Homemover Guide

Your Detailed Home Mover Guide: Moving House with Confidence with Beyti Mortgages

Moving house is often described as one of life's most exciting, yet potentially stressful, events. Whether you're upsizing, downsizing, relocating for work, or simply seeking a change of scenery, securing the right mortgage is a critical step in making your dream move a reality.

At Beyti Mortgages, as a trusted estate agent and mortgage broker based in London, we understand the intricacies of the UK property market and the unique challenges faced by home movers. Our comprehensive expertise allows us to provide tailored advice and support, guiding you seamlessly through the entire process, from selling your current home to unlocking the doors to your new one.

This in-depth guide will walk you through everything you need to know about Home Mover Mortgages in the UK, showcasing how Beyti Mortgages can simplify your journey.

Section 1: What is a Home Mover Mortgage?

A Home Mover mortgage is a type of mortgage specifically designed for individuals who are selling their current property and purchasing a new one simultaneously. It facilitates the financing of your new home, often by taking into account the equity released from your existing property.

It's distinct from a first-time buyer mortgage or a remortgage (where you stay in the same property). For home movers, the mortgage journey involves a coordinated process between two property transactions.

Section 2: Why Do You Need a Home Mover Mortgage?

The core reason for a home mover mortgage is to finance your next property purchase when you already own a home. However, there are specific aspects that make it unique:

2.1 Utilising Equity from Your Current Home

The equity built up in your current property (the difference between its market value and your outstanding mortgage) is typically used as the deposit for your new home. A home mover mortgage helps facilitate this transfer of funds.

2.2 Porting Your Existing Mortgage

Some mortgage products are "portable," meaning you might be able to transfer your current mortgage deal (including the interest rate and terms) to your new property. This can be very advantageous, especially if you're on a favourable fixed rate and wish to avoid early repayment charges. However, porting is subject to your lender's approval, affordability checks for the new property, and the terms of your existing mortgage.

2.3 Securing a New Mortgage Deal

If your current mortgage isn't portable, or if you find more competitive rates elsewhere, you'll secure an entirely new mortgage for your next home. This allows you to reassess your needs based on your new property's value, your updated financial situation, and current market conditions.

2.4 Adapting to New Property Values and Needs

As you move, your financial requirements often change. A Home Mover mortgage allows you to:

  • Borrow more: If you're upsizing to a larger or more expensive property.

  • Borrow less: If you're downsizing and wish to reduce your mortgage debt.

  • Adjust repayment terms: Modify the mortgage term (e.g., shorten to pay off faster or extend to reduce monthly payments) to suit your new financial landscape.

Section 3: When to Start Thinking About Your Home Mover Mortgage

The process of moving house involves multiple moving parts, so proactive mortgage planning is essential.

3.1 As Soon As You Consider Moving

  • Financial Health Check: Even before you start house hunting, get a clear picture of your current financial situation, including your existing mortgage, savings, and income.

  • Affordability Assessment: Understand how much you can realistically borrow for your next property. This includes factoring in your potential equity, current income, and any changes to your outgoings.

3.2 Before Your Current Property Goes on the Market

  • Agreement in Principle (AIP): Obtain an AIP (also known as a Mortgage in Principle) for your new property. This is a preliminary indication from a lender of how much they might be willing to lend you. It’s not a formal offer but shows estate agents and sellers that you’re a serious and credible buyer. Beyti Mortgages can help you secure an AIP quickly.

  • Review Existing Mortgage: Check your current mortgage terms, especially for any early repayment charges (ERCs) if you sell before your fixed or tracker deal ends. Understand if your mortgage is portable.

Section 4: The Home Mover Mortgage Process – A Step-by-Step Guide with Beyti Mortgages

Moving house can feel complex, but Beyti Mortgages simplifies each stage for a smooth transition.

Step 1: Initial Consultation & Strategy (with Beyti Mortgages)

  • Understanding Your Needs: Our London-based brokers will conduct a comprehensive consultation to discuss your moving motivations, financial goals for your new home, and your current property situation. We'll explore your budget, desired location, and property type.

  • Current Property Valuation: As an estate agent, Beyti Mortgages can provide expert valuations for your current home, giving you a realistic understanding of the equity you might release.

  • Affordability & Portability Assessment: We'll assess your overall financial picture, calculate your borrowing capacity for a new property, and investigate the portability of your existing mortgage. We'll also help you understand any potential ERCs.

  • Agreement in Principle (AIP): We'll arrange an AIP for you, providing you with a strong position when making offers on properties.

Step 2: Selling Your Current Home & Finding Your New One

  • Property Marketing: As your estate agent, Beyti Mortgages will effectively market your current property to attract the right buyers.

  • Property Search: With your AIP in hand, you can confidently search for your next home.

  • Offer & Acceptance: Once you find your new property and have an offer accepted (and your current property also has an accepted offer), the mortgage application process can proceed.

Step 3: Mortgage Application & Product Selection (with Beyti Mortgages)

  • Whole-of-Market Comparison: Our independent brokers will search thousands of mortgage products from a wide range of lenders across the entire UK market. We compare interest rates, fees, LTV requirements, and terms to find the most suitable and competitive home mover mortgage.

