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Home Movers

Buying your first home can feel overwhelming with so many mortgage options to consider. Make the process stress-free with expert advice and support from our team.

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What are mortgages for home movers?

You’re considered a home mover if you already have a mortgage and are planning to purchase and move to a new property. While you may not need to change your current mortgage, reviewing your options can be beneficial, and understanding the process is essential to securing the right deal.

We offer a free initial consultation to understand your needs, which guides our market research to help you find the best deal. We’ll discuss your budget and related costs, including stamp duty, estate agent fees, professional costs, and deposit requirements. Our team goes the extra mile, providing personalised advice with no upfront fees and ongoing support throughout the lifetime of your mortgage.

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How to qualify for a home movers mortgage

Before you can initiate the remortgaging process, you’ll need to meet a few basic eligibility criteria.

Home ownership

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This can come from sources like savings, gifts, or builder deposit schemes.

Sell to buy

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Most lenders require you to be in permanent employment; however, we can still find lenders for those with new and non-permanent roles.

Keep and buy

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If you’re self-employed, you will need a minimum of 1 year of trading, although most lenders will want you to have a 2-year history.

Minimum equity

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We can consider various visas and settlement schemes.

3 months employment

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Most lenders require you to be in permanent employment; however, we can still find lenders for those with new and non-permanent roles.

1 year self-employment

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We can support and advise first time buyers looking to purchase their first home for rental and investment purposes.

Simple steps to your first mortgage

Your journey begins by choosing the right mortgage broker and ensuring they can help you achieve your goals. By following our simple process, you can put yourself in the best position to secure your dream home.

Step 1
Be mortgage-ready.

Speak with an advisor to assess your budget and buying power and ensure your deposit, income, and paperwork are ready.

Step 2
Have an Agreement in Principle in place.

By having an Agreement in Principle in place, you’ll be well positioned to deal with estate agents and ready to make an offer, helping you secure the property you want while reducing stress by having the required information ready when it’s needed.

Step 3
Find your new home and, if you’re selling, put your existing property on the market.

Browse the market to find the right home for you. Once your offer is accepted, get back in touch with us to continue the process. We can liaise with the estate agent on your behalf, recommend a solicitor, and support you with completing and providing all required paperwork, ID, and proof of deposit.

Step 4
Make a mortgage application.

Now that your offer is secure, we can recommend the most suited mortgage for you. We can proceed with submitting your mortgage application to the lender and providing valuation guidance if you are satisfied with our recommendations. Additionally, if you have any updated documents that we do not currently have, please email them to us.

Step 5
Safeguard your home and yourself

Once your mortgage details are finalised, we can explore the options available to protect your home and belongings, helping to ensure that you and your family can remain in your home whatever the future may hold.

Step 6
Mortgage Offer Details

If the lender is satisfied with the documentation and valuation, they can proceed to issue the Mortgage Offer. At this point, you will be formally approved to borrow the required funds and can move forward with your solicitor’s work. There are a few important factors to consider at this stage:

  • Whether your mortgage deal includes early repayment charges

  • Any fees attached to your mortgage deal

  • The amount of your monthly repayments

  • The interest rate

  • The length of your mortgage term

Step 7
Conveyancing Process

Once the solicitors receive the contracts and the mortgage offer, they can begin instructing searches on the property and raising enquiries with the vendor’s solicitor. Once all responses have been received—often taking between 6 and 8 weeks—they will agree an exchange and completion date with all parties involved.

If you are selling a property, you will also need to ensure that all paperwork relating to the sale is completed so your solicitor can prepare accordingly.

The solicitor will then request the mortgage funds from the lender and ensure that any protection policies are set to start on the appropriate date.

Step 8
Move in and get the keys to your new home

Congratulations! It’s time to move in.

You will receive notification of your first payment by text, email, or post. This will confirm your mortgage account number, your Direct Debit details, and the amount and date of your first mortgage payment.

Step 9
Get ongoing support from us

We’re still here for you.

When the initial period of your mortgage ends, you’ll likely move onto your lender’s standard variable rate (SVR). This rate is usually higher than your previous one, which can lead to a significant increase in your mortgage repayments.

