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Home movers

Moving to new home can be the ideal opportunity to review your existing mortgage to ensure it will meet your new needs. Most mortgages are portable which means you can take it across to a new property subject to meeting your existing lenders conditions and any administration costs.

If you are buying a larger property you may need to borrow more and if you have come to the end of a promotional period with your existing lender, you could save on your monthly payments by finding the best deal for your circumstances.

With independent advice from London City Mortgages we can show you how to make the mortgage payments as affordable as possible when moving home. We can help you find the best mortgage deal and make the online remortgage process easy for you.

Your borrowing needs

Before you make an offer on a new property you should work out if you will need to borrow more. If you have been in your existing property for a number of years the property price is likely to be higher so you can release more equity from the existing property.

This equity would form the deposit for the new property and how much you can borrow will depend on your income and your ability to afford the size of the new mortgage loan.

All lenders will base the amount you can borrow on your income and affordability checks take account of your outgoings such as child care, holidays and living costs before they provide the loan. Lenders also look at multiples of income to determine the maximum they are prepared to lend and this can be 4 or 5 times a single or joint income.

Your current lender is likely to allow you to use your existing mortgage to transfer to a new property. To do this will would apply income and affordability checks and make a mortgage transfer charge which is typically several hundred pounds.

If you have a large amount of equity in your property, you could consider let to buy where you keep your existing property as an investment and release some of the equity as a deposit on a new property. The existing property is rented out and you move to a new property and in this situation it would be worth speaking to a mortgage adviser to arrange the two types of mortgages.

Consider remortgaging

When you move house you may want to take advantage of this opportunity to make changes to your existing mortgage or borrow more. If this is the case, it could be worth looking at the whole mortgage market again to find the best deal for you.

Ideally you would have come to the end of any introductory offer and have no exit penalties to pay for moving to a new provider. Even if you did not have to increase the amount you need to borrow there are advantages to remortgaging.

In particular you may want to change the type of mortgage. If you started with a discounted variable mortgage two or three years ago you may want to know for certain your payments will not change and go for a fixed rate mortgage instead.

If you think interest rates are going to increase, this is also a good reason for going for a fixed rate mortgage. If you are borrowing more the interest costs are going to be higher so you could be offered a better deal from another lender.

Take into account the interest rate for the mortgage and compare the total costs over the introductory offer period. This will usually be for two or three years although some lenders can offer longer term periods. The longer the term of the mortgage the higher will be the interest rate.

Lenders usually have an application fee which can be added to the mortgage loan so you need to take this into account when comparing the costs of your existing lender and remortgaging to a new lender.

Applying for a remortgage

The application process for a remortgage for a house move is very similar to any other application. If you are applying through London City Mortgages the application can be completed for any mortgage lender online 24/7 on a pc, tablet or phone. You can upload any other documentation direct to your application such as payslips, bank statements, proof if identity and address.

You have an advantage when you move home compared to buying for the first time as you are likely to have a larger deposit and a history or regularly paying your mortgage which reduces the risk for any new lender. This can improve rate offered and ease of securing the mortgage.

Our advisers can check the maximum amount you can borrow and search the whole market for the lender offering best mortgage deal for your circumstances.

Once the lender has received your application they will conduct a credit and affordability check before making an offer for the mortgage. Remember also that the lender would also need a valuation for the new property and often this is paid by the lender.

If you are taking the let to buy route where you keep your existing property to rent as an investment and release equity for the new property, you would need to arrange two mortgages.
1.59% Tracker Rate
75% Loan to Value
£1,034 Lenders Fee
Until 2-Years Time
Reverts to 4.24%
1.59% Tracker Rate
75% Loan to Value
£999 Lenders Fee
Until 2-Years Time
Reverts to 4.24%
1.55% Tracker Rate
75% Loan to Value
£1,001 Lenders Fee
Until 2-Years Time
Reverts to 4.99%
1.55% Fixed Rate
75% Loan to Value
£1,510 Lenders Fee
Until 30/06/2021
Reverts to 4.49%

How it works

Free mortgage quote

Ask for a free quote and our mortgage adviser can do the work for you to check the whole market and find the best mortgage for you

Start your application

Use secure online payments to pay our mortgage advice fee after any money off vouchers, start your application 24/7 using your smartphone, tablet or pc

Your mortgage online

You are in control whether on the move or at home, use our traffic light modular online form to easily complete and upload your documents

We're here to work for you

Your mortgage manager gives you advice, will help you with the online form and liaise with the lender to secure your mortgage offer

Get started now with a
free mortgage quote

As mortgage advisers we can do the work for you to find the best mortgages.
Access your quotes via your dashboard to start your mortgage application online 24/7
using a tablet or smartphone if you are on the move or from the comfort of your home.

