Make your next move with confidence.
Whether you’re looking for more space, moving to a new area or downsizing, we’ll help you understand what your current home and mortgage mean for your next purchase.
We’ll work out your likely equity, check whether your existing mortgage can be ported and compare it with suitable new deals from across the market.
- Free, friendly and no-obligation initial chat
- Agreement in Principle usually available the same day
- Porting and new mortgage options compared clearly
How it works
Moving home in eight clear steps
You may have bought before, but every move is different and the mortgage market may have changed since your last purchase. We’ll help coordinate your existing mortgage, sale and new purchase.
Tell us about your move
We’ll discuss your current home, outstanding mortgage, expected selling price, income and what you’re hoping to buy. You don’t need to have every figure ready; the first conversation is about establishing where you stand.
Helpful tip: Check that your name and current address are correct on your payslips, bank statements, driving licence and other documents. Keeping everything consistent can help prevent delays later..Work out your available equity
We’ll estimate how much equity you may have after repaying your existing mortgage and allowing for selling and moving costs. This will help us understand the deposit you could put towards your next home.
The final amount will depend on the price your current property sells for and any charges connected with your existing mortgage.
Check your current mortgage
We’ll establish whether your current deal can be ported, whether an early repayment charge applies and when the deal ends.
Porting can sometimes be worthwhile, but it involves a new application and is not automatically the best option. We’ll compare it with taking a new mortgage before making a recommendation.
Set a comfortable budget
We’ll combine your likely equity with the amount you may be able to borrow, then consider the monthly payment and overall costs.
We’ll also help you budget for legal work, estate-agent fees, surveys, lender fees, any property tax due and our mortgage advice fee.
Arrange your Agreement in Principle
Once we’ve explored the options, we can usually arrange an Agreement in Principle the same day, subject to the lender’s requirements.
Helpful tip: This isn’t a formal mortgage offer, but it provides a useful indication of how much a lender may be prepared to offer.Find your next home
Once you have a clearer budget, you can begin viewing properties and planning your sale and purchase. We’ll be available to answer questions about offers, the property chain and what happens next.
Helpful tip: You’ll need a solicitor or conveyancer who can act for both you and your chosen lender. We’ll check this before submitting your application and, if you need help finding one, we can recommend a firm, although you’re always free to choose your own.Chose and apply for your mortgage
When your offer is accepted, we’ll review the position again and recommend a suitable mortgage. We’ll prepare the application, provide the lender with the necessary evidence and respond to questions during underwriting.
The lender will also arrange a valuation of the new property.
Receive your mortgage offer
If the lender is satisfied with your application and the property, it will issue the formal mortgage offer. We’ll check the details and explain anything that is unclear.
Your solicitor will then complete the remaining legal work, coordinate exchange and agree the completion date. On completion day, your sale and purchase complete and you can collect the keys to your next home.
What will a mortgage lender consider?
- Your income. Around 4 to 5 times your combined annual income can be a useful starting point, although the amount available will depend on your overall circumstances. Some lenders may offer more in certain circumstances, while others may offer less.
- Your equity and deposit. Your estimated sale price, outstanding mortgage and selling costs will determine how much equity may be available towards your next home. A larger deposit can reduce the loan-to-value and may provide access to better rates.
- Your current mortgage. The lender, remaining deal period, early repayment charge and whether the mortgage can be ported may all influence the best way to finance your move.
- Your credit history. Lenders will consider how you have managed your finances. You do not always need a perfect credit score, and some lenders may still consider previous credit problems.
- Your monthly commitments. Car finance, loans, credit cards, childcare and other regular expenses will affect how much a lender believes you can comfortably afford.
- The new property. The lender must also be satisfied that the property is suitable security for the mortgage.
Every lender assesses applications differently. We’ll consider your current mortgage, circumstances and new property before identifying suitable options.
Planning your next move?
We’ll help you understand what you could afford and explain the options for your current mortgage. Your first conversation is free, with no pressure to proceed.
Call 01225 258900Questions
Your purchase questions, answered.
Can I take my current mortgage deal with me when I move?
Possibly. This is known as porting. Many mortgage deals are portable, but you will still need to make a new application and meet the lender’s current affordability, credit and property requirements.
We’ll compare porting with taking a new mortgage, including any early repayment charge, fees and differences in the interest rate.
What is an early repayment charge?
An early repayment charge is a fee that may apply if you repay or move away from your current mortgage deal before an agreed date. The amount and calculation will be set out in your mortgage documents.
Sometimes paying the charge and moving to a new mortgage can still be worthwhile. We’ll compare the costs before making a recommendation.
How is the equity in my current home calculated?
Your approximate equity is the value of your home minus the amount outstanding on your mortgage. You should also allow for estate-agent fees, legal costs, any early repayment charge and other moving expenses.
The final figure will depend on the price your property sells for and the mortgage balance at completion.
Should I sell before I buy?
That depends on your finances, the property chain and how much risk you are comfortable taking. Buying before selling may require additional finance and could result in a higher property-tax charge because you temporarily own two homes.
Some additional property-tax charges may be reclaimable after the previous main residence is sold, but the rules and timescales differ across the UK. Your solicitor or tax adviser can confirm what applies before you commit.
Ready when you are.
Whether you’re arranging a mortgage or protecting what matters, tell us what you need and we’ll explain your options clearly. Your first conversation is free and there’s no obligation.
Your home or property may be repossessed if you do not keep up with repayments on your mortgage.