We’ll contact you when it’s time to start considering a new mortgage deal. It’s generally a good idea to begin looking for a new deal about six months before your current mortgage’s initial period ends.

If you are a first time buyer, did you know?

A 100% mortgage may be available for first-time buyers who have been renting for the past two years.

First time buyers can borrow up to 5.5 times their income if they’re employed and have good credit.

Support is available to help you purchase your home through the Right to Buy scheme.

Parents and siblings can help their families afford a mortgage by using a Joint Borrower Sole Proprietor Mortgage.

Contractors—whether inside or outside IR35, operating through a limited company, or using an umbrella company—can be considered based on their day rate, even with less than one year of contracting history.

To determine their income for mortgages, people who are self-employed can use a combination of:

    Parents and siblings can help their families afford a mortgage by using a Joint Borrower Sole Proprietor Mortgage.

    CIS contact workers in the building industry can use their payslips or invoices for affordability, dating back 12 months.

    Frequently Asked Questions for First-Time Buyers

    Still unsure how to begin your mortgage journey? See our answers to frequently asked questions from first-time buyers.

    Is it possible to use equity from my current property to help fund a deposit for a new one?

    Leveraging the equity in your current property can be a great way to help fund the deposit for your new home. You can also use your existing property to raise money in other ways, such as through Let to Buy.

    What documents will I need to provide?

    You’ll need to provide the following documents, depending on your circumstances:

    • ID for each applicant, such as a passport or driving licence

    • Proof of address for each applicant, like utility bills (dated within 3 months), bank statements, or council tax statements

    • Proof of income and expenditure via personal bank statements from the last 3 months

    • For employed applicants: P60 and payslips from the last 3 months

    • For self-employed applicants: self-assessment tax returns from the last 2 years or the most recent accounts

    • Proof of deposit from the last 6 months of bank statements if using savings; gifted deposits require the giver’s bank statements and ID

    • Proof of UK residency, such as a residency card, including the code to confirm settlement status

    We may also request additional information at any point during the process if needed.

    Is an interest-only (I/O) mortgage an option for me?

    Interest-only mortgages are becoming increasingly popular. Each lender has its own criteria, so if you’re considering this option, speak with one of our advisors to discuss your needs. You’ll need at least 25% equity in your property and a repayment plan that meets the lender’s requirements.

    What’s the difference between a Freehold and a Leasehold mortgage?

    A freehold property usually refers to a house, meaning you own both the property and the land it stands on, as defined by the boundaries.

    Leasehold properties are typically flats or maisonettes. Owning a leasehold means you’ve purchased the lease for a set number of years, making you effectively the landlord for that period. Leases typically range from 80 to 999 years, allowing long-term ownership of the property.

    Can I add someone to my mortgage to help with affordability?

    Yes! Adding multiple people to your mortgage can help share costs, improve affordability, and allow joint ownership of the property.

    Is it possible to transfer (port) my existing mortgage?

    Yes, if you are in a tie in period with your existing mortgage lender, to avoid penalties we could look to take your existing mortgage to your new home through a process known as porting. You can also borrow more at the same time.

    When can I increase my mortgage term?

    When you look to move home, whether you are getting a new mortgage or porting your existing mortgage, we will reassess your individual situations to ensure your mortgage term is the most appropriate for you.

    Fees and Charges

    While our initial advice and consultation are free, a fee for our services applies. This is only payable once you receive your Mortgage Offer from the lender. The fee covers not only our expert advice and initial mortgage setup but also ongoing support throughout the lifetime of your mortgage.

    We will always make our fee amount, and when it is due, clear after our initial free meeting.

    Our standard fee may vary depending on the type of mortgage you choose and is payable once the Mortgage Offer is issued. For specialist requirements, such as adverse credit or irregular income, we may adjust the fee accordingly.

    We will always make our fee amount, and when it is due, clear after our initial free meeting.

    Specialist lending

    If you’ve got special circumstances, you may need a form of specialist lending – we can help you find out which suits your situation.

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    Our insights

    Whether you’re in need of guidance for a general concern about mortgages, or just want to keep up with our thoughts on interesting developments in the market, our blogs and news posts are here to lend a helping hand.

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