It can feel like your checklist when moving home is never ending, some things take priority over others. So where should you start?
Key Mortgages can help you take the next step towards your new home and find you the right mortgage deal. We will take away the stress and the hassle that comes with moving home so you focus and look forward to your future.
What does a moving home mortgage include?
If you are moving to a new property you can take a couple of paths when organising your mortgage. You may be able to “port” your mortgage which means you can transfer it to the new property, which can be tricky and involve more costs to cover the difference in price and and specifications of the new property.
Another option is to remortgage with your existing (or a new) lender which can enable you to find a better rate with. Although this also involves additional costs such as early repayment charges or exit fees, these can decrease if you are nearing the end of your mortgage term.
How much deposit will I need for a moving home mortgage?
Lenders will generally accept a deposit of no lower than 5%, the more deposit you pay, the lower your monthly repayments will be. A bigger deposit will also improve your chances of being accepted by lenders and pass affordability checks reflected by your income and outgoings.
Are there any unexpected costs that come with this mortgage?
You are likely to run into some unexpected costs when purchasing a new property. We recommend putting money to the side to cover common costs such as...
- Legal fees
- Stamp duty
- Buildings insurance
- Estate agency fees (for sellers only)
- VAT
- Moving costs such as removal companies, storage and removal insurance
Questions & Answers
When you are around 2 weeks away from your moving date, you should notify your bank, life and car insurance providers, doctors and dentists if you are moving into a different catchment area.
When moving home with an existing mortgage you might encounter early redemption penalties. This can be avoided if your mortgage is portable.
Reaching this point of the moving house process usually takes 2-3 months and will form a binding legal agreement.