Simplifying Moving House Mortgages:
Your Go-To Guide

You pack the boxes. We’ll pick out the right mortgage deals.

At The Mortgage Branch, we understand that selling your home and moving to a new one can be an overwhelming process. There are so many things to consider, from finding the right buyer for your current property to selecting the perfect mortgage deal for your new home.

There are many different types of products. But worry not, because we’re here to guide you every step of the way. Our team of experts is dedicated to understanding your unique needs and requirements. Whether you’re a first-time seller or an experienced mover, we have tailored services just for you.

We know that choosing the right type of product for your mortgage deal is crucial in ensuring a smooth transition to your new house.

College students moving in dorm

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

There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £495.

How we can help

Our aim at The Mortgage Branch is to ensure that you know all the options available to you so you know you are ready to proceed with your new purchase once you receive an offer on your own property, or retain your current property as an investment.

What are your options?

  • Transferring (‘port’) your current mortgage deal to your new property if the mortgage levels don’t need to change
  • Transfer your current mortgage and ‘top-up’ an additional amount if required on a new rate.
  • Take out a brand new rate with your current lender, assuming that you are in the time period where you will not be charged an Early Repayment Charge by your current lender.
  • Find a brand new mortgage deal with a new lender if it makes financial sense, or your current lender won’t provide the mortgage/amount that you need

We’ll support you with round-the-clock service, right through to completion.

MORTGAGE CALCULATOR

How much can I borrow?

year(s)

Your total monthly payment

Principal & Interest

To discuss your options, call us today on 01242 696235

Please note that this is only an illustrative calculation and our brokers will be able to provide a more accurate affordability figure once they have discussed your current financial position.

Latest Mortage Deals.

We’ve picked out some of today’s holiday let mortgage rates to give you an idea of what interest rates could be available to you.

FAQs.

What is the best way to calculate how much I can afford to move up the property ladder?
To calculate the amount that you can borrow is best done by speaking to a mortgage broker. The main reason for this is that they will be able to assess your income position, debt position, family position and deposit position to then look at the lenders that will provide the best affordability calculation. Lenders, although having fairly similar affordability calculation models, will look at income, debt and family positions differently to be able to give different affordability amounts.

A mortgage broker has specialist lender knowledge and tools to be able to identify the lender/s that will provide the highest affordability calculation. Every single mortgage client is unique regarding their income, debt and family position and by speaking to a mortgage broker they can easily cut through all the different searches that you would have to undertake to find the lender that offers the best affordability calculation for your unique circumstances.

How do you get a mortgage for a house that costs more than you can afford?
Under normal circumstances the advice would be to obtain a mortgage that is affordable based on your income, but there are circumstances that may impact you affording a house that is typically more expensive than you can afford. It may be that you can find additional deposit funds, for example a family member may help in gifting you the additional deposit amount, or you may need to look at a Joint Mortgage Sole Proprietor mortgage. This mortgage is based on you living in the house but another person, normally a relative, being part of the mortgage application and using their income to help boost the amount that you can afford. You will own the house, but the other person would be responsible for the mortgage should you be unable to make the monthly payment so it is important to engage with a broker to get advise on this type of mortgage.

The best advice is always to speak to a mortgage broker as they will be able to review all of your options and work with you to facilitate a plan that gets you to the level of affordability required.

If you don’t have access to a larger deposit or a relative willing to be part of the mortgage application then the normal affordability rules would apply in that you may have to look at houses that are in an affordable range for your circumstances.

What is the best way to calculate the cost of moving house?
The best way to calculate the cost of moving house is to consider all the expenses involved, including the cost of selling your current home, legal fees, professional fees, hiring movers, packing supplies, transportation, and any additional fees or taxes. It’s also important to factor in potential unforeseen costs and budget accordingly.

Discussing your move with a broker to ascertain your mortgage and borrowing position should also be done as part of this exercise to see if it is the right move for you, and to be able to calculate all of the likely associated costs of the move to give you all the information before making any final decisions.

What happens if I can't keep up mortgage repayments?
You could lose your current home if you don’t keep up your mortgage repayments. In the case of sickness, it is a good idea to look at having the right type of insurance cover, such as income protection insurance, critical illness and also life insurance, in place, as this will maintain your income position (Income Protection) and/or a lump sum payment in the event of being diagnosed with a qualifying critical illness or in the event of a mortgage party dying.

If you are in a position where you are not able to meet your mortgage payments and do not have the correct insurance in place, or are unable to claim on your insurance, for example, you lose your job then the first thing that you need to do is to contact your lender to explain the situation and they will then, in most cases, put certain things in place to help you get through that tough period so that you don’t lose your home.

For Buy to Let or Investment type mortgages it is important to contact your lender if/when you are in a position whereby you are unable to pay your mortgage, but the lender may not offer as many options that they would if it were your home.

What are the Benefits of staying with my current lender?
While there may appear to be numerous benefits to staying with your current lender, it’s essential to compare their offers with those from other lenders. Different lenders may have varying terms and interest rates, and it’s crucial to find the most suitable option for your specific financial situation and requirements. Consulting with a mortgage adviser can help you explore all available possibilities and make an informed decision that aligns with your future goals. Remember that your mortgage is a long-term commitment, so taking the time to research and assess your options will ensure you secure the right outcome for your specific circumstances and financial well-being.
glos-wildlife-trust

When you put down roots, so do we.

Working with our long-standing charity partner, Gloucestershire Wildlife Trust, we pledge to plant a tree in your name when your mortgage completes.