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Mortgage advice for home movers
Are you ready to buy your next home? It’s an amazing feeling when you move into a new property, a fresh start, new neighbours, different layout, maybe even an extra bedroom or two. But, buying and selling properties at the same time can be stressful. There are a lot of individual parties that you will need to deal with, solicitors, estate agents, your new mortgage provider, vendors, as well as looking into moving companies, home insurance, life insurance… I’m sure you get the picture. It’s a lot of phone calls, emails and documents - something we could all do without!
The stress of moving is sometimes not even the worse bit. You can become so occupied with everything else, you might not secure the best deal on your new mortgage, this will mean higher monthly payments and potentially even an extra couple of years until you pay it all off.
Moving home is a great time to review your current mortgage, the rates you are offered are generally very competitive. But switching mortgage provider all together isn’t the only option; you can look into porting the mortgage with your current lender onto the new property. Now, this might sound great on the surface, but again this is just another avenue for you to explore; a bullet point on the never-ending list of moving.
Thankfully we are here to explore all of your options for you. Because we are a whole of market mortgage advisors, we have got access to every product from all lenders, we will secure you the absolute best deal on the market for your circumstances. Weighing up things like potential charges for your current product, to upfront fees on the new product. So, while you source cardboard boxes for the big move, we will source the best rates on the market for your pocket!
A free review from one of our expert mortgage advisors can provide you with loads of information, such as how much you can borrow, the mortgage term, rates and even monthly payments, we can also secure you an Agreement in Principle that’s no charge and no obligation.
When you are ready to move forward with your mortgage application, we will manage the whole process for you, liaising with your lender, solicitor and estate agent, so just sit back, relax, and think of how you are going to arrange your furniture in your new home!
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What happens to my mortgage when I move home?
When you move home, you should be able to transfer your current mortgage to your new property. As you will probably need to borrow more, in order to purchase your new home, your mortgage lender will want to value the new property.
Moving home is however one of the best times to get a better mortgage deal. You will firstly need to check if there are any early repayment charges or exit fees for repaying your current mortgage deal early, which your current lender should be able to tell you.
If there are penalties for leaving your current lender, then you will need to find a new mortgage deal that is sufficiently cheaper to cover these costs. Our mortgage advisors are experts in remortgages and can tell you whether a new mortgage deal would be best for you.
How much does it cost to move?
When you move home, there are quite a few expenses involved which you may not have considered, especially if you change your mortgage lender. We have put together a handy list of all the associated costs when moving home below for your guidance. The precise fees you will need to pay are determined by the value of the property you are buying and your mortgage lender.
Mortgage booking fee: Some mortgage lenders will charge this to secure your mortgage deal.
Cost: £99 – £250
Mortgage arrangement fee: Some mortgages products charge a mortgage arrangement fee and a mortgage booking fee, which is either paid upfront or added to your mortgage debt. Remember, if you choose to add this cost to your mortgage, it will increase over the lifetime of your mortgage.
Cost: £1,000 – £2,000
Telegraphic transfer fee: Needs to be paid to the lender to transfer the amount you are borrowing for the mortgage to the seller’s solicitor.
Cost: £25 – £50
Mortgage broker fee: If a mortgage broker arranges your mortgage for you, you will need to pay them a fee or commission for doing this.
Cost: £95 – £495. However, this may vary if you need to use a specialist lender.
Valuation and survey fees: Your mortgage lender will request a valuation for your new home. The cost will vary according to which survey you choose:
Home condition survey: The most simple and cheapest survey, often instructed for new-builds.
Homebuyer’s report: A more thorough survey, valuating the inside and outside of the property.
Building survey: A complete survey, commonly used for older or unconventional properties. If you want peace of mind, before you commit to buying your new home, this type of survey is certainly worth considering.
Searches: Charged by your local council for checking whether there are any problems that could affect the value of the property you are looking to purchase.
Cost: £250 – £300
Legal costs: A solicitor will be needed to carry out any necessary legal work for you.
Cost: £850 – £1,500 plus VAT
Stamp Duty Land Tax (SDLT): Charged on all purchases of UK land and property over £125,000. However, the amount you will pay is dependent on the purchase price of the property you are looking to buy, and whether you have owned a home before as follows:
First home: First-time buyers are exempt from paying SDLT on the first £300,000 of the purchase price of a property up to the value of £500,000. All purchases in excess of £500,000 will pay the standard stamp duty rates as follows:
- £0 – £300,000: 0%
- £300,001 – £500,000: 5%
Next home: If you are currently or have previously been a homeowner, you usually pay SDLT on increasing portions of the property price:
- £0 – £125,000: 0%
- £125,001 – £250,000: 2%
- £250,001 – £925,000: 5%
- £925,001 – £1.5 million: 10%
- £1.5 million+: 12%
Second property: If you are looking to buy an additional property, you usually have to pay 3% on top of the normal SDLT rates as follows:
- Less than £125,000: 3%
- £125,001 – £250,000: 5%
- £250,001 – £925,000: 8%
- £925,001 – £1.5 million: 13%
- £1.5 million+: 15%
For example, if you buy a next home for £275,000 the SDLT you owe is calculated as follows:
0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
Total SDLT = £3,750
Information correct as of December 2017 – Source: www.gov.uk/stamp-duty-land-tax... costs: If you need help to pack, transport and deliver your belongings to your new home, you will need to instruct a removal firm.
Cost: £300 – £600
Can I buy a property and sell my home at the same time?
In order to buy a new home with a mortgage, you will need to sell your existing home first. However, if you are struggling to sell your home, you could consider renting your property temporarily, until you are able to sell it.
A Let to Buy mortgage would enable you to lease your current property and buy a new home. To secure a Let to Buy mortgage, Let to Buy mortgage lenders will need to see that your rental income will comfortably cover your mortgage repayments. If you choose to continue letting your existing property instead of selling it, you will need a Buy to Let mortgage.
If you think a Let to Buy mortgage will help you secure the property of your dreams, you will need to apply for both a Let to Buy and residential mortgage, and ensure that both applications complete at the same time, which we can arrange for you.
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