Moving Home

Finding the best mortgage options

You should always find out what your mortgage options are first before you start looking at properties. Yes, we know that is boring and not as fun as scrolling through Right Move, Zoopla and other property listing sites, but imagine having an offer accepted on your dream home that you fell in love with, at first sight, only to find out you can’t afford to buy it or you can’t find a buyer for your current home.

When looking to buy your next home, it is important to make sure you complete things in the right order if you don’t want to face unnecessary stress, disappointment and heartache.

We would always recommend you speak to a whole-of-market mortgage broker like The Mortgage Pride at the earliest opportunity (ideally before you market your current home for sale) so you can be a confident and prepared homebuyer. Our personalised mortgage planning service at The Mortgage Pride is designed to help get you mortgage ready and guide you through the process to turn your dream of owning your next home into a reality.

Why is it Important to be Mortgage Ready as a Homebuyer?

When you find your dream home, you want to ensure your offer is accepted by the vendor. The estate agent is likely to ask you for the following to qualify your offer for the seller:

· Agreement or Decision in Principle to confirm you can obtain a mortgage to buy the property;.
· Evidence of your deposit to verify you are in a proceedable position;.
· Details of the solicitor/conveyancer you intend to use for the legal part of the property purchase.

Remember, there may be other offers from several potential buyers so it is important you are fully prepared and can provide the above as soon as it is requested.

They are also going to ask you what your current situation is, i.e. do you have a current property to sell.

Can I just take my existing mortgage to a new property?

This may be an option, yes, and it will certainly be an option we explore when looking at your mortgage options. However, not all mortgage deals are portable (transferable to a new property) and even if your current mortgage deal is portable, it is not guaranteed that you can take it to your new property or that it is suitable to do so.

Mortgage lenders treat a request to transfer your existing mortgage deal to a new property like a brand new mortgage application so you may no longer meet your existing mortgage lender’s lending criteria or affordability assessment.

If you are unable to port your existing mortgage, you may have an early repayment charge or penalty to pay to exit this mortgage so this needs to be taken into consideration.

It is also important to remember that any new borrowing above your existing mortgage balance must go onto a different mortgage deal to the mortgage deal you are asking to port. Therefore, it may not be the most-cost effective option for you when considering other mortgage deals available.

However, rest assured that we will always consider if porting your mortgage to a new property is the most suitable option for your circumstances.

When do I need to contact an estate agent to sell my current home?

Once you have fully established how much you can afford to borrow to purchase your new home, you will then know if your house move is affordable to you. At this stage, it is recommended you contact a local estate agent to value your current home and list your property for sale.

Remember, you are unlikely to have an offer accepted on your new dream home without having a buyer for yours, or at least have yours on the market especially if the vendor has other offers to choose from.

Can I buy my next home without selling my current property?

There are circumstances where you may not need to sell your existing property in order to buy your next property. For example, you may wish to keep your property to rent it out. As your local mortgage experts, we can help you understand how you can achieve your property goals.

How can our Mortgage Planning Service Benefit you?

Our mortgage planning service will guide you safely and confidently through the mortgage and home-buying process and help you demonstrate to an estate agent or vendor you are fully mortgage-ready. It will;

· Confirm how much you can borrow
· Confirm how much you can afford – this is sometimes different to how much you can borrow
· Explain how much deposit you’ll need and what you can use as a deposit
· Assess if you can port your existing mortgage to a new property
· Confirm how much your mortgage will cost you
· Explain the house buying process
· Make sure you are aware of all the associated costs involved in buying your next home including any early repayment charges or penalties you may need to pay to your existing mortgage lender
· Recommend the right mortgage for you based on your personal needs and circumstances by accessing the whole of market
· Take care of all your mortgage and protection requirements
· Provide a personal service, so you are confident that the mortgage is right for you

As a Homebuyer Can I just Obtain a Mortgage Online Myself?

Yes, you can. But the affordability calculators available online do not check that the information you are submitting is accurate or that your full circumstances meet the mortgage lenders lending criteria. This may mean that you think you have a mortgage agreed in principle when in reality a full mortgage application may decline.

Each mortgage lender has its own affordability rules, calculations and lending policy. For example, some lenders will accept 100% of your overtime whereas others don’t. Some will lend to homebuyers who are an agency or zero-hour contract workers whilst others require you to be on a permanent contract. Some lenders may not accept certain adverse credit histories.

After understanding your circumstances, we’ll search the whole of the market to match you to the right mortgage lender for your personal situation.

Moving Home Mortgage with The Mortgage Pride

As a whole of market mortgage broker, we are able to access thousands of products, including exclusive rates so you can be confident we are recommending the most suitable option for your personal circumstances. Not only that, because we have access to over 100 different mortgage lenders, we will save you time and energy sourcing not only the right mortgage lender for you but also the most cost-effective option for you.

Rest assured we’re with you every step of the way. From understanding how much you can borrow to collecting the keys to your new home and beyond. We aim to minimise the stress so you can enjoy the experience.

You will understand what we are doing and most importantly, why.

If you have any questions about buying your next property and want to be confident you are mortgage ready contact us!