A removal and mortgages: what you need to know

When you consider buying a house, we recommend viewing the economic conditions of the housing market. How is the mortgage interest? Is it favourable to buy a house now? At the moment, interest is relatively low and housing websites are busy with people looking to sell their property. But everything starts with a good talk with an expert and orientation on the costs involved in moving house. We have some tips that might help!

1. Removal – what kind of mortgage?
   To know exactly what kind of mortgage your bank will provide, we recommend having a talk and putting everything in writing. This will result in a clear vision of your situation. A 2% mortgage for a 10-year interest is common at the moment and is manageable and possible for a lot of people. Are you thinking about moving house soon or in the foreseeable future, now is the time to talk with your bank.
2. Can I move my mortgage with me?
   It is possible to take your mortgage with you to a new home, but this depends on the bank you are with. Ask about it in the orientation talk you will have just before your removal. Another possibility is that the mortgage can be paid off without a prepayment penalty, although this is not always the option with a budget mortgage. Naturally, this depends on your bank and your situation, but we would like to inform you about the possibilities you might have.
3. Mortgage without prepayment penalty
   A lot of banks and other money providers find an interest-only mortgage should not be higher than 50% of the market value of your next property. This also complies if you have previously had a larger interest-only part.