk to you about your financial condition. Whether you port your existing mortgage or take out a new deal altogether, we will give you a deal that fits to your finances. You will get genuine advice whether it is a fixed-rate mortgage or tracker mortgage. Our 24x7 customer support will help you resolve your queries anytime.
- Online application You do not need to get anywhere if you want to take out a mortgage for moving home. You must have an internet connection to submit the application form. The entire lending process is done online. As soon as your loan application is approved, you will get funds to move your new house.
Note: The property that you secure against a mortgage loan must be in the UK and you should be at least 21-years-old to apply for a mortgage. You need to be the resident of the UK besides.
How Can You Minimize Mortgage Fees?
Here are the few tips to whittle down the cost of mortgage fees:
- If you do not want to borrow additional funds, porting of your current mortgage to your new property will not charge you additional fees.
- Moving a new house will not cause you prepayment fees if you wait unless your current deal comes to an end. This option is available if you are buying a new mortgage altogether.
How Our Mortgage Deals Work
Whether you port your existing mortgage or you take out a new loan, in both the situations, you will go through the affordability criteria that you went through to get your first mortgage deal. We approve your application after considering your financial condition.
Reasons to peruse your income statement and ask you to get through the lending criteria again are -
- Your financial condition may not be as sound as you had when you applied for first time mortgage, OR
- The lending criteria may have changed by the time you port your new mortgage.
If the value of your house has gone up, we may sanction you a bigger mortgage to help you purchase an expensive property. You can also benefit from your sound financial condition. If you are moving into a small house, the increase in value of your present home will enable you to take out a smaller loan at low interest rates.
Approval chances hike up if you do not have multiple debts and a large amount of outgoings.
How to Start Taking out a Mortgage
If you are looking to buy a home seriously, you should do research before grabbing an offer. Before you out in an application, you should ensure your credit rating is good, you have a sizable proportion of deposit, and you can easily afford mortgage repayments even if an unexpected expenditure emerges down the road.
It is important to consider your affordability especially if you are self-employed. Most of the buyers end up losing their property because they borrow more than the repayment capacity. Shine Mortgage asks for the minimum deposit size of 5% of your property. If you arrange a fairly large size of deposit, you will be at an advantage.
- Choose the type of mortgage you want to buy
- Use mortgage affordability calculator to estimate the cost of your borrowings
- Keep your finances in a good order
- Compare mortgage interest rates to choose the cheapest deal
How long does it take to get a mortgage?
You can apply for a mortgage anytime by filling out an online application form after you have made up your mind. It may take a couple of days to complete the procedure as it involves perusal steps. As you submit your application, we follow the following verification procedure:
- We look over your pay slips, bank statements and your income tax return if you are self-employed to verify your income.
- We examine your financial commitments to figure out your affordability.
- You will submit some documents like identity and address proofs.
- We will run a mortgage valuation survey.
- We will look at your credit report to know your payment history and risk of defaults.
You will get the mortgage as immediately as all of these formalities are done.
What if you are turned down?
There is no guarantee that you will get the mortgage. Lenders reject the application only when they doubt on your repayment capacity. You should figure out the reasons for rejection and try to resolve those issues so that you can apply for the mortgage in future.
Shine Mortgages provides bespoke deals to borrowers. Contact us if you are looking forward to moving into a new house.