A family packing boxes to move house

Moving home

Buying and selling property can be complicated – an adviser from The Openwork Partnership can help make sure your financial arrangements are straightforward

Buying and selling property can be complicated – an adviser from The Openwork Partnership can help make sure your financial arrangements are straightforward

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Couple packing boxes

Moving home

You may have just found your dream home or are looking to upsize, downsize or relocate. Whatever your reasons for moving, it’s the start of a new chapter in your life and it’s important that the transition is as smooth as possible. We know buying a new home can be stressful, and our advisers will guide you through the process so you can concentrate on the exciting times ahead.

How much can you borrow?

How much can I borrow?

Working out how much you’ll be able to borrow depends on your income and spending needs, as well as the price of your current home. Mortgage providers usually have a maximum loan-to-value (LTV) they’re prepared to offer, which is the maximum loan you can take out as a percentage of the property value.

Providers will give you a credit score based on your credit history – the higher the score, the more likely you are to be accepted for a mortgage, and you may even receive a better rate.

Types of mortgage

When you move home, you have a number of options:

  • transfer your existing mortgage to your new property – called ‘porting’;
  • re-mortgage with your existing provider; or
  • find a new deal with another lender.

If you choose a fixed-rate mortgage, the interest you pay stays the same throughout the length of the deal. Under a variable rate mortgage, the interest rate can change at any time.

Depending on your current type of mortgage, it could be worth waiting for your term to end so you are rolled on to your provider’s standard variable rate (SVR). While SVRs can have high rates, they come with no early repayment charges if you decide to end your deal. It can be overwhelming trying to decide what to do about your mortgage when moving home, but our advisers can help you work out the best options.

How much can you borrow?

Working out how much you’ll be able to borrow depends on your income and spending needs, as well as the price of your current home. Mortgage providers usually have a maximum loan-to-value (LTV) they’re prepared to offer, which is the maximum loan you can take out as a percentage of the property value.

Providers will give you a credit score based on your credit history – the higher the score, the more likely you are to be accepted for a mortgage, and you may even receive a better rate.

When you move home, you have a number of options:

  • transfer your existing mortgage to your new property – called ‘porting’;
  • re-mortgage with your existing provider; or
  • find a new deal with another lender.

If you choose a fixed-rate mortgage, the interest you pay stays the same throughout the length of the deal. Under a variable rate mortgage, the interest rate can change at any time.

Depending on your current type of mortgage, it could be worth waiting for your term to end so you are rolled on to your provider’s standard variable rate (SVR). While SVRs can have high rates, they come with no early repayment charges if you decide to end your deal. It can be overwhelming trying to decide what to do about your mortgage when moving home, but our advisers can help you work out the best options.

Home moving checklist

Utilities

As soon as you know your completion date, check which utilities, broadband and TV services are available in your new home and ask for quotes.

New address

Make a list of who needs to know your new address and contact them, and you can also pay to redirect your mail for up to a year.

Council tax

Check with the local authority how much council tax you’ll need to pay, which could be more if you’re moving to a larger property.

Packing

When you’re packing, label all boxes on the top and sides with what’s inside and what room they’re meant to go in – and don’t forgot to make arrangements for your pets if you have them.

The cost of moving

When you’re thinking about buying a new home, it’s easy to forget the additional costs associated with moving. One of the most important things to consider is Stamp Duty, a tax you may have to pay depending on the property value in England and Northern Ireland. You’ll have to pay Land and Buildings Transaction Tax (LBTT) in Scotland and Land Transaction Tax (LTT) in Wales.

Download our Stamp Duty guide

Once you’ve made an offer on a new home, it’s a good idea to book a survey, the price of which will vary based on the type of survey and condition of the property. You’ll need to account for conveyancing, estate agency and removal fees, alongside buildings insurance. As well as talking you through your mortgage options, we can introduce you to other services, including valuations and conveyancing.

Surveying and conveyancing are not regulated by the Financial Conduct Authority

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE