Moving Home
What you need to know
Let’s start with understanding some of the basic terms and considerations so you can make an informed decision.
There are many costs you will need to take into consideration such as:
- Stamp Duty
- Solicitors fees for buying and selling
- Estate agents fees
- Mortgage arrangement fees
- Valuation / Survey fees
- Removal costs
If you have an Early repayment Charge you may be able to “port” your current mortgage to your new property without paying the charge. Not all lenders have this facility, but many high street lenders do. If you re qualify for your mortgage again then you may be able to port your mortgage to the new property this will mean you will not pay an Early Repayment Charge.
You’ll need to see how much your current property is worth to give you an idea of how much deposit you have, then speak with a mortgage adviser to see how much mortgage you can borrow, this will tell you what value property you can afford to buy. Then, get an Agreement In Principle so you can then go and view properties.
Mortgages for people moving home
If you have an Early repayment Charge you may be able to “port” your current mortgage to your new property without paying the charge. Not all lenders have this facility, but many high street lenders do. If you re qualify for your mortgage again then you may be able to port your mortgage to the new property this will mean you will not pay an Early Repayment Charge.
You’ll need to see how much your current property is worth to give you an idea of how much deposit you have, then speak with a mortgage adviser to see how much mortgage you can borrow, this will tell you what value property you can afford to buy. Then, get an Agreement In Principle so you can then go and view properties.
There are many costs you will need to take into consideration such as:
- Stamp Duty
- Solicitors fees for buying and selling
- Estate agents fees
- Mortgage arrangement fees
- Valuation / Survey fees
- Removal costs
It's worth having a chat!
We know it gets confusing!
That is exactly why we’re here to explain your options and how to make it work for you!
....so, in a nutshell...
The steps to take when moving home
There are many costs and things to think about when moving home so always best to start making a list of things you will need to do as this will help you tick things off as you go. Below are a few pointers to help you out.
Make a list
Make a list of all of the people you will need to notify you are moving. This can be
- The Council
- DVLA
- Pensions
- Employer
- Inland Revenue, if you are self employed
- Family and Friends
Get your current property valued
Get a valuation for your property so you can find out how much it’s worth.
Find out how much you owe on your current mortgage so you can work out how much deposit you will have
Get an Agreement in Principle
After you know how much money you will have after you sell your property, you will then need to speak with a mortgage adviser, before you put your current property on the market, so you know how much you can borrow and what value property you can afford to buy.
Once the adviser has told you this they can then get an Agreement In Principle for you. The AIP will give you proof to the estate agent you have been agreed by a lender and are ready to search for properties.
Search for your new property
Once you have done the first three steps you can then go look for a property to purchase. Once you have found the property you want to buy, make an offer to the estate agent and once your offer has been accepted come back to your mortgage adviser who will then submit a mortgage application for you.
Our role is to help you make an informed decision
There are many aspects to all types of mortgage and we understand that you need to make the best decision.
You will undoubtedly have many more questions, so please feel comfortable enough to arrange a free, no-obligation chat!
Frequently Asked Questions
Here are a few of the questions we regularly answer for those who are wondering if this is the correct choice.
Just remember, we’re ready to chat and answer many more!
Here are a few of the questions we regularly answer for those who are wondering if this is the correct choice.
There are three types of valuation or survey you can have on a property.
- Mortgage valuation
- Homebuyers report
- Full Structural Survey
- Proof of ID
- Proof of address
- Proof of income
- Last 3 months bank statements.
There are three types of valuation or survey you can have on a property.
- Mortgage valuation
- Homebuyers report
- Full Structural Survey
- Proof of ID
- Proof of address
- Proof of income
- Last 3 months bank statements.
These are just a few things you will need when applying for a mortgage.
