Work out what you could borrow
Your income, commitments, existing mortgage and wider financial circumstances all affect how much you may be able to borrow for your next home.
MOVING HOME MORTGAGE ADVICE IN NEWCASTLE
Moving home? Make sure the mortgage moves with your plans.
Moving to your next home involves more than finding a property you like. You also need to work out what you can afford, what happens to your existing mortgage and how the numbers fit together.
Whether you're upsizing, downsizing, moving across Newcastle or relocating elsewhere in the North East, we'll help you understand your mortgage options before you make your next move.
PLANNING YOUR NEXT HOME?
Start with the numbers.
Tell us a little about your current mortgage and what you're hoping to buy.
BEFORE YOU START VIEWING
Know where you stand before you find the house.
It can be tempting to start browsing properties straight away. But understanding your finances first can make the search much more focused — and help you avoid falling in love with a property that doesn't work on paper.
Understand your current mortgage
Your existing mortgage may have early repayment charges, a remaining balance or the option to transfer the mortgage to your next property. Knowing the details can affect your plans.
Work out your available deposit
The equity in your current home could form an important part of the deposit for your next property. The amount you have available will depend on your property's value and outstanding mortgage.
Leave room for the costs of moving
Your budget needs to cover more than the purchase price. Stamp Duty, legal fees, surveys, estate agent costs and moving expenses can all need to be factored into the overall picture.
GETTING YOUR STARTING POINT RIGHT
Check what I could afford
You don't need to have found a property before speaking to a mortgage adviser. In fact, understanding your position first can make the whole process easier.
YOUR CURRENT MORTGAGE
What happens to the mortgage you already have?
Moving home doesn't automatically mean starting from scratch. Depending on your mortgage and circumstances, there may be several ways to structure the borrowing for your next property.
YOUR NEXT MOVE
The reason you're moving can change the mortgage you need.
A move isn't always about buying a bigger house. Your plans, priorities and budget can all point towards a very different type of property.
Upsizing
If you're looking for more space, you may need to borrow more than you currently owe. We'll look at affordability alongside the equity you have built up in your existing property.
Downsizing
Moving to a smaller or less expensive property could allow you to reduce your mortgage or release some of the equity in your current home.
Relocating
A new job, family circumstances or simply wanting a different area can mean moving further afield. Your mortgage needs to work for the property and the life you're moving into.
Changing priorities
Perhaps you're looking for a home that's easier to manage, closer to family or better suited to how you live now. The mortgage should reflect those plans rather than simply your previous borrowing.
YOUR HOME HAS CHANGED. YOUR NEEDS MAY HAVE TOO.
Explore my next move
Moving home is an opportunity to review more than the property itself. It can also be a good time to reconsider the mortgage that sits behind it.
THE COST OF MOVING
The purchase price isn't the whole budget.
When you're working out what you can afford, it's important to leave room for the costs that come with buying and selling a home.
Some costs are easy to overlook when you're concentrating on the price of the property. Understanding them before you start making offers can give you a much clearer picture of your overall budget.
Work out the numbers
01
Stamp Duty
Depending on the property and your circumstances, Stamp Duty Land Tax may form part of the cost of buying your next home.
02
Legal and conveyancing costs
You'll normally need legal work for both selling your existing property and buying your next one.
03
Surveys and valuation
Depending on the property and mortgage, you may need to budget for surveys, valuations or other property-related costs.
04
Estate agent and moving costs
Selling your current home, arranging removals and getting everything ready for your move can all add to the overall cost.
05
Mortgage fees
Depending on the mortgage you choose, there may be product fees, broker fees or other charges to consider when comparing your options.
THE TIMING OF YOUR MOVE
Selling one home while buying another can feel like a juggling act.
There are more moving parts when you're already a homeowner. Your sale, purchase, mortgage and onward plans all need to line up as closely as possible.
01
YOUR CURRENT HOME
Understand what your property is worth
The likely sale value of your current home helps establish how much equity could be available towards your next purchase.
02
YOUR FINANCES
Work out the overall budget
Your deposit, existing mortgage, income and other commitments all feed into the amount you may be able to spend on your next property.
03
YOUR NEXT PROPERTY
Know what you can realistically look for
Having a clear budget before you start viewing can make it easier to focus on properties that fit your circumstances.
04
THE MOVE
Keep the mortgage moving alongside the purchase
Once you've found a property, your mortgage adviser can help you understand what happens next and what information will be needed.
PLANNING BEFORE YOU OFFER
Get my mortgage position clear
You don't have to wait until you've accepted an offer.
Getting your mortgage position clear early can help you move with greater confidence when the right property comes along.
MOVING HOME QUESTIONS
A few questions are worth answering before you move.
Moving home can raise more mortgage questions than buying your first property. Here are some of the things homeowners commonly want to know.
You may be able to transfer, or port, your existing mortgage to your new property if your mortgage allows it. The lender will still need to assess the new property and your circumstances, particularly if you need to borrow more.
Not necessarily. The right approach depends on your finances, the equity in your current property, your income and whether you can support the borrowing required before your existing home is sold.
Potentially. If you need to borrow more for your next property, lenders will consider your income, commitments, deposit, property value and overall affordability before deciding what they may be prepared to lend.
It depends on your mortgage terms and the timing of your move. An early repayment charge could apply if you leave your current deal before the relevant period has ended, although some mortgages may be portable.
A change in income, employment, family circumstances or credit history can affect the mortgage options available, but it doesn't automatically mean moving home is impossible. Your current circumstances will need to be assessed.
Equity in your current home can form part of the deposit for your next property. How much you can spend will also depend on your income, existing commitments, mortgage balance and other affordability factors.
Yes. Self-employed applicants can move home, although lenders may assess income differently depending on how you operate your business, how long you've been trading and the evidence available.
Having a clear understanding of your borrowing position before making an offer can be useful. Depending on your circumstances, you may be able to obtain an agreement in principle to give you a better idea of what you could borrow.
It can be possible in some circumstances, but the affordability assessment is likely to be more complex because you may temporarily have more than one property and mortgage to consider.
It can be. Moving home changes the property securing the mortgage and may also change the amount you need to borrow, so it is an opportunity to review whether your existing mortgage still fits your plans.
YOUR SITUATION MAY BE DIFFERENT
Discuss my moving plans
If your move doesn't fit neatly into one of these questions, that's fine. We can look at the details of your situation and explain what your options may be.
READY FOR THE NEXT STEP?
Let's get your next move on solid ground.
You don't need to have found your next property before speaking to us.
If you're thinking about moving, we can help you understand how your current mortgage, available equity, income and plans could fit together. That gives you a clearer idea of what your next move could look like before you start making offers.
Understand your budget
Review your existing mortgage
Explore suitable mortgage options
Advice across Newcastle and the North East
MOVING HOME ENQUIRY
Tell us what you're planning.
Give us a few details about your move and we'll take it from there.