Home mover
Buy the home of your dreams with Wise
Ready to move house but don’t know where to start?
If so, you’re in the right place to begin the journey to explore what your options are!
If it’s time for more space, a bigger garden, fewer stairs, or more rooms, and you have ruled out extending your current property or invading next-door neighbour’s land, let’s put you on the right path to making your next move manageable, achievable, and straightforward.
Frequently asked questions
Whatever stage you are at, we have listed some helpful and important questions that we’re often asked as mortgage professionals, along with answers that will help you plan the next step of your big move!
Whatever options you are considering, we couldn’t recommend highly enough talking to an expert in home (residential) mortgages. Together with an experienced mortgage advisor, you can discuss whether porting your current mortgage is viable, and plan all the costs involved. They can also help you calculate the minimum amount you would need to sell your home for, and help you work out how to borrow enough, yet with a manageable monthly payment.
If you are considering holding on to your current home, renting it out and releasing some equity, we have advisors who can help you:
– Work out how much you can release without it negatively affecting the interest rate the lender will charge.
– If need be, work out which lender will help you release the most.
– Talk to you about what you need to consider when becoming a landlord for the first time.
Most Let to Buy Mortgages are not regulated by the Financial Conduct Authority
First, speak to someone who can tell you how much you can borrow. Then you can decide whether now is the right time to start looking for your next ideal home.
Find out how much you can borrow here.
We usually recommend you broaden your search beyond your ideal location on Rightmove and Zoopla, filter by the minimum number of bedrooms you need, and filter out what types of property you want (or don’t want) to look at.
Once you have a filtered list, you can determine how much you will need to spend on your next home.
Yes, you probably should, but beware that the agent might not persuade the seller to take your offer seriously if you haven’t either put your home on the market or found a buyer yet. If you go for the viewing and decide you love it, it could give you the impetus to put yours on the market urgently, so that you stand a chance of successfully becoming the new owner of this one!
Yes, you can. However, if you are successful with your offer, the seller may still be reluctant to take it off the market or have it marketed as “sold subject to contract” until you have found a buyer for yours. Suppose you believe you have found your ideal new home, in which case, you now need to consider if you are prepared to accept a lower offer on your current property to avoid missing out.
Now would be the time to have a conversation with your estate agent about other properties for sale in your area, and price it appropriately against the competition to get quick interest.
It is sensible to have a clear idea of what you can borrow, and an agreement in principle can help your confidence levels that you are not wasting money putting yours on the market or wasting your valuable time viewing properties out of your reach.
Get an agreement in principle here.
What costs to expect
There are various fees you may incur along the way. Our mortgage experts prepared a breakdown of all potential fees, and are always available to chat if you require any additional information.
Mortgage advisor’s fee
This is usually the lowest of all of the costs. Your mortgage advisor’s fee can be anywhere from £199 all the way to £899 depending on the company you choose, and the experience of the advisor helping you. For a stress-free process, choose someone with years of expertise!
Survey
The cost for the survey varies depending on the value and size of the property in question, and whether the lender is willing to contribute towards some of the cost for you.
Early repayment penalties
Whilst early repayment penalties would ideally be avoided, sometimes it’s unavoidable. However, if there are lower rates available than what you are paying right now, it might make sense to exit your current deal/lender and start afresh with a new lender.
Conveyancing (solicitors)
It is often most cost-effective to use the same conveyancer for your sale as for the onward purchase, which could be in the region of £2000-2500. Importantly, it’s always better to ask your broker for a quote before you instruct a local one down the high street.
Stamp duty
This is a major consideration for many. It can make extending your current home a more attractive prospect. Various websites can help you calculate your potential tax liability, or your broker can point you in the right direction and answer any questions you may have.
Removal costs
We usually estimate that this will be an average of £1000 per day for a team to help you move house. However, this could be less or more, depending on factors such as your location, the distance between the two properties, or the size of the vehicle.
Lender arrangement fee
This fee can usually be added to the mortgage, so it doesn’t need to come out of your deposit. This is often a maximum of £999, though if the rate on offer is particularly low, it could be more. Many mortgage deals have no arrangement fee, but the interest rate is a little higher instead.
Money for making your new home
If you can keep some money in savings as an emergency fund, or keep some back for redecoration or some new furniture, this is wise, as it means you are less likely to rely on expensive credit such as credit cards.
Take your next step on the property ladder with confidence
If you would like to have a fee-free no-obligation chat with us, contact Wise, and a friendly adviser will discuss your path to your new dream home
