Switch mortgages hassle free
How do you get a mortgage to move properties if you’ve already got a mortgage on your existing home?
Navigating the process of home mover mortgages, from porting your existing mortgage to finding remortgage deals, is complex. Our home mover mortgage service is here to make sure you understand the process you need to follow to complete your plans and buy the property you’ve got your eye on.
More than that, we’ll complete the paperwork for you, too. You just need to fill out a short enquiry form so we can do the research on your behalf – and we’ll find the best mortgage deal to suit you.
You can upload your required documents at your convenience using our online tool at any time, too. We make getting your next mortgage as seamless as possible!
What if you want to buy a second property?
Perhaps you want to buy a second home or a buy-to-let property instead of moving from your existing home. The mortgage deals available for these types of purchases differ from those you’d use if you were moving main residence.
We know the specialist second home and buy-to-let mortgage lenders inside-out – meaning you’re guaranteed to get the best deal available for your next mortgage!
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All about home mover mortgages
An important question to ask, not so simple to answer. It will depend on your income, outgoings, credit history, age, dependants, the property you’d like to buy and other factors.
There is no single rule that lenders follow when assessing your first-time buyer mortgage application. In fact, lenders tend to offer different mortgage amounts even when you present them with the same information.
For this reason, a mortgage broker can help you find out exactly how much you could borrow. We have the tools to check your maximum borrowing for Help to Buy, Shared Ownership or even just a “normal” purchase without using any scheme.
If you have been happy with your current lender, it may seem like the logical choice to stick to them.
However, as lending criteria and interest rates change regularly, as well as your circumstances, you may find that your current lender’s offer isn’t the best deal for your new home.
Besides, both your current lender and any new ones will assess your application as a new customer, so sticking to the existing one won’t get you an easier pass.
For this reason, as a whole of market mortgage broker, we are well placed to check your lender options and get you the most suitable home mover mortgage deal based on your current circumstances and requirements.
When you move house, you may only be halfway through your current mortgage deal. This normally means that you would have to pay an early repayment charge (ERC), i.e. a penalty, if you were to pay off your mortgage in full when selling your current property.
As an alternative, your current lender may let you take the mortgage to the new property. The official term for this is porting your mortgage.
For example, you sell for £200k and your mortgage balance is £100k with an interest rate of 1.5%.
You then buy a property for £300k and would need a £200k mortgage.
Assuming that your current lender is happy with your situation (e.g. income, outgoings and credit history) and the new property, they may agree to
- Take your current £100k mortgage with the 1.5% interest rate to the new property AND
- Give you another £100k mortgage at an interest rate available at the time of your move. This will likely be different from the interest rate you already have.
Watch out, though, as your existing mortgage deal and the new “top-up” mortgage deal will likely end on different dates. You can then
- either remortgage each part separately to a new rate when it expires OR
- bite the bullet and remortgage both parts at the same time, which will mean paying an early repayment charge on one of the parts.
As brokers, we can look at all options for you, provide comparisons and arrange the agreed home mover mortgage.
When budgeting, you may want to consider the costs along the following lines, although not all of them may be applicable in your case.
Sale of your current property
- Selling agent fee
- Lender costs: account closing fee, early repayment charge
- Solicitor fee
Purchase of the new property
- Lender fees (for example, application fee, arrangement fee, valuation fee, solicitor fee, money transfer fee)
- Broker fee
- Solicitor fees (including fee for the legal work, admin fees, money transfer fee)
- Land Registry fee in England, Northern Ireland and Wales or Land Register fee in Scotland
- Stamp Duty Land Tax (SDLT) in England and Northern Ireland, Lands and Buildings Transaction Tax (LBTT) in Scotland or Land Transaction Tax in Wales
- Other costs including search fees and insurance premium
Although slightly different rules apply in England, Northern Ireland, Wales and Scotland, if you don’t sell your home before or at the same time as buying a new main residence, you will have to pay 3% more SDLT / LBTT/LTT. You’ll find further information and handy tools on our Stamp Duty calculator page.
You may not sell your current home, but decide to keep it and rent it out.
If you have a mortgage on it, you can choose from two options:
- Ask your current lender for a consent to let (CTL) OR
- Apply for a new buy-to-let mortgage to replace your current residential mortgage
If you opt for the first one, there will likely be an admin fee and your rate may increase. Lenders normally give consent to let for 1 year, which you may be able to extend.
