Moving Home Mortgage

Thinking about moving home?

Are you thinking of moving home?

The first steps you need to take are to find out how much you can borrow and then find the best mortgage deal for your individual circumstances.

Moving home is a bit more complicated than a first time purchase as you now have a property to sell.

Ready to make the next move?

We’ll help you find a great mortgage deal for your new home.

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moving home mortgages

First Time Buyer?

It’s an exciting time but it can also be quite stressful. Let us arrange your first time buyer mortgage and give you as much help and advice as you need.

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MOVING HOME RESOURCES

Self-employed mortgages

If you are self-employed, a freelancer or a contractor you can still successfully get a mortgage if you can meet the lenders criteria. With the right broker helping you, it’s absolutely possible to get a self employed mortgage, even if you have limited accounts.

Mortgage calculators

Our online calculators can help you to see what the monthly mortgage repayments would be and calculate the stamp duty payable when moving home. 

Jargon buster

Our useful mortgage jargon buster helps to explain commonly used terms that you might encounter on your mortgage journey.

Knowledge centre

Moving home and arranging a mortgage can be a complicated and stressful process. To help, we have put together some useful guides and articles, to give you some background information and know how.

Still have more questions?

Call 020 8301 7930 to speak with a mortgage adviser.

Types of Mortgage

There are lots of different mortgage variables to choose from and the choice can sometimes be a little daunting.

Here’s a quick summary to help you get started.

INTEREST RATES

Typically you will have one interest rate product that applies to your whole mortgage.

  • Fixed rate mortgages – With a fixed rate of interest your mortgage costs are fixed and predictable for a set amount of time. This can be from 2 to 10 years or longer. There will almost certainly be Early Repayment Charges if you reduce the mortgage during the fixed rate term but you should be able to move home if your rate is portable.
  • Tracker mortgages – These will ‘track’ or follow an interest rate index which is normally the Bank of England base rate. The rate you will pay is the BOE rate plus a fixed margin on top that’s agreed when you apply for the mortgage. So the amount you pay will vary as the base rate moves up or down.

REPAYMENT METHODS

  • Repayment – Most mortgages are set up as repayment or capital & interest mortgages. Each monthly repayment that you make comprises of interest and capital, slowly reducing the amount that you owe. If you keep up with all of the mortgage payments the loan will be fully repaid at the end of the term.
  • Interest Only – With this repayment method the monthly payments are interest only so no capital is repaid. Your mortgage balance does not reduce so you need to plan how this will eventually be repaid.
  • Part & Part – This is a mixture of repayment and interest only. Our advisors can explain how this works but it can be extremely useful if the mortgage needs to be repaid in different stages during the mortgage term.

First Time Buyer?

When buying your first home there’s a lot to learn and take in. Mortgages, interest rates, repayment methods, fixed or variable, AIP, surveys, contracts, offers, insurance…

Our mortgage advisers help first time buyers just like you everyday and our mortgage service will lead you through the homebuying process.

Our First Time Buyer Mortgage Guide provides an overview of the whole process.

Mortgage Costs

When researching a mortgage, it’s helpful look beyond the headline rate. There are other costs, such as the arrangement fee, ERC and property valuation fee which need to be considered.

Our brokers can calculate the overall cost of a mortgage over a given number of years, making comparing deals much easier.

Life Insurance

Protecting your mortgage in the event of your death is just as important as researching a great interest rate.

Typical costs for life cover are only a small proportion of the mortgage payments, with the mortgage paid off in full should you die.

How much can you borrow?

Our mortgage affordability calculator will help you work out how much you can borrow.

Just enter some basic financial details and let our calculator search over 50 lenders, giving you a quick borrowing estimate in seconds.

porting

Can I move my mortgage to a new house?

When moving house, one option is to transfer your mortgage interest rate to your new home – this is called porting.

Porting a Mortgage Explained

Why would you do this and how does it work?

You may want to port your mortgage product for 2 main reasons:

  1. It’s a great product and much better than those currently available
  2. To avoid early repayment charges

The ‘how’ is a little more complex.

In buying a new property you will need to apply for a mortgage. To port a product you need to apply to your current mortgage lender and ask them to transfer or port your interest rate deal over to the new home.

The lender will still need you to qualify for the new mortgage and will look at your deposit amount, the new property, financial status including income and also your credit history.

If you apply for a mortgage amount which is greater than your current balance, this extra amount will be placed on it’s own interest rate product.

We can ask your existing lender about your porting options and borrowing additional money for the new purchase. We will compare the costs of porting with switching lender and having a single loan with a new lender before recommending changing lender.

In the unfortunate event that your current lender declines your application then a new lender will need to be found to enable you to move.

Questions? Just give us a call on 020 8301 7930

Get ready

The cost of moving house

Here’s some of the costs you can expect when moving house:

  • Legal fees and searches
  • Stamp duty
  • Mortgage valuation
  • Brokers fee
  • Selling agent fees
  • Buildings & contents insurance
  • Life insurance
  • Removal
  • Storage
  • Mail redirection
  • Initial repairs
  • Home improvements

Let to Buy: Move to a new house but keep the one you have now!

So you have a dilemma, you would like to move house but you can’t (or won’t) sell the home you currently live in.

Can Let to Buy help?

Let to Buy mortgage means remortgaging your current property on to a buy to let mortgage and then withdrawing some of the equity to help buy the new house. You would then rent out your old home.

The complete process requires 2 mortgages and we definitely recommend using a qualified independent mortgage advisor who is experienced with these situations.

1 – Remortgage your current home on to a buy to let mortgage. You need to apply for a mortgage amount that makes the purchase possible. This is the Let to Buy.

2 – Apply for a standard residential mortgage on the new property and use the equity raised as a deposit.

THE PRINCIPLES OF LET TO BUY ARE QUITE SIMPLE. INSTEAD OF SELLING YOUR CURRENT HOME TO MOVE INTO A NEW PROPERTY, YOU KEEP YOUR CURRENT HOME AND LET IT OUT TO TENANTS.

SEE IF A LET TO BUY MORTGAGE CAN HELP YOU >

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Kerry has been an invaluable resource for us not once, but twice over the past five years, assisting us with both our initial mortgage and subsequent remortgage. Kerry's expertise and knowledge are truly commendable.

Ella Green

Best service I've ever had from a mortgage advisor, or any financial advisor for that matter! Always very professional but also practical and personable. Every step of the way, we had help and answers available to us.

Amanda Aldercotte

Thank you for your help throughout this process, we are very happy with the service provided and would not hesitate to recommend you.

Kat & Gary

Camden London N9
I recently worked with a mortgage advisor Kerry who was exceptional. She was knowledgeable, responsive, and provided excellent customer service. I highly recommend Drake Mortgages to anyone in need of mortgage guidance and support. Thank you for making my experience stress-free and straightforward!

Ieva Umbrasaitė

I highly recommend this company! Kerry and her team were fantastically quick, courteous and efficient in securing us the best possible deal and very patient and polite when answering many enquires. Save yourself a headache and give them a call.

Liam Kirwan

Best service I've ever had from a mortgage advisor, or any financial advisor for that matter! Always very professional but also practical and personable. Every step of the way, we had help and answers available to us.

Amanda Aldercotte