Home Mover Mortgage Advice

Before you start making offers on properties, it's worth having a Mortgage in Principle (also known as an Agreement in Principle or Decision in Principle, different lenders use different terminology, but they all boil down to the same thing).

This is a document from a lender saying how much they'd be willing to lend you, based on a quick look at your income and a soft credit check.

Estate agents, house builders and private sellers will often ask to see one before accepting an offer. Having it ready shows you're organised, serious and ahead of the game.We can sort out your Mortgage in Principle in a flash, often on the same day.

We use integrated credit checking tools to review your file before making any applications, so we can point you in the direction of the most suitable lenders without causing any unnecessary impact to your credit score.

The amount you can borrow depends on your income, your outgoings, your credit history and the size of your deposit.As a rough guide, most lenders are comfortable lending around 4 to 4.5 times your annual income, or combined income if you're buying with a partner.

In certain circumstances, some lenders may stretch to 5.5 or even 6 times income, depending on your profession and financial profile. It's worth keeping in mind that no two lenders are going to give the same person the same figure for the same income. We've actually seen instances where one lender will offer someone £300,000 and another will offer only £100,000 to the exact same individual, with the exact same income.

That sort of variation is exactly why getting whole of market access is so important. The best way to really get a sense of your borrowing potential is to talk to us. We'll be able to give you a clear and specific figure, based on your actual situation - not just some rough estimate.

No. The mortgage rates we access are the same as or sometimes better than, rates available directly. Many lenders offer exclusive broker-only deals with lower interest rates than their direct-to-consumer products.

We can discuss income protection and life insurance policies at anytime. We also offer a range of other relevant protection products as part of our service. These help protect your mortgage repayments and life if your circumstances change.

It's a good idea to go into your move with a clear idea of how much all the costs are going to be. The main ones to budget for are:
‍Stamp Duty - this is probably going to be the biggest one-off cost, and it's calculated on the price of your new property. Have a look at an online stamp duty calculator to get an early idea of what you're looking at.
‍Solicitors' Fees - you'll need a conveyancing solicitor for both the sale of your old property and the purchase of your new one. It's a good idea to use the same firm for both, just to keep things joined up. They'll charge for their time, plus any disbursements - that's any third-party costs, like searches.
‍Estate Agent Fees - if you're selling through an estate agent, their fee is usually going to be 1 or 2% of the sale price, plus VAT. Make sure you ask for the total figure including VAT right at the start - sometimes they'll leave it off the initial quote.
‍Survey Costs - most lenders will include a basic valuation, but you might also want to get a more detailed homebuyer's survey - this usually costs around 0.1% of the property value, and it can help spot any potential problems before you commit.
‍Removal Costs - these will depend on how far you've got to move, and whether you'll need any packing services. If you're selling before you buy, you'll also need to factor in temporary storage costs.
‍Our Broker Fee - £0 - we don't charge a thing for our advice or mortgage arrangement service. We get paid a commission by the lender when your mortgage completes, so you get expert whole of market advice for free.

Most lenders are going to want at least a 5% deposit, although some specialist products do allow for zero deposit purchases at the moment. Generally speaking:
‍
‍5% deposit - there are plenty of options available, although the rates do tend to be a bit higher
‍10% deposit, you've got a bit more choice and you can get better rates
‍15% and upwards, you're looking at a lot more options, and the pricing is generally going to be more competitive.

When it comes to home movers, your deposit is usually going to come from the equity that's built up in your existing property, that's the difference between what your house is worth and what you've still got left to pay off. The more equity you've got, the stronger your position is going to be, and the better deals you're going to be able to get.

Timescales vary, but straightforward cases often receive a mortgage offer within 1–3 weeks of application. We’ll give you a realistic estimate based on the lender and your circumstances.

Lenders are going to assess home mover applications across four key areas:

‍Income and Affordability - this is all about your salary, any other income you might have coming in, and how much you're spending each month. If you're self-employed, you can definitely still get a mortgage - most lenders will want to see at least two years of accounts, but some will be happy with one. We'll make sure you know exactly what paperwork you need.

‍Credit History - a good credit record will get you the best rates, but it's also worth noting that lenders are getting a bit more flexible about past credit problems. Missed payments, defaults, County Court Judgments and even old repossessions - these won't necessarily be a problem if they happened more than a couple of years ago. We review your credit file before we put in any applications, so you'll never get any surprises.

‍Deposit Size - the bigger your deposit, the lower the risk looks to the lender, so the more competitive the deals are likely to be.

‍The Property Itself - standard houses in towns or cities are going to be the easiest for lenders to deal with, but if you're looking at an unusual property - for example, a non-standard build or a rural property - you might need a bigger deposit or a specialist lender. That's exactly where our whole of market access comes in handy.

Having bad credit does not automatically mean you won't be able to get a mortgage. It really depends on what's on your file, how recent it is and how serious it was. One missed payment from two years ago is very different to a recent default or CCJ. Many high street lenders have a more nuanced view of adverse credit, especially where it appears that it was an isolated incident or just not part of the picture.

And then there are specialist lenders who deal with the really tricky credit situations and can lend even when mainstream banks say no. We take a close look at your whole credit history, identify which lenders will be most suitable for you and give you straight up, no nonsense advice, and we do it all without judging you.