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The latest mortgage news


27 Jun 2017

Second steppers need support from family to move up the property ladder

Nearly one in three second steppers require over £20,000 in financial support from the bank of Mum and Dad to buy their next home.

21 Jun 2017

Home sales fall in 82% of towns with worst in London and South East

The number of property sales were -7% lower during 2016 with the majority of towns in England and Wales decreasing.

25 May 2017

Home buyers in London down 18% compared to a year ago

For the second quarter in a row the number of home buyers are lower in London due to restricted supply and affordability.

07 Apr 2017

Annual house price growth is lowest for four years, says Halifax

Growth in house prices is at the lowest rate since May 2013 and more than halving over the year with no growth in the last month.

02 Mar 2017

Home ownership in England at 30 year low, says government report

English Housing Survey shows home ownership is the lowest level since 1985 with the private rental sector doubling since 2002.

22 Feb 2017

London home buyer loans down 5% in the fourth quarter 2016

Home buyer borrowing in London reduces 5% or £310 million in the final quarter of 2016 continuing the downward trend for the capital.

03 Feb 2017

Mortgage affordability markedly improves over past decade

Significantly lower interest rates has improved mortgage affordability across the country since the financial crisis according to the Halifax.

20 Jan 2017

Home mover numbers fall for the first time since 2011

For the first time since 2011 the number of home movers has decreased due to the low availability of the ‘right type’ of homes slowing the market.

17 Jan 2017

Home purchase lending remains strong rising by 5% in November

Home buyers borrowed £11 billion in November up over 5% on the month reflecting a stable market and aspirations for home ownership.

13 Jan 2017

10-year fixed rate mortgage costs rise, would you lock in for the long term

After years of falling rates the 10-year fixed rate mortgage costs are beginning to rise according to research from Moneyfacts.

16 Dec 2016

Help to Buy mortgage guarantee scheme ends this month

At the end of December phase two of the Help to Buy scheme is going to be withdrawn by the government after a successful three years.

23 Nov 2016

Home buyers in London increase by 12% since EU referendum

Research from the CML shows the number of London home buyers has increased since the Brexit vote with affordability remaining unchanged.

17 Nov 2016

Mortgage costs reach historic low point for September

The cost of a mortgage as a proportion of household income has reached an historic low although there is no increase in house purchase activity.

15 Nov 2016

New build house price growth remains higher than existing homes

Figures from the ONS show the growth in houses prices over the year for new builds is more than double that of existing homes.

07 Nov 2016

House prices flat with less demand and affordability concerns

The latest index from the Nationwide shows no change in house prices as demand remains subdued as a home purchase is less affordable.

29 Oct 2016

Help to Buy mortgage guarantee scheme ended by the government

The government has closed the Help to Buy mortgage guarantee scheme that has helped 86,341 first timer buyers on to the housing market.

18 Oct 2016

UK house prices are stable as homes sales fall by third over the year

House prices in the UK are up over the year and remain stable as the number of sales completed have dropped by up to a third.

12 Oct 2016

Mortgage lenders penalise one in six families with childcare costs

One in six families have been offered a smaller mortgage from a lender due to their childcare costs adding to parents stress and anxiety.

07 Oct 2016

Annual house price growth slows to lowest level for three years

The growth rate for homes has slowed to 5.8% a year the slowest rate since August 2013 according to the Halifax house price index.

22 Sep 2016

Mortgage lending recovered in August increasing after a dip last month

Lending to first time buyers and home movers decreased in July and recovered in August despite fear of a crash after the Referendum.

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