No matter how many times you find yourself moving home, the process can often be as daunting as it is exciting, but we’re here to ease any concerns you have about your mortgage when moving home. 

We understand that your circumstances can change, and that when you make the decision to move home, you also need to consider moving your mortgage. The mortgage deal that might have suited you on your current home, may no longer suit your new situation. Our expert advisors will not only help you to find the best mortgage deal for your personal circumstances, but they will help you right the way through the application process to make sure that buying a house and moving home is as smooth a process as possible. 

Even if you’re currently tied into your existing mortgage deal, our friendly team of advisors will be able to help you find the best solution when buying a house and obtaining your new home. From helping you to understand the different types of mortgages, to assessing any additional fees that might be involved, and even informing you of the insurances you need to offer you security when you move into your home, our team are always on hand to help. Our services are also always free so, even if you’re just considering your options at this point, why not give us a call to learn a little more about your mortgage situation when moving home. 

Mortgage Calculator

Do you know how much you can afford for a mortgage? Our mortgage calculator is the perfect place to start when making plans for buying a house. For a more accurate assessment, call us for free!

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Moving Home Guide

From what will happen to your current mortgage, to what type of mortgage might be best suited to you, our moving home guide contains all of the essential information you need when buying a house.

Read our Moving Home guide

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If you’re ready to start your journey to buying a house and moving home, or if you have any questions about the mortgage process, contact us today for free. Our team is waiting to hear from you.

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Key Facts

Moving home should be as stress and hassle free as possible. These are some key facts we think you should know about the mortgage process when moving home that could make life easier.

1. How much can you borrow?

The amount you can borrow will vary from lender to lender, and depend heavily on your own financial situation. Typically, you can borrow around 4-4.5 times your income, but the lender will make their own financial assessment of your income and outgoings to see if this is possible. Our mortgage calculator will provide a rough estimate, but for a more accurate figure you can call us for free.

2. Stamp Duty

Stamp duty is payable on any property purchased over £125,000. Stamp duty rates can be substantial, and will begin at 2% increasing in increments to 12% on properties over £1.5 million. Stamp duty rates can be higher if the property purchased is in addition to your home and, while the same in England, Wales and Northern Ireland, will also vary on properties purchased in Scotland. 

3. Insurance and Protection

Whenever you are moving home, you should always consider how to protect your property, yourself, your lifestyle and your dependents should the worst happen. Buildings insurance will always be a condition of any mortgage, and you should ensure that mortgage payments can still be met should you fall ill, become unable to work, or in the event of your death, or your lender may repossess your home. 

4. Completion

Exchanging contracts and completion are the final stages of the moving process. By this point your mortgage offer will be confirmed and your solicitor will have issued you with a sum total of expenses to be cleared in their bank account before completion can take place. After this has happened, the keys to the property will be released and you can begin the physical moving process. 

Moving Home Help!

Do you still feel like you need more information about moving home? Our moving home FAQs or Moving Home Guide should be able to shed some light on the situation and put your mind at ease. 

  • 1. How much do I need for my deposit?

    You will need a minimum of 5% deposit, but the more deposit that you can put down, the better your mortgage rate will be. 

  • 2. What is an agreement in principle?

    An agreement in principle (also known as a decision in principle, or a mortgage in principle) is a conditional offer from the mortgage lender that they will give you the loan that you have discussed with them, and can give you a competitive edge over other property buyers. 

    It is, however, still subject to full application and a suitable valuation on the property and is not a guarantee that a lender will lend. 

  • 3. What is a mortgage offer?

    A mortgage offer is an official confirmation from a mortgage lender that they will provide you with a mortgage. It can only be received following full application, the submission of all necessary documents, and a satisfactory valuation of the property you are buying. 

  • 4. What are the different types of mortgage?

    There are many different types of mortgages available, most commonly falling into the category of either a repayment mortgage, or an interest-only mortgage. If you’d like to know more about the different types of mortgage and what they involve, take a look at our Moving Home Guide or get in touch with one of our expert mortgage advisors. We will never charge you for our services.

  • 5. What documents do I need to apply for a mortgage?

    You will need to provide us with proof of identification and current address. We will also need 3 months of bank statements (that demonstrate salary credits and other credit commitments), and 3 months of payslips, or if you’re self-employed, your last 2 years Tax Computations (previously known as SA302s) and corresponding Tax Year Overviews. Download our list in the Guides section. 

  • 6. Are certain property types difficult to secure a mortgage on?

    Lenders will always make a decision based on the specific property and its location, but there are often general restrictions on certain types of property, including new build flats, ex-local authority homes, high-rise flats, and flats above commercial premises. The final decision from the lender will be primarily based on both an assessment of the property and yourself

  • 7. What risks should I be aware of?

    Your mortgage is a loan secured against your property, and if you fail to keep up with your repayments your lender could repossess your home. 

    House prices can also go down as well as up, and this can affect the amount of equity held within your home.

  • 8. Do I need a good credit file?

    A good credit file will help you find a better mortgage deal as you will have access to a wider range of lenders. If you have had credit issues, however, our advisors may still be able to help you. Just give us a call and we can assess your situation for free.  

  • 9. What fees will I have to pay?

    We promise that we will never charge a fee for our services, but some mortgage products can have fees attached. No fee mortgages are not always the best deal, and we will make sure that we advise you on the best deal to suit your circumstances. We will always take any extra costs into consideration when calculating what mortgage you can afford. 

  • 10. How much stamp duty will I pay?

    You will not pay any stamp duty on any property priced at £125,000 or less. Over this value, you will pay Stamp Duty Land Tax at 2%, and then in rising increments until 12% on properties over £1.5 million. Our stamp duty calculator can help you work out exactly what stamp duty you might need to pay on your property.

    If you are purchasing a property as a second home, or with a buy to let mortgage, your stamp duty rates will by higher. Take a look at our Buy to Let Guide for more information on this, try our stamp duty calculator, or call us for free with any queries. 

  • 11. What insurance will I need?

    No matter what mortgage deal you get, buildings insurance will be a condition of your lender. If you would also like contents cover for your home, we can help you to find the best buildings insurance policy that includes this too. 

    Life insurance is not a condition of your mortgage, but we advise that you seriously consider protecting your income and your dependants in case the worst should happen to ensure that your standard of living and mortgage payments are maintained.  

  • 12. Do I need a survey?

    Your mortgage lender will always insist on a basic valuation to confirm that they are happy to lend against the property. This valuation may be free as a part of your mortgage deal, or you may be charged for it by your lender.

    Depending on the age, size or state of repair of the property, you may also wish to invest in a homebuyer’s report or building survey for more in-depth information.

  • 13. What types of survey are there?

    There are three key types of survey: basic valuation, homebuyer’s report and building survey (formerly full structural survey). For more information on these surveys and what they involve, take a look at our Valuation Guide. 

  • 14. How long can I take a mortgage over?

    The maximum term that you will ever be able to take a mortgage over is 40 years, but this term is dependent on your age at the time of the deal and estimated retirement age. While some lenders will offer a mortgage up until the age of 75, you can only get this mortgage if you aren’t planning to retire until this age. 

  • 15. Will I need a solicitor?

    Yes. You will need a solicitor to provide the conveyancing service. If you don’t already have a solicitor in mind, we are happy to recommend several local reputable firms. 

  • 16. What tips can you give me for when I’m looking for a property?

    Research, research, research….do your homework! Which houses have sold in the area? What are the schools like? How long does it take to get to work? Are you prepared to do any work to the property? Can you see yourself living there?

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