Expert Guidance Every Step of the Way
Your property may be repossessed if you do not keep up repayments on your mortgage.
Everything You Need to Know
A home mover mortgage is designed for those who already own a property and are looking to move to a new one. The process often begins with obtaining a mortgage in principle, a preliminary agreement from a lender confirming how much you can borrow.
This document is essential for many estate agents and helps ensure you’re ready to proceed once a sale on your current property is agreed. With flexible deposit requirements starting at 5%, most home movers can borrow up to 95% of the property’s value, though credit scores and financial history may influence the final terms.
FAQ'S
Can I get a mortgage as a home mover if I have bad credit?
We can almost always get you a mortgage. There are ‘sub prime’ lenders that will allow defaults, CCJs, missed mortgage payments or missed loan payments.
A missed mortgage payment is the big one – that’s probably the biggest stumbling block but there are potential lenders. So it’s very rare we can’t do it. However, higher risk clients do have higher interest rates and larger deposits.
Can I get a Buy to Let mortgage as a home mover?
Yes, you can get a Buy to Let mortgage as a home mover but not on a property to live in yourself. If you were selling your house and buying something else, the property you buy would be on a residential mortgage.
But once you’ve moved house there’s nothing stopping you getting a Buy to Let mortgage on another property as an investment.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Most buy to let mortgages are not regulated by The Financial Conduct Authority
Streamlining Your Mortgage Application
The mortgage application timeline varies depending on factors such as lender workloads, the complexity of the application, and how quickly required documentation is provided. Working with a broker can expedite this process, often securing offers in as little as 24 hours.
Brokers also provide essential support for specific needs, such as porting an existing mortgage to avoid early repayment charges or navigating complex situations like self-employment or bad credit. They can also explore alternative options, such as Buy-to-Let mortgages, for clients looking to invest in additional properties after moving.
Flexible Terms and Key Considerations
Home mover mortgages are highly customisable to individual circumstances, including term lengths, interest rates, and property types. Rates depend on deposit size, credit history, and market fluctuations, while terms may extend up to 40 years or even into retirement age for eligible clients.
Additional fees, such as solicitors’ charges, estate agent commissions, and potentially stamp duty for properties over £125,000 from 01/04/2025, should be factored into the overall budget. With the guidance of a professional broker, you can navigate these complexities confidently, ensuring a smooth transition to your next home.
Vulnerable Customer
We understand that from time to time our clients may find themselves dealing with circumstances which could mean they are potentially vulnerable. For example, a change in health, caring for a family member or coping with the loss of a loved one. There are many different types of vulnerability, and what makes one person vulnerable might not affect someone else. When we are vulnerable, our need for financial advice may change. However, admitting vulnerability or seeking help can sometimes feel hard.
If this is something you would like to discuss with us, please ask for a copy of our support guide or download a copy here. This guide is designed to help explain vulnerability and the ways in which we might be able to support you. If you feel any of the circumstances in the brochure apply to you, please talk to us.