If, on the other hand, you opt for a new buy-to-let mortgage, then you will likely have lender costs for both the remortgage and the new purchase. These could include arrangement fee (i.e. product fee), valuation fee, money transfer fee and you may also have to pay for solicitors.
Don’t forget to ask letting agents how much rent you could get and how much they charge for their letting services.
Although slightly different rules apply in England, Northern Ireland, Wales and Scotland, if you don’t sell your home before or at the same time as buying a new main residence, you will have to pay 3% more SDLT / LBTT/LTT. You’ll find further information and handy tools on our Stamp Duty calculator page.
You may want to buy a second property, where you or a family member would stay.
This could be for you to stay closer to work during the week and save on commuting. Or it may be for your parents or your children to live in when they can’t buy a property by themselves.
Lenders are quite happy to give you a mortgage for a second home if you can afford it, and there are some clever solutions as well. For example, you could be on the mortgage with your child, but only they would become the legal owner.
However, some lenders often set a maximum 70-80% mortgage on a second home. In other words, if you are thinking of putting down only 10% deposit, we will have a limited number of lenders to choose from.
To make sure that you get the best deal, let us search the whole of the market for you, taking into account your circumstances as well as your deposit before arranging your home mover mortgage.
You can currently buy a new home with the Help to Buy scheme, even if you are not a first-time buyer. However, you can’t own any other property when the purchase completes.
In other words, if you are selling your current home, its sale has to complete latest on the same day as your purchase and you can’t keep it for letting it out.
Based on the current government plans, only first-time buyers will be able to use the Help to Buy scheme from 01 April 2021.
You can buy a new home with the Shared Ownership scheme, even if you are not a first-time buyer. However, you can’t own any other property when the purchase completes.
In other words, if you are selling your current home, its sale has to complete latest on the same day as your purchase and you can’t keep it for letting it out.
Building insurance
If you buy a house, then building insurance will be mandatory to ensure that in case the structure is damaged (e.g. by fire, flood or movement), the insurance will cover at least the mortgage amount.
Nothing else is compulsory, but of course, it makes sense to cover costly unexpected events.
Contents insurance
Contents insurance can pay for replacing your personal belongings if someone burgles your home, there is fire, you accidentally drop your new flat screen TV…and the list goes on.
Landlord insurance
If you’re planning to rent out your old home then you should consider getting landlord insurance. Landlord insurance protects you as a landlord from risks associated with your rental property. It usually includes buildings and contents insurance, but can also include rental-property specific covers such as protection against loss of rent, and tenant default. It can also cover legal fees and compensation for damage or injury to the tenant due to the property.
Life insurance
Life insurance is a one-off payment if you were to die during the mortgage term, so the insurance can settle your mortgage. This would allow your family to stay in the property without worrying about mortgage payments at an already stressful time.
Critical illness cover
Critical illness cover would give you a lump-sum if you had a serious illness like cancer, heart attack or stroke as well as dozens of other conditions. This payment may or may not settle the mortgage, but it can help pay for treatment, let you take time off work while recovering or alter your home, if necessary.
Income protection
Income protection is designed to give you a monthly income for some time in case you can’t work due to an accident or a long term illness. This covers mental health issues as well.
Of course, all the insurances come with terms and conditions, optional features and your medical history can influence your options.
To find the right insurance cover that fits within your budget, speak to our team today. We can compare the whole market, find the most suitable cover and apply on your behalf free of charge.
Latest mortgage best buys
| First time buyer | |
|---|---|
| Lender | Halifax |
| Type | 2 year fixed |
| Rate | 1.06 |
| Ltv | 90% |
| More info | |
| Home mover | |
|---|---|
| Lender | Halifax |
| Type | 2 year fixed |
| Rate | 1.06 |
| Ltv | 90% |
| More info | |
| Remortgage | |
|---|---|
| Lender | Halifax |
| Type | 2 year fixed |
| Rate | 1.06 |
| Ltv | 90% |
| More info | |
| Buy to Let | |
|---|---|
| Lender | Halifax |
| Type | 2 year fixed |
| Rate | 1.06 |
| Ltv | 90% |
| More info | |
Lilla, has been absolutely amazing.
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