Home Mover Mortgages

This depends on whether you current lender will charge you an early repayment penalty on sale of your house. Its also depends on how much they will charge you and the mortgage deal you are locked into verses how competitive other mortgages are based on your circumstances. It may or may not be worth paying the penalty.

Moving costs will form an integral part of your calculations when finding out how much you can borrow and what is affordable. That’s why its really crucial to identify these before you do anything as they can make a significant difference when budgeting and when deciding on house prices. The main costs you need to consider are:

• Solicitor’s fees including stamp duty costs. You may have to pay the additional stamp duty charge if you own other properties at the same time when purchasing the new one. You will need to check this with your solicitor.
• Mortgage lender fees such as arrangement or booking fees plus the valuation or survey fees which are usually payable on application. These can be a significant upfront cost.
• Mortgage adviser fees – this can vary greatly between mortgage adviser firms so be sure to find out how much and when this is payable.
• Upgraded Valuation or Survey fees – this is an additional upfront cost if you want a more detailed and in-depth valuation carrying out such as a Homebuyers valuation or Full structural survey for example.
• Existing Mortgage Lenders Early Repayment Charges – if your current lender will charge you a penalty for paying off