Moving Home Mortgage
We all move home for different reasons. Sometimes we want a bigger house, sometimes we want to downsize or move to a new location. We are here to help relieve some of the stress of moving by looking after your finances. You can put your trust in us to find the most suitable deal that meets your new requirements.
Who We Are
Robin Mortgage Design are a whole of market mortgage & protection brokerage. Mortgage brokers who are whole of market have access to the largest pool of mortgage providers such as banks, building societies and pure mortgage lenders. When you choose us, you’ll be treated as an individual from the very start. We’ll take the time to understand your situation and propose suitable options for your mortgage & protection needs.
On this page, we’ll share information to help you as home movers understand how you could get a mortgage and what you can do to prepare for your application. If you’d like to speak with an actual human at any point, then we can get you in touch with your personal mortgage consultant who will be on hand to guide you through every stage of your journey.
Things to consider when moving home
Moving home can be a very exciting time and we do it for different reasons. The new location, the bigger or smaller home and so on, but finding the right mortgage is a big part of this move. If you still need a mortgage when you move then you might want to consider the following:
Are you tied into any deals with your existing lender?
Is the new mortgage affordable?
Is your credit history suitable?
Is the new property suitable?
At Robin Mortgage Design we help people every day with their moves so throughout this page, we’ll share the answers to some of the common questions we’re asked.
What if I'm tied into an existing mortgage?
This is something we’re often asked and it really depends on the property you’re moving to and your affordability. If the new property is suitable for the lender then this is a great step towards Porting (transferring) your mortgage over to the new property. The second consideration is your affordability; does your income and outgoings allow for the new mortgage? You can approach your existing lender to find out, but they are tied to their own products. If you consider using a mortgage broker, they will look at all your options, taking into consideration your penalties to make sure that you have the most suitable option moving forward.
How much does moving home cost?
This is a great question! The cost of a mortgage can be explained in a variety of ways but here are some things to consider.
The fees of the mortgage product: Some mortgage products come with fees and these can range from £0 to in excess of £2,000 for setting up and redeeming the mortgage.
Associated fees: These include valuations, legal work and broker fees, removal transport costs, house clearance & insurances and so on. All of these should be taken into account when applying for your mortgage as they could be in excess of £3,000.
A lot of these depend on the mortgage product, the property and how many additional services you want to use. Our recommendation is to always get advice on costs, before committing to a move.
I have adverse credit; can I still get a mortgage?
If you have adverse credit, there could still be options, but this really does depend on your credit history. The best thing you can do is to seek advice from a mortgage adviser and gain access to your credit report. Your dedicated adviser will then be able to let you know your options and when you'll be able to get a mortgage. There are specialist lenders that can help in certain cases, but there are no guarantees.
Here are some of the considerations if you've got a tainted credit history:
Bankruptcy and Individual Voluntary Agreements (IVAs) are widely acceptable once they’ve been discharged for 3 years. If you have a larger deposit to put towards a property, then other options may be available if they were discharged more recently than 3 years.
Debt management plans are widely accepted as long as they’ve been in place for 12 months or more and you’ve conducted the account excellently.
Defaults and CCJs are widely accepted, however there are many different solutions and options here. So even if you have something outstanding, lenders are willing to take a look.
Missed payments are widely accepted but it does depend on what the missed payments were for, the reason for the missed payments, how many payments have been missed and how long ago they were. Typically, lenders prefer your payments to be no more than two months behind without needing to look at more specialist mortgage products.
Payday Loans are widely accepted if they were paid off over 12 months ago. They can be frowned upon when applying for a mortgage as they are considered a last resort option for borrowing. In all cases, the lender would need to understand why the loan was taken out.
Whatever situation you’re in when it comes to bad credit, it’s always best to get advice from a mortgage advisor, ideally someone who is able to review all your options by searching the whole market.
What if I want to keep my existing home?
This is a great question and yes, there could be options available for you. It does depend on what you’d like to use the existing home for; for example: a rental property, a holiday home, or a second home.
The criteria for each of these options changes and even more so for each lender. You may also need to factor in some additional costs. We always recommend that you get advice from the relevant people, like solicitors and accountants so you can understand how keeping a second home, especially as a source of income will affect your tax liability when moving.
Little or no equity, how does this affect us?
It’s very common for people to want to move house, but for whatever reason your equity (the profit in your house) isn’t enough to put down as a deposit on the new property or to cover the fees. If this is the case, you may want to consider other options. There are many products on the market that will allow you to purchase a new property with deposits coming various sources, such as gifts from family, equity shares, or low deposits.
If you are in negative equity (you are more than the property is worth), then you will need to consider the additional amount above the sale price, as this will need to be paid back on top of any other associated fees.
Why should we use a mortgage broker?
This is a really good question. Like most occupations, people can be very good at what they do with some being the ‘jack of all trades’. But normally, if you want something doing you choose an expert. A mortgage broker is no different.
Mortgages and associated services is what we do, and we have the experience, knowledge, and qualifications to help secure your mortgage from the whole of market, not just a select panel, like some agents, comparison sites and single ties such as banks.
So, if you’d like honest, unbiased advice, suited solely to you, then a mortgage broker is just what you need.