MOVING HOME MORTGAGES

Important information – Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up with repayments on your mortgage. Please note that the Financial Conduct Authority (FCA) does not regulate most buy to let mortgages.

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Loan key features

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These mortgage products are suitable for existing homeowners looking to purchase a property for reasons which include:

  • Up-sizing to a larger property that caters to the needs of a growing family;
  • Down-sizing to a smaller property that requires less ongoing maintenance and associated costs;
  • Changing location due to work commitments or personal preference, or the type of property that is wanted

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How a lender assesses your application

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The mortgage process

Preparation and research

Since purchasing your current property, a lot may have changed both in terms of what is available within the market along with your personal circumstances (something that may be contributing to the reason for moving). If you feel you need to refresh your knowledge of the whole mortgage process, our guide for first time buyers can help you understand the overall process of moving home.

When searching the market for viable homes, it is also worth noting the plan for your current property. If the plan is to sell to fund your new purchase or alternatively you wish to rent the property to receive a regular income and avoid a chain. If you are looking to sell, gaining market appraisals from multiple estate agencies is key.

By taking the views of more than one expert, you will be able to fully understand what the average selling price is and therefore how to correctly price your property to sell. It will also help you understand the financial aspects of the purchase including the potential size of the mortgage you require and any equity you have built up so far.

The reason for moving will also provide some valuable insights. If wanting to up-size after starting a family your mortgage may be higher, but if you have equity in the property and property prices have fallen – you may see little or no change depending on the mortgage product used. This may also be the case where property prices in different areas have risen at different speeds.

Mortgage in Principle (MIP)

An Agreement in Principle (AIP) provides you with a commitment-free mortgage promise outlining how much a lender may be able to offer you. This is personalised based upon information provided and is required before starting a full mortgage application. Estate agents and property sellers will often ask to see an AIP to show that you are a committed buyer.

An AIP is also known as a Decision in Principle (DIP) or Mortgage in Principle (MIP).

  • After speaking to a member of our mortgage team  and providing the necessary information, an AIP can be arranged swiftly.
  • There is no effect on your credit rating even if you are declined lending by a particular lender.
  • Get a clear idea of what properties you can afford to buy.
  • Your AIP is subject to a full mortgage application being submitted. Therefore, the amount that is stated is not fully guaranteed if a change in circumstances or property information change.

Full application

It is likely that your personal circumstances have changed since you last applied for a mortgage, unless the time between purchasing and selling your current property is sufficiently short. Typical changes that are likely to be seen include:

  • Starting a family – Increased costs of raising children can leave less disposable income. When up-sizing, larger mortgage costs will also eat into household income.
  • Career development – Potential promotion and salary increases as you become more experienced to your employer means affording a larger property now makes moving a viable option.
  • Interest rates – If rates have fallen, this could mean you will be paying less interest on your mortgage loan each month. Conversely the opposite is true if interest rates were to rise, and you were not on a fixed-rate product.

Affordability checks initiated in April 2014 may also mean some people will find it more difficult to obtain the financing they want. Lenders are required to assess whether an applicant is able to afford monthly repayments both now and into the future. This is taking into account changes to personal circumstances and interest rates through stress-testing.

The rise in applications received by lenders means they are now able to cherry pick their ideal borrowers.

Conveyancing

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Mortgage calculators

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Benefits of getting a mortgage through us

Whole of market

Our panel of lenders include both high street institutions and specialist companies that can offer bespoke mortgage products specific to your circumstances.

Looking ahead

We take a long-term view to organising your mortgage, taking into account your future goals to find a solution that works both now and going forward.

Save you time

By understanding the general criteria of different lenders, we work to focus our search on products that offer the best opportunities for acceptance and are cost-effective.

Independent

As a company, we are privately owned and therefore are not tied to any insurance company. We work for you rather than someone else to find you the best deal.

Aftercare support

We know that a mortgage is a large commitment and continue to remain in contact with you to ensure your selected product remains suitable over the term of the loan.

Save you money

Some of our lenders only accept applications from advised clients, but can offer market leading rates. This can result in a considerable saving over the term of the loan.

Some things to consider

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Visit our Knowledge Centre

If you have a question, visit our FAQs section. If you cannot find what you are looking for, contact our team for more information.

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Moving Home Mortgage insights

Discover your options

Arrange a discovery session to talk to one of our mortgage specialists at a time convenient to you. We understand life is not 9-5, so neither are we.

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