In recent years, rising property prices and interest rates have made it more difficult to get onto the property ladder. Indeed, according to Uswitch, the
In recent years, rising property prices and interest rates have made it more difficult to get onto the property ladder. Indeed, according to Uswitch, the
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Before you start looking into your next home purchase, it’s important to understand your existing mortgage contract, the potential equity your property has and work out your new affordability.
By working with an adviser at UKMC, we’ll help you understand if there are any Early Repayment Charges on your current mortgage, if it’s better to port your existing deal and top-up your mortgage onto the new property, if it’s better to take a new mortgage out with a new lender, or to just make some overall changes.
Once you have an understanding on your options, you can then make an informed decision, along with your expert mortgage adviser, as to your next mortgage moves.
We specialise in making the mortgage process simple and straightforward. We’ll help you to understand and navigate through the entire moving mortgage process with ease, leaving you to focus on the most important things like packing, organising your moving vans and decorating your new home.
With over a hundred years of combined experience and expertise, our mortgage advisers will get you closer to moving into your dream home. Regardless of whether you’re worried that you won’t be able to borrow enough money to afford your ideal property or you’re not sure how to move house with a mortgage, we can help you to navigate these issues with our expert mortgage advice.
We search the whole of market, looking and comparing 1000s of mortgage rates for you. We’ll review your eligibility across hundreds of lenders and make sure to find the most suitable deal for you!
You’ll be assigned a dedicated mortgage adviser and case manager from your first call with UKMC, providing you with a single point of contact throughout your moving house with a mortgage journey, ensuring you won’t be passed around to different team members for each query.
Your mortgage adviser will liaise with your chosen lender, surveyor, and solicitor on your behalf, helping to minimise stress and save you valuable time.
With our easy access portal, you’ll be able to seamlessly access and download comprehensive reports on your property with just a few clicks.
Reports include:
Broadband speed
Energy efficiency rating
Property price trends in your postcode
Breakdowns of property types, tenure, professions, and crime in your area
Flood risk
Geology report
Infrastructure projects
Radon risk
You can also access a handy home buying check list!
With our easy access portal, you’ll be able to seamlessly access and download comprehensive reports on your property with just a few clicks.
Reports include:
You can also access a handy home buying check list to make moving house with a mortgage even easier
Set up an initial meeting with your chosen agent, they will the help you get started and ensure your home is ‘market ready’. You’ll need to, decide on your valuatio, ensure your Energy Performance Certificate is up to date, arrange images to be taken and prepare your home for sale.
We’ll help you understand your mortgage options and find a mortgage product. It’s crucial to ensure you can afford the mortgage while maintaining your standard of living. While opinions on suitability vary, the mortgage must fit your current needs and personal circumstances.
We’ll apply for an Agreement in Principle (AIP) from your chosen lender. This confirms your offer with the estate agent and indicates the amount the lender is willing to lend after a credit check and affordability assessment. It can also be known as a Decision In Principle or Mortgage In Principle.
You can then start the property search, either through local estate agents or via online apps. Top Tip - When in the property, take your own pictures and videos so that you can view them again in your own time that way you can make a list of questions when you go for a second viewing.
Once you've found your property and had your offer accepted, you'll need to appoint a solicitor. Your solicitor will tell you what you can expect to pay and ask you to pay for the property searches. Your adviser and they will be able to point you in the right direction if you're having trouble finding a solicitor.
We will go ahead with your chosen lender and make the formal mortgage application. At this stage we may ask for some additional documents, such as payslips and bank statements. We'll stay in touch with you throughout the process making sure you stay up to date every step of the way!
At this stage, the mortgage has been formally approved by your chosen lender. A copy will also be sent to your adviser and solicitor, so that they can begin the legal work associated with the property. Your solicitor will start enquiries on the property and set up your exchange and completion days.
Once the solicitor has completed their work and you have exchanged contracts with the vendor, you’ll set a completion date. Just like that, you’ll own your own home. There may be plenty of question that you have along the way, but we’ll always be here to guide you through the mortgage process.
Considering moving house with a mortgage? Mortgage porting simply means moving or transferring your current mortgage over to your new property. You’ll still need to under-go the application process, and you may even need to increase your loan amount if your new property is more expensive.
Your lender may require a separate mortgage for the difference between the two amounts, this will incur a charge called an arrangement fee.
You have the option of changing your mortgage completely. You can borrow more and take out a new loan with your same lender or an entirely new one. But it’s worth noting that you may have to pay an early repayment charge if you choose this option.
You might incur an exit fee, along with an arrangement fee and a valuation fee for your new mortgage. As well as other fees such as arrangement and valuation fees.
The length of time it takes to move home can be affected by so many different things!
A typically straightforward sale and purchase can take anywhere between 3-4 months. This could take longer if you’re in a large chain of house purchases, or if one person decides to withdraw from a purchase in your chain – you could all be delayed.
In order to help keep your part of the chain running smoothly, it’s really important before you get looking at new houses, you have everything in order ready to make an offer. It’s also super important to choose a reliable Estate Agent that will help find you a buyer in double quick time and they will give you hints and tips on how to sell your home quickly.
This is a question we tick off right at the start of the process with our clients. A Mortgage Offer is the lender granting you the funds towards the purchase, but a lot, if not all, do have a specific period of time that this will last for. Typically, with high-street lenders this can last for around 6 months on a standard home purchase. If you’re buying a new building and the development takes a little longer, some lenders will actually allow your mortgage offer up to 9 and in some cases 12-months before it runs out.
So it gives you plenty of time from the moment a mortgage offer is approved to make sure the rest of the home-buying chain can get sorted too.
Before you start looking into your next home purchase, it’s important to understand your existing mortgage contract, the potential equity your property has and all the future mortgage considerations. By working with an advisor, they’ll help you understand if there are any Early Repayment Charges on your current mortgage, if it’s better to port your existing deal and top-up your mortgage onto the new property, if it’s better to take a new mortgage out with a new lender, or to just make some overall changes.
By working with a local mortgage advisor, it’ll give you peace of mind and confidence in the next steps you’re about to take.
Yes. In fact, a lot of people do.
The reason this works for some people is if you have recently just taken out a new mortgage product – it might have some hefty Early repayment Charges. You can avoid these if you take your current mortgage with you and then top-up (if needed!)
In some cases, though, current interest rates might mean you’ll get a better deal – so it’s worth considering both options and seeing which is the most cost-effective for you.
In short – no you don’t, however, when moving house, we suggest looking at both your existing deal and a new deal with a new lender. You can compare the two and work out which is better for YOU.
Adding up the fees associated with taking out a new mortgage, such as a product fee, and then comparing it to the cost of leaving your existing mortgage can help you identify which is the better option.
You may find the additional fees cost less than the extra interest you would pay with your current mortgage. Equally, you may find it is much more cost effective to stay with your current deal.
You can either book a call, at your convenience or give our friendly first-time buyer mortgage broker team a call
Request a call back using our online contact form, or simply send us your enquiry via email to hello@ukmc.co.uk
Why not speak to our supportive, expert team in-person. Located in Warrington Town Centre.
Find expert guidance, and all the information you need to make informed decisions when it comes to moving house with mortgage arrangements already in place.
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
Registered company number: 15825320
