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Moving Home

So, you’ve found your new dream home? Great! We think it would be best sticking with our current mortgage provider, however with the complexities in the mortgage market with new deals always been launched and withdrawn. Your current lender may not always be able to offer the best deal.

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Finding your ideal new property is always exciting and the start of a new adventure!

Many homeowners assume that their best option is to remain with their current mortgage provider for simplicity, but this is often a costly assumption.

The UK mortgage market moves rapidly, and there are constantly new products, new lenders and new terms available, and discontinued mortgage types no longer open.

Revolution Brokers works with a vast range of homebuyers and almost always secures a more cost-effective deal than you'd be able to arrange through any mainstream lender or high street bank!

Here we'll run through some of the core considerations when moving home.

If you'd like bespoke advice to ensure you get the best possible value from your mortgage, please give our friendly team a call on 0330 304 3040 or drop us a message at info@revolutionbrokers.co.uk.

How Much Can I Borrow on a Moving Home Mortgage?

Determining how much you can borrow is mainly based on the income that you receive from your employment.

However, lenders will also look at a range of other criteria, such as your age, credit history, employment type and whether you're applying jointly or as an individual.

The amount being borrowed from the lender can be increased if there are two applicants, you have a second job or any other form of annual income such as tax credits or rental income.

The more income the applicants have, the more the lender will offer - although a lot depends on whether one of you has an adverse credit history or earns a variable income.

However, the amount being borrowed does vary from lender to lender, and you will have to consider your credit commitments, as this will affect the amount a lender will lend.

Lenders use a calculation called debt to income; that determines how much you earn vs how much you owe and can rule out some high street banks with strict lending criteria.

They'll also look at the property valuation, since the mortgage amount needs to be covered by the potential sale price of the property were you to end up in a repossession scenario - this is the security the lender needs to be comfortable offering a mortgage.

If you're concerned about getting a moving home mortgage, please give us a call, as many alternative options are usually far more beneficial!

The following topics are covered below:

Income vs Expenses - How to Move Home With Mortgage Commitments and Debt

How Reliable is a Moving Home Mortgage Calculator?

How much will your mortgage cost you?

What Are My Moving Home Mortgage Options?

Moving Home Mortgage Calculator - Deposits

How much money will you need to have for your deposit?

Moving Home Mortgages Explained

How to Move Home With Mortgage Products

Income vs Expenses - How to Move Home With Mortgage Commitments and Debt

It is essential to consider your monthly outgoings before getting a mortgage to ensure that your monthly mortgage payments are affordable.

It would help if you also thought about any anticipated changes in your income or expenditure.

You will have to be able to afford your mortgage payments as missed monthly mortgage remittances could lead to the repossession of your home.

Problems such as large amounts of unsecured debt, a history of defaults, or long-term debt secured against another property can all make it harder to achieve the most competitive mortgage rates on the market.

How Reliable is a Moving Home Mortgage Calculator?

Our mortgage calculator lets you work out how much you can borrow.

However, calculators are designed to give you a helpful insight into what you might be able to borrow and what it'd likely cost - they aren't bespoke to your circumstances. They shouldn't be the basis for making any long-term borrowing decisions.

For more detailed mortgage rates for your house move, please give us a call on 0330 304 3040.

How much will your mortgage cost you?

Your Mortgage will likely be your biggest monthly expenditure so it is imperative that you know how much your mortgage will cost you monthly. You will want to make sure that your mortgage is affordable and that you can keep up with your monthly payments as failure to do so can have some dire consequences such as bad credit and even repossession of your home. Our Mortgage Calculator is a quick and easy way to work out how much your monthly payments may be in order for you to work out if it is affordable to you and whether it meets your circumstances. The Mortgage calculator quantify your monthly mortgage payments based on the details that you provide so make sure they are entered correctly or you may receive wrong information. If you do have any questions do not hesitate to contact RFB for fee-free advice.

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What Are My Moving Home Mortgage Options?

Your mortgage will likely be your most significant monthly expenditure, so you must know how much your mortgage will cost you.

There are multiple types of mortgage, so perhaps that might be:

  • A self-employed mortgage or joint applicant mortgage.
  • A mortgage for professionals or freelancers.
  • A retirement mortgage if you're moving home in later life.
  • A bad credit mortgage if you're recovering from previous credit issues
  • A first-time buyer mortgage if moving from rented to owned accommodation.

You will want to make sure that your mortgage is affordable and that you can keep up with your monthly payments, as failure to do so can have some dire consequences such as bad credit and even repossession of your home.

Our mortgage calculator is a quick and easy way to work out how much your monthly payments may be for you to work out if it is affordable to you and meets your circumstances.

The mortgage calculator quantifies your monthly mortgage payments based on the details you provide, so make sure they are entered correctly, or you may receive the wrong information.

If you have any questions, do not hesitate to contact Revolution Brokers for fee-free advice. Our teams are on hand to assist, whether recommending a mortgage product, identifying the best lender or you, or advising when another borrowing product may be more advantageous.

Moving Home Mortgage Calculator - Deposits

Before buying a property, you will need to have a deposit in place (a sum of money paid into a bank or building society account).

How much money will you need to have for your deposit?

Some lenders allow 100% mortgages, although it is almost impossible to get one in the current market climate, as lenders need to demonstrate they are lending responsibly.

You will generally need to have a minimum of a 5% of the property value for your deposit. For example, if you want to buy a property for £100,000, you will need to deposit at least £5,000.

However, the larger the deposit, the better the interest rate deal you will be applicable for.

We will advise you on the best rates available on the mortgage market depending on the amount of deposit that you have. Home Buyers who have bigger deposits like 15% and 20% are now applicable for some great deals that are now available especially with interest rate being at a record low. However for First Time Buyers having that big of a deposit can be quite difficult which is why the government has introduced chemes to help Firt time buyers. These are called Help to Buy schemes, the government will aide you in buying your first home. Our mortgage Brokers will guide you to the best deals available to your personal circumstances.

Moving Home Mortgages Explained

We will advise you on the best rates available on the mortgage market depending on the amount of deposit you have and the other circumstances around your finances.

For example, house movers with more considerable deposits of 15% or 20% are eligible for some great deals, especially with the interest rates being at a record low.

Still, the availability of such rates will also depend on your age and whether you have a regular PAYE income or more variable earnings.

First-time buyers often find it difficult to offer such a substantial deposit. There are other options such as Help to Buy, with a five-year interest-free equity loan to help new buyers get into the property ladder.

The only way to be confident that you've assessed all the available mortgage options is to consult an independent, whole-of-market broker, such as the Revolution team!

How to Move Home With Mortgage Products

As we've explored, there are many mortgage options on the market, ranging from mainstream bank mortgages to specialist first-time buyer home loans and government schemes.

If you already have a mortgage on an existing property, the best option is to give us a call, and we'll assess the suitable options.

In essence, the sale value for your current home will be used to repay the existing mortgage debt. You may find that this impacts your budget for a further purchase, depending on how much equity you own and how much capital the sale frees up for a deposit.

Give the Revolution team a call on 0330 304 3040, or drop an email to info@revolutionbrokers.co.uk, and we'll arrange a good time to chat through your move and the most competitive mortgage products we think would be the best fit for you.

Check out our handy calculators

Our quick mortgage calculators are designed to give you an indication of how much you can borrow and allow you to consider the different mortgage options available to you.
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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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