Moving Home

Getting a mortgage while on a zero-hour contract and moving home can be more challenging compared to traditional employment arrangements. Lenders often prefer borrowers with stable and predictable income sources. However, it's far from impossible to obtain a mortgage in this situation. Many lenders will consider your application if you can demonstrate a consistent history of income from your zero-hour contract. They may request several months' worth of payslips and bank statements to assess your income stability. Additionally, having a good credit score can strengthen your mortgage application.

In most instances yes, you have the option to transfer your existing mortgage to a new property, a process known as mortgage porting, but this is not an automatic process and requires agreement from the lender. Porting may mean you can maintain your current mortgage deal, including its interest rate, when you relocate to a new home which may be favourable dependant on circumstance. Our experienced team will assist you in comprehending the terms and conditions of your current mortgage and their relevance to your new property. We collaborate closely with your lender to streamline the porting procedure, ensuring it's hassle-free and efficient. With OpenDoor Mortgages, you can leverage this flexible option to secure favourable terms for your new home confidently.

Using benefit income when moving home can be a bit more complex than traditional income sources. Many lenders consider certain benefit income, such as Child Benefit, Universal Credit, Disability Living Allowance (DLA) or Personal Independence Payment (PIP), when assessing your affordability. However, eligibility criteria will vary among lenders, and not all benefit income may be accepted. Our team of expert mortgage brokers can help you navigate this process, working with lenders who may consider your benefit income, ensuring you have a great chance of securing a mortgage that suits your needs when moving home.

Having limited leave to remain in the UK doesn't automatically exclude you from obtaining a mortgage. Lenders will consider the length of time in the UK, your remaining leave, your employment status, and your credit history. We have experience in finding mortgage solutions for individuals in this situation, highlighting the stability of your residence and employment in the UK. Our goal is to find a lender who recognizes your potential as a homeowner, not you’re your residency status.

Yes, having a repayment holiday or missing a mortgage payment can potentially affect your ability to move home.  It may raise concerns for lenders about your ability to meet future mortgage obligations. It's essential to be transparent about these issues when applying for a mortgage and whether this is the right solution for you personally. We're here to provide expert guidance and support to help you secure the right mortgage for your needs comparing porting with your current lender to the option in the wider market.

If you've had previous instances of missed payments on credit and you're considering a move to a new home, it's essential to be aware of the potential impact on your mortgage application. Missed payments on credit can have a negative effect on your credit score, which lenders use to assess your creditworthiness. A lower credit score can make it more challenging to secure a competitive mortgage and may result in less favourable terms. However, it's important to note that different lenders have varying criteria, and some may be more lenient when it comes to prior missed payments. At OpenDoor Mortgages, our aim is to offer expert guidance and connect you with lenders who are open to accommodating your specific situation, even if you've encountered challenges with missed payments in the past.

A change in income, such as going on maternity or paternity leave, can indeed impact your ability to move house, particularly when it comes to securing a mortgage. During maternity or paternity leave, your income may temporarily decrease, which can affect your ability to meet the affordability criteria set by lenders. However, it's important to note that each lender may have different policies and criteria for handling changes in income due to such circumstances. Some lenders may be more accommodating and flexible in their assessment. We work with a wide range of lenders and can help you find mortgage solutions that consider your unique situation, ensuring you receive the most applicable guidance and support for your mortgage needs during this transitional period.

Early Repayment Charges, often abbreviated as ERCs, are fees that borrowers may incur if they choose to pay off their mortgage or a portion of it earlier than the agreed-upon term or before a specific period, typically the fixed-rate term or the initial deal period, expires. These charges are designed to compensate lenders for the interest they would have earned had the borrower continued with the mortgage as initially agreed. ERCs can vary significantly depending on the mortgage terms and the lender's policies. They are typically calculated as a percentage of the outstanding mortgage balance or based on a specific formula outlined in the mortgage agreement. At OpenDoor Mortgages, we provide expert guidance on mortgage terms and conditions, including Early Repayment Charges, to ensure you have a clear understanding of any potential fees associated with your mortgage. Our goal is to help you make informed decisions about your mortgage, whether you're considering early repayment or other options.