Looking to move home?
Moving home can be a stressful experience at the best of times. Whether are upsizing and moving on or downsizing in your local area, the process of moving home is very similar to purchasing your first home. The main difference being that you will often have equity in your home and a deposit is not required as a result.
With some lenders you can often move your existing mortgage to your new home* and choose an additional product for the remaining balance if the house value is higher, this is referred to as porting a mortgage.
* If the new property value is lower there may well be an early repayment charge (ERC) that needs to be paid.
With some lenders you can often move your existing mortgage to your new home* and choose an additional product for the remaining balance if the house value is higher, this is referred to as porting a mortgage.
* If the new property value is lower there may well be an early repayment charge (ERC) that needs to be paid.
The buying process
Step 1
Speak to a mortgage advisor about how much you can borrow or use our quick calculator for a rough idea.
Step 2
Your mortgage advisor will obtain a Decision in Principle (DIP) on your behalf after searching for the best mortgage deals. This will tell you how much you can borrow with a particular lender and if you will be accepted.
Step 3
You've probably already been doing this but now start searching for properties in your price range, view them and make offers on property you wish to consider. Be sure not to rush into this one, it's a big commitment, compromises will likely need to be made but you need to be happy in your new home.
Step 4
Speak to your mortgage advisor again, they will then get the ball rolling for you and make an official application to the best lender. At this point they will likely ask for supporting documents including bank statements, payslips.
Step 5
Once accepted by your new lender, they will issue you a mortgage offer. This is an official offer to lend you a set amount of funds for the mortgage you require.
Step 6
You will need to instruct a conveyancer to act on behalf of the purchase, your advisor should be able to help you with this but you have the option to use anyone you so wish. There are always fees associated with this but your advisor should have made you aware of this at the start of the process.
Step 7
Exchange contract with the seller. The exchanging of contracts is the point in which the seller is unable to cancel the sale of the their property without potential financial penalty.
If you need a deposit to buy your new property you will need to have this ready to transfer to your conveyancer at this point.
If you need a deposit to buy your new property you will need to have this ready to transfer to your conveyancer at this point.
Step 8
Your conveyancer will inform you that the mortgage has completed. At this point you can now speak to your estate agent and pick up the keys for your new home.