Moving House Mortgage Advice
Moving home can be a stressful time. Let DW Financial help make the process as straightforward as possible and obtain the best mortgage interest rates available for you. Let us guide you through the steps from gathering the documents you need to getting your new home.
Understanding Switcher Mortgages:
- Second time buyers can borrow up to 80% of the purchase price as standard. In some cases, you may be able to avail of 90%.
- The 20% deposit can come from your own savings, equity from the sale of your house/another property and/or a gift from a family member.
- Your current accounts must be mortgage ready such as no referral/unpaid charges and no online gambling. Karen can guide you in relation to what you need to be aware of.
- Other borrowings can affect how much you can borrow as it reduces the amount of disposable income you have available to repay the mortgage.
- Approval in Principle is a letter from a lender confirming the amount you could potentially borrow based on your income and other financial commitments. This Mortgage in Principle is needed to put down a booking deposit.
- The Letter of Offer is the official letter issued by the lender advising that they are willing to offer X amount of a mortgage based on all financial documents submitted and underwritten and the value of the property you are looking to purchase. Letters of Offer are issued after the valuation has been done.
Switching your Mortgage to another lender:
Can you move your mortgage without moving home? Yes, you can! You can shop around for the best rates available or let DW Financial do the hard work for you.