Acquiring your next home can be just as nerve-wracking as the first, especially with the added challenge of selling your existing home. You might ask yourself where to start: Should you sell your house, make an offer on a new one, or check out mortgage options first? Our straightforward answer to this is that preparation is the key to making your home move successful.
Moving to a new home involves a few important steps. We’re here to help guide you through each one smoothly, from start to finish.
We’ll determine how much you can spend on a new home by reviewing your income, savings, and current financial commitments. It will be worth getting your property valued by an estate agent at the same time as this will help us work out how much money will be available for the deposit and moving costs for the new property.
This step not only confirms your eligibility for a mortgage but also sets a clear benchmark for the potential borrowing amount. You will have confidence when you offer on a property, knowing that you can actually afford it, plus it confirms to an estate agent that you are a serious buyer.
Thinking about what to do with your current house? Whether to sell it or keep it can be a big decision. We’ll help you understand your options, and work out if renting it out could be a good strategy for you.
Ready to sell? The next step is to choose an estate agent who will advertise your home, arrange viewings, and help negotiate the sale. A good agent is key to a successful transaction.
Now that you’ve secured a buyer for your current home and know what you can spend, you can begin looking at new properties. Once you find the right one, we can guide you through the process of negotiating with an estate agent, giving you the best chance for success in having your offer accepted on your next home.
Your mortgage application is submitted and supporting documents such as proof of income and bank statements are sent to be assessed by an underwriter to make sure you meet their lending criteria and affordability. A mortgage valuation will also be instructed on the property you intend to buy. Once the lender is confident your application is affordable, your situation meets their criteria and the property you are purchasing is suitable security to lend on, they will approve your mortgage and issue your mortgage offer.
At EBR Mortgages, we are insurance experts too, and will help you to make sense of the different options you may want to consider, such as life insurance, critical illness cover, income protection and home insurance. These policies are designed to provide you with financial protection in the event the unexpected happens so you have peace of mind that you and your loved ones can stay in your new home long term.
A solicitor or conveyancer will handle the legal aspects of the purchase, conducting various checks, such as local authority searches, land registry searches, and environmental searches. They will also liaise with the seller’s solicitor to address any queries or concerns by raising enquiries. You can choose any solicitor or conveyancer providing they are on the chosen mortgage lender’s approved panel. EBR Mortgages can provide you with recommendations for a suitable solicitor or conveyancer.
Once all checks and legalities are complete, your solicitor or conveyancer will facilitate the exchange of contracts. A completion day will be set, and you can start making arrangements for moving into your new home. We will also make sure your insurances are in place so you are protected.
On completion day, your new mortgage account is opened, and your previous mortgage is repaid. Your solicitor will transfer the remaining funds to the seller of your new home and you will receive any leftover money from your sale, that are not being transferred into the new home. You will hand over your old keys, and receive the keys to your new home. Congratulations on moving home!
The deposit is a crucial upfront payment when buying a property. It’s typically a percentage of the purchase price, often a minimum of 5%. However, this can vary based on the lender’s criteria and your financial situation. A larger deposit can lead to more favourable mortgage terms.
Mortgage arrangement fees cover the administrative costs of setting up your mortgage. These fees can range from a few hundred to several thousand pounds, depending on the lender and the complexity of the mortgage product. Some lenders may offer products with lower fees but higher interest rates, so it’s essential to consider the overall cost.
A necessary part of buying a new home is for the mortgage lender to complete their own valuation, to assess the property’s worth and its suitability as collateral. Lenders may charge varying fees to carry out this step, and they don’t usually share much regarding the condition of the property. Carrying out your own survey can provide a detailed assessment of the property’s condition, going beyond what a simple valuation offers. The depth of the survey can range from a basic homebuyer’s report to a comprehensive building survey.
You can move home at any time, however there may be penalties or early repayment charges to pay to your existing mortgage lender. We will factor these costs in whilst assessing your budget, but will also determine if you can avoid paying these costs by porting your current mortgage deal to the new property.
Legal fees cover the services of a solicitor or conveyancer who handles the legal aspects of the property transaction. These include conducting searches, ensuring the property has proper title deeds, and handling the transfer of ownership. Costs can vary based on the complexity of the transaction and the level of service required.
Stamp Duty Land Tax (SDLT) is a tax paid to the government on property purchases above a certain threshold. The amount varies based on the property’s value and whether you already own a property and you’re buying an additional property. HM Revenue and Customs’ Stamp Duty Land Tax calculator will always be the most up to date calculator to work out how much tax you’ll pay.
With access to over 100 different mortgage lenders, we’ll find the most cost-effective solution for your needs, saving you time and effort. At EBR Mortgages we’re committed to supporting you at every stage of the process, from determining your borrowing capacity to securing the keys to your new home and beyond. Our goal is to minimise stress so you can fully enjoy the home-moving experience.