Moving Home

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

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?