Moving Home Mortgages
Hi, I'm Oliver. I love nothing more than helping people get a mortgage for their new home. I love making the phone call to clients to let them know that they've received a mortgage offer and can buy their dream home. Talk about job satisfaction!
It's my job to help you understand the range of mortgage types on the market and help find the right deal for you. If you're looking to move home and slide up or down the property ladder, then I'm here to help.
I charge a flat broker fee of £500, which is payable only when a mortgage application is successful. All services and appointments up to this point are free, so please feel free to ask me any questions you might have.
07795048527
How I can help you get a mortgage for your new home
Moving home is exciting, but the thought of going through the mortgage application process again is the complete opposite. It can be the most exciting time searching for your dream home, putting in an offer in and hearing that your offer has been accepted. This is how I want the memories of buying your new home to be!
It's my job to provide you with a smooth and stress-free experience whilst working your way through the mortgage application process for your new home. I will find the most suitable mortgage for you and deal with the paperwork to be submitted to the lender. I will chase the lender to ensure I can provide you with regular updates throughout the process. The mortgage application can be a pleasant experience if you work with the right mortgage broker.
These are the key points you need to know before deciding whether you want me to be your mortgage broker and help you buy your new home.
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I will explain to you exactly how the mortgage process works
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I will ensure you receive the knowledge to make the best decision for you.
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I will clearly communicate with you throughout your mortgage application.
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I have access to the whole mortgage market to ensure you get the best mortgage for you.
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I can arrange your protection, e.g. life insurance, mortgage protection, and income protection.
Key Things To Know As A Home Mover
Work with a mortgage broker
Getting a mortgage application into a lender is rather complex, which is why you're always best to work with a mortgage broker. They help put your mortgage application together to ensure your application will be successful. You see, if you're unsuccessful with your mortgage application, you may have to wait six months or so before you can apply for a mortgage again. This can be a major setback, which is why you need to make sure everything is in place to ensure you are successful. Speaking to a mortgage broker gives you access to the whole of the market, ensuring you find the most suitable lender for you.
Check your current mortgage for early repayment charges
If you're currently on a standard variable rate, there should be no early repayment charges. However, if you're currently in a fixed, tracker, or discounted mortgage, you will likely have early repayment fees to pay if you wish to leave the deal before the term ends. Check your current mortgage terms to see the potential exit fees so you can decide whether it's worth paying to leave the deal. If it's not, then it might be best to wait until the end of the term.
Be aware of porting your current mortgage
If you wish to move home but have a good deal that you don't wish to exit, you can transfer your current mortgage to a new property. This is known as porting. Most modern mortgages are portable, and it can be easier and cheaper to port your current mortgage than start all over again. You can increase your original mortgage amount (subject to affordability checks) when you move home. The extra you borrow will be taken out at an interest rate that is available at the time of moving. Some lenders insist you take out a second mortgage loan to cover the additional borrowing. Leaving you with two separate interest rates and mortgage terms with the same lender, for the same house.
If you're borrowing more, it will be the same process as when you purchased your current home
Many people assume that there will be fewer checks when moving home than there were when buying your first home. Although you have proof that you can make mortgage payments, you will still go through the same checks as when you bought your current property. You will need to go through affordability checks, ensure you have a good credit score, and have three to six months bank statements. Don't assume that the bank will automatically lend you more money without the required checks. Ensure your finances are in order before proceeding with your mortgage application.
Get your current property valued
When moving home, you will still be putting down a deposit. Some people will be putting down further cash as their deposit; however, most of your deposit will come from the equity in your current home. This is why it's important to get your current property valued to see how much equity you have to put towards your new home.
Downsizing
Not all people move up the property ladder. Some move down to a more suitable-sized property after children have flown the nest. Others approach retirement and would like to downsize to release some equity from their residence to spend on fancy holidays or to help their children buy their first property. If you are downsizing, you may be required to pay an early repayment charge. If taking out a lower-value mortgage, you will still go through affordability checks.
Conveyancing costs
You will need to find a conveyancing solicitor to help you with the legal aspects of your property purchase. They will prepare contracts, complete searches, and handle the land registry and pay stamp duty. They manage the financial transfers of the sale of your current property and the purchase of your new home. They handle the legal aspects of a property transaction. The costs can be £1750-£3000. Sometimes people forget about these costs when moving, so bear in mind this rough figure to add to your budget.
Stamp Duty
Oh no, stamp duty. If you've only ever purchased one property, then paying stamp duty on your new home can be quite a shock. You no longer receive stamp duty relief, and the property value of your second property is generally higher in value. This can lead to a significant payment in stamp duty on your new home. There is no stamp duty to be paid on the first £125,000, 2% on the next £125,000, 5% on the next £675,000, 10% on the next £575,000, and 12% on the remaining amount over £1.5million. Use a stamp duty calculator to work out how much you would pay on your new home, or get in touch with me and I will be happy to help. Stamp duty is paid within 14 days of completion, and your conveyancing solicitor will complete this task for you.
Broker Fees
Mortgage brokers typically charge between £400 and-£1000 for their services. For home movers, I charge a £500 flat fee, which is paid upon your mortgage application being successfully approved. All meetings, such as affordability, introductory, and your mortgage application, are all free. A payment is only made if you apply for a mortgage with me and it is approved. If you wish to ask questions or have meetings with me, then there is no charge.
How to begin your mortgage application to move to your new home
I do things a little differently to other mortgage brokers. We are all at different stages of the home-buying process. Some are browsing on Rightmove daily and have no intention of moving house anytime soon, but they would like to know how much they could borrow. If this is you, book an affordability meeting to see how much lenders would be willing to lend you. Then you can change your filters and begin seriously looking for your next home.
Some aren't ready to begin applying for a new mortgage, but they do wish to have an informal chat about their current mortgage and to discuss their next move. It's also a good time to see if I'm the right mortgage broker for you. If you're at this stage, book an introduction meeting and let's have a chat.
Then you have those who are ready and raring to go. They've either found their dream home or have outgrown their current one. It's time to move and get the wheels in motion by finding the best mortgage for you. They have their finances in order, have had their current property valued, and would like to begin the mortgage application process. In this meeting, I collect all of the information I need to allow me to find the most suitable mortgage for you and your needs. Most people would already have arranged an affordability or introduction meeting before this point. Others go directly to this meeting as they've worked with me before or I've been highly recommended by somebody they know.
No matter which point you're at, I'm happy to chat, and I'm here to help. Simply book a meeting for one of the appointments you need or get in touch with me using the contact details at the bottom of this page.
An informal meeting to gain an insight into how much you can borrow from various lenders.
30 min
See how I can help you as a mortgage broker and ask any questions you might have.
30 min
1 hr 30 min
1 hr 30 min
1 hr 30 min
Get in touch if you require help with your mortgage as a home mover
If you have a question but would prefer to speak via email rather than arranging a meeting, please fill out the form below, and I will respond as soon as I can.