Whether you’re upsizing, downsizing, or relocating, moving home is an exciting step. A mortgage for home movers can help make the transition as smooth as possible.
Application Process:
Assess Your Current Financial Situation: Determine how much equity you have in your current property and what your budget will be for your new home.
Get a Mortgage in Principle: Just like with a first-time mortgage, a lender will give you an idea of how much they’re willing to lend.
Sell Your Current Property: Ideally, you’ll want to sell your home before finalising your new mortgage.
Submit Your Application: Provide financial details and evidence of your current mortgage and property sale (if applicable).
Valuation and Decision: The lender will assess your new property and confirm the mortgage amount.
Receive Your Mortgage Offer: Once approved, you’ll receive an offer to proceed with the purchase of your new home.
Factors Lenders Consider:
Equity in Your Current Home: The amount of equity you’ve built up will affect how much deposit you need for your new home.
Current Mortgage Status: Your lender will want to see that you’re up-to-date with payments and have a good repayment history.
Affordability & Income: They’ll evaluate your income and whether you can comfortably afford the new mortgage repayments.
Credit History: Lenders will review your credit score to check for any recent changes since your first mortgage application.
Top Tips
Plan for Moving Costs: Factor in expenses such as estate agent fees, solicitors, and stamp duty when budgeting.
Porting Your Mortgage: If you’re happy with your current mortgage deal, ask your lender if you can ‘port’ it to your new property.
Sell Before You Buy: Having a buyer for your current home can make your mortgage process smoother and more predictable.
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Looking for a Residential Mortgage?
If you’re getting on the property ladder, a Liverpool Mortgages can help you navigate the house buying process.
