5 Home Buyer Questions Answered

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Home 5 Blog 5 5 Home Buyer Questions Answered

5 Home Buyer Questions Answered

Moving house is never easy. Aside from arranging the whole logistics of removal companies, selling agents and the legal process, most of us will need to navigate the mortgage process too.

How does the mortgage application process work if you’re moving house?

Before you’ve even started looking for a house, we’d normally suggest you get a decision in principle and check what you can afford. You can get a decision in principle with any mortgage lender. This document will rely on the information you tell the lender, and information on your credit file to give you an indication of what you might be able to borrow.

This document is different to a mortgage offer because the lender has not had a real person assess your case yet.

You’ll usually need your decision in principle and proof of deposit to prove to an estate agent that you can afford to buy the property.

Once you’ve had an offer accepted, you’ll submit a full mortgage application to a mortgage lender. At this point, you’ll need to select your mortgage term, rate type and product type. Finding the right lender and the most suitable product is where good advice can come in handy.

When the lender receives your mortgage application, they’ll normally ask for documents such as payslips and bank statements, they’ll also typically want to instruct a valuation on your new home.

All things being well, once the lender is happy with your application, documents and valuation, your mortgage offer will be issued!

Are there any additional costs to think about when moving home?

I’m afraid there are additional costs. For a home mover, you could expect to incur the following costs:

  • Solicitors Fees
  • Stamp Duty or Land Transaction Tax
  • Lender Fees
  • Mortgage Broker Fees
  • Selling Agent Commission
  • Removal Company Fees
  • Survey Fees

What report or survey should I choose?

There are broadly 3 types of survey you can get.

The first and cheapest option, the cost of which is sometimes completely covered by the lender is a mortgage valuation. This type of valuation is not meant for your benefit and is generally for the lenders use only. It is meant to notify the lender of any clear issues with the property that may effect its decision to lend. Importantly, in most cases, no surveyor owes you any duty of care as to the accuracy of this report.

The second, middle option is a Home Buyers Report. These surveys work on a traffic light survey to show the condition and state of repair of different parts of the property, for example, the roof, the walls, the windows, the electrics etc. This report would normally contain enough information for you to decide whether you’re comfortable proceeding with the purpose and would typically give you peace of mind that there are no major issues with the property.

Can I port my existing mortgage to a new home?

Most lenders will allow you to do this. But it will come down to the policy of your lender.

If you are allowed to do this, you’d typically transfer your existing balance to the new home. Any additional borrowing over and above your existing balance will typically need to be taken out on a new mortgage with the same lender.

A mortgage port will only normally work out cheaper where you’re on an interest rate lower than the current market rate, or your existing mortgage has early repayment charges that make it inefficient to move elsewhere and get a new mortgage.

A mortgage port is normally subject to a completely new application. Although the rate can be ported, the lender will review your financial circumstances from scratch.

Your home may be repossessed if you do not keep up with your mortgage payments.

What people are saying:

sam tapsellsam tapsell
17:17 11 Mar 24
Chris has been super helpful, always provided honest advice tailored to my situations. Highly recommend!
Ann-Marie JonesAnn-Marie Jones
17:47 18 Jan 24
Highly recommend Chris at Exley Financial Planning. He was really helpful and has walked through each stage carefully with patience and helped secure us a better rate on our mortgage.
Jasmine ScottJasmine Scott
20:21 18 Jul 23
I’ve had the pleasure of working with Chris now for over 6 years. He’s arranged my last three mortgages for me successfully. I’ve always found Chris to be highly efficient, and clear and open in all of his communications. He’s also taken the time to explain my options and be at the end of a phone. I trust him implicitly and would recommend him to anyone looking for sound financial advice and support regarding money matters.
Mike WilliamsMike Williams
16:37 18 May 23
Couldn't recommend a better financial planning advisor.Chris's help, advice and knowledge base was second to none.
Deborah NDeborah N
11:41 18 May 23
Chris was outstanding. His service was attentive, comprehensive and he displayed an impressive knowledge of his field. He was always easy to contact, friendly and returned calls and messages promptly. His help was invaluable. We are incredibly grateful for all his assistance and wouldn't hesitate to recommend him to others.
Jay ProbertJay Probert
12:02 07 Jul 22
Chris was referred to my wife an i by a neighbour. Despite conducting all communication online (emails/MS Teams calls) at all times Chris has remained personable and responsive. My wife and i are far from experts in this field but Chris' calming approach to the process has been most reassuring and would strongly recommend his services to others. Thanks Chris.
Alexia BowlerAlexia Bowler
08:27 25 Apr 22
We recently used Exley Financial Planning (Chris) for our mortgage and they were so professional, efficient and listened to our every need. We got some very good advice and felt confident that they had our interests at heart. I would use Exley Financial Planning again for anything finance related, and feel relieved we've now got someone who takes us through documents and processes (most of which are fairly confusing!), step-by-step. Thanks Chris!
bethan boddybethan boddy
11:55 08 Mar 22
Fantastic service from Chris.Chris helped me with the process of getting my mortgage from start to finish. As a first time buyer, I was clueless. Having Chris help me made the process a lot easier and he was able to explain information to me that I was unsure off.I highly recommend this company to anyone, especially first time buyers.
Ellen MorganEllen Morgan
08:26 31 Mar 21
I can’t thank Chris enough for all his help throughout my purchase. It hasn’t been an easy process buying my first home during a pandemic, but Chris made securing a mortgage a breeze! Chris is very knowledgable and was honest with me from the outset about what was affordable for me and the mortgages available. It has been a long process for me, but Chris is always available on the other end of the phone to answer any questions I had and kept me updated every step of the way. Brilliant service, I would highly recommend! Thank you Chris!
Rod DCRod DC
19:42 19 Aug 19
Chris has been absolutely fantastic in helping us secure our mortgage offer.Our own situation was a bit more complex due to work and contracts but Chris has worked extremely hard to find us a mortgage that suits us.The quality of service has been top notch from the first meeting. Communication has been excellent and we have been constantly updated on the situation and progress of all processes.It has been so worth employing the services of Exley and I cannot recommenced the service more.
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