  • Cost Analysis: We provide a clear breakdown of all associated costs, including any remaining ERCs on your old mortgage, new lender fees, valuation fees, and legal costs for both transactions.

  • Recommendation: Based on our thorough analysis and your unique circumstances, we'll recommend the best mortgage options.

Step 4: Application Submission (with Beyti Mortgages)

  • Document Gathering: We provide a precise checklist of all necessary documents (e.g., ID, proof of address, bank statements, payslips, existing mortgage statements, sale details of current property, purchase details of new property).

  • Application Completion: We meticulously complete all application forms on your behalf, ensuring accuracy and presenting your case optimally to the chosen lender.

  • Lender Liaison: We act as your dedicated point of contact, handling all communications, answering queries, and proactively managing your application with the lender.

Step 5: Valuation & Legal Work (Conveyancing)

  • Lender Valuation: The new lender will arrange a valuation of your new property to confirm its market value.

  • Instruct a Solicitor/Conveyancer: You will need to appoint a solicitor or licensed conveyancer to handle the legal aspects of both your sale and your purchase. This "simultaneous" conveyancing ensures funds are transferred correctly and legally. Beyti Mortgages can recommend trusted conveyancers experienced in linked transactions.

  • Legal Checks: Your solicitor will conduct all necessary legal checks on both properties.

Step 6: Exchange of Contracts & Completion

  • Exchange of Contracts: Once all surveys, mortgage offers, and legal checks are complete, contracts are exchanged on both your sale and purchase. This makes the transaction legally binding, and a completion date is set.

  • Completion: On the agreed completion date, funds are transferred. Your old mortgage is paid off, and the new mortgage for your new home officially begins. You receive the keys to your new property!

Section 5: Costs Involved in Moving House

Moving home involves several costs beyond just the new mortgage. It's crucial to budget for these:

  • Stamp Duty Land Tax (SDLT): For your new property, you'll pay SDLT. As you're replacing your main residence, you won't pay the additional 3% surcharge on second homes. However, the standard SDLT rates apply.

  • Estate Agent Fees: When selling your current property, you'll pay your estate agent (i.e., Beyti Mortgages!) a fee, typically a percentage of the sale price.

  • Mortgage Arrangement/Product Fees: Fees charged by the new lender for the mortgage product. These can be added to the loan or paid upfront.

  • Early Repayment Charges (ERCs): If you're not porting your mortgage and are ending your current deal early, your existing lender may charge an ERC.

  • Valuation Fee: For the new property. This might be covered by the new lender or payable by you.

  • Legal Fees (Conveyancing): For both the sale of your old property and the purchase of your new one. This can be a significant cost.

  • Survey Fees: A survey of your new property (e.g., HomeBuyer Report or Building Survey) is highly recommended.

  • Removal Costs: The cost of physically moving your belongings.

  • Valuation Fees: A fee for the lender to value the new property.

  • Broker Fees: Beyti Mortgages will be transparent about any fees for our services.

  • Additional Costs: Budget for utility connection fees, mail redirection, and initial furnishing/decorating costs for your new home.

Section 6: Key Considerations for Home Movers

  • The Chain: Many home moves involve a "chain" of buyers and sellers. This can add complexity and potential delays. Effective communication and a proactive approach from your estate agent and mortgage broker are vital.

  • Bridging Finance: In rare cases where there's a significant gap between selling your old property and completing on your new one, bridging finance might be considered. This is a short-term, expensive loan, and typically a last resort.

  • Porting vs. New Mortgage: Carefully weigh the benefits of porting your existing mortgage (avoiding ERCs, retaining a good rate) against the potential advantages of a new, more competitive deal that better suits your new circumstances.

  • Budgeting: Be realistic about all the costs involved in moving, not just the mortgage, to avoid unexpected financial strain.

  • Solicitor Selection: Choose a solicitor with experience in handling property chains and who communicates effectively.

Section 7: Why Choose Beyti Mortgages for Your Home Move?

At Beyti Mortgages, we offer a unique advantage as both a London-based estate agent and an independent mortgage broker, providing a seamless and supportive experience for your entire home moving journey.

  • Integrated Expertise: Our combined estate agency and mortgage brokerage services mean we understand both sides of the moving equation intimately. We can coordinate your sale and purchase, ensuring everything aligns for a smoother process.

  • Expert Mortgage Advice: We provide whole-of-market access, comparing thousands of mortgage products to find the very best Home Mover deal for your new property, whether that involves porting or a fresh application.

  • Local London Knowledge: Our deep understanding of the London property market allows us to provide accurate valuations for your current home and strategic insights when searching for your next.

  • Streamlined Process: We handle the complex paperwork, lender liaison, and can even help coordinate with solicitors, reducing your stress and saving you valuable time.

  • Personalised Support: You'll receive dedicated, one-on-one guidance from an experienced professional who is committed to making your house move as efficient and exciting as possible.

  • Transparent Fees: We are always upfront and clear about any fees for our services, ensuring you have a complete picture of your moving costs.

Ready to take the next step on the property ladder? Contact Beyti Mortgages today for a free, no-obligation consultation, and let us help you move into your new home with confidence and ease.

Your home may be repossessed if you do not keep up repayments on your mortgage.