Home Mover Mortgage

Mortgages for Home Movers

You may want to move home for various reasons; maybe it is time to grow your family, or you want more space for the kids to run around. You may be relocating for work or love. Perhaps you no longer need such a large house and it’s time to downsize. Maybe you simply want to secure your family’s future in the home of your dreams. No matter what your goal is in moving home, we can help you achieve it.

How Much Can I Borrow?

Lenders will look at how much you earn and your outgoings. As a general rule, multiply your income by 4.5 and you’ll get that magic number.

When should I start?

Speak to us as soon as you’re thinking of moving home. We can provide you with a more accurate indication of how much you can borrow, which type of property you can afford, and an indication of the costs involved for moving home. Even if you’re not in a position to move straight away, we’ll give you some very useful advice to help get your finances and planning in order, which means that by the time you’re ready, it’ll make the whole process run smoother and find you a great deal on a mortgage.

We’ll use our wealth of experience to help you sell your place and move to your new home

IMPORTANT

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

How can Plato help?

We have over two decades of experience as property investors and mortgage brokers. This means we can give you practical step by step guidance and useful tips at every step of your home mover journey. For example, maximising the sale price of your home, dealing with estate agents and solicitors, using an online estate agency to reduce your sales costs and have more control.

As independent Mortgage Brokers, we can help you find the most appropriate type and length of loan to suit your new property and budget. We're experienced in knowing which lenders to approach based on your circumstances and property type. We also have access to mortgage products which are not available directly to the public. When moving home, we will also assess whether or not your existing mortgage provision can be utilised within the transaction (known as porting).

How much of my time will this take?

Just 3-4 hours (approximately) over two meetings (phone or face to face) will save you many more hours of work. You won’t need to try and speak to every lender yourself or try to establish who will lend to you and under what terms: we do all of this for you. This means you are free to spend your time doing what you do best.

Should I keep my existing property?

The answer really depends on your overall financial situation and character profile. Many clients find they have to sell in order to fund the deposit on their new home and we can work to make sure that the timing of your sale and purchase works perfectly. If you’re lucky enough to keep your existing property to let, you could obtain a buy-to-let mortgage for your existing property and raise additional funds to help towards the deposit for your new home. We strongly urge clients to seek independent tax advice when considering this option.

How Long Does it take to move home?

This is a very difficult thing to predict as anyone who has ever moved home will tell you. Typically, it can take 6-12 months, but every home move differs. The fact that you have to sell one property to buy another often means that you are dependent on a sale before you can buy. Solicitors and banks will work together with the objective of making these transactions work in a timely manner so that as the sale transaction completes, the purchase can complete simultaneously. This is known as a ‘chain’.

Whilst there are lenders who can produce a mortgage offer in a matter of days, it’s the work undertaken by the buyer’s and seller’s solicitors which tends to add the most time to completing the transaction. We will provide useful guidance to help ensure your case doesn’t sit at the bottom of your solicitors workload.

Can you provide finance if I want to buy my new home before I sell my old one?

You may find yourself in a position where you risk losing the purchase of your dream home before the sale of your old one completes. This is where Bridging Finance may be a useful tool. Contact us to discuss this type of specialised lending.

We have access to more than one hundred lenders and thousands of mortgage products to find one that’s just right for you

We endeavour to remain in contact throughout the term of your mortgage to ensure you always benefit from the best rates

What is the Home Moving Process?

1

We recommend inviting at least 3 reputable local estate agents to visit your home. This will help you obtain a realistic sale price and understand the current market situation in your area. We also recommend asking them for suggestions on how to add value to your property.

2

Contact us to have an initial discussion. We can provide you with a more accurate indication of how much you can borrow, which type of property you can afford, and an indication of the costs involved for moving home.

3

Start to look at areas/properties to understand if you really do want to move into a new area, new home, and whether this meets with your expectations. The more areas and properties you visit, the more of an expert you’ll become in what a fair market price is.

4

It is now time to get your current home in order. Some smart and often low-cost home improvements (e.g., decluttering, fresh coat of paint where needed) will help maximise the sale price and the number of offers made to buy your home.

5

Market your home to sell either with a high-street or online estate agency. Based on how many viewings/offers you receive in the first few weeks, you’ll soon understand what the realistic sale price and time to sell will be.

6

Once you have accepted an offer to buy you can instruct a solicitor to start undertaking the conveyancing work to sell.

7

With our useful tips and ongoing discussions, you are now in a good position to make an offer to buy your new home.

8

Once your offer to buy at a price has been accepted by the vendor, you can contact us so that we can complete and submit a mortgage application to the most suitable lender.

9

Instruct your solicitor who’s undertaking the sale of your current home to start work for your house purchase.

10

The lender will send a surveyor to the prospective new home to ensure that the purchase price agreed upon is indeed a true reflection of the property’s market value. For an additional cost, the surveyor can also undertake a more detailed survey of the property’s condition and / or structural condition. (This is often recommended for older properties).

11

Once the lender is satisfied with the property being purchased and the information you’ve provided with your application form, they’ll issue a Mortgage Offer Letter which typically remains valid for 6 months. (If the home move process is taking longer than this, we will look to obtain a revised offer letter from the existing lender and / or check to see if there are better deals available in the marketplace at that time).

12

Once both seller and buyer’s solicitors are happy with all legal aspects for the property, the seller and the buyer, they will ‘Exchange Contracts’ and typically undertake ‘Sale Completion’ a few days thereafter.

13

Once the property purchase completes, you can walk to the Estate Agents and collect the keys to your new home.

14

Congratulations, it’s time to celebrate, feel free to welcome us over to your housewarming party!

Important information

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A word from our clients...

Contact us

  • Call us 020 3773 1210
  • Contact us info@platofs.com
  • Meet us Chiswick Park, 566 Chiswick High Road, London, W4 5YA
  • Office hours Mon-Fri 8am-6pm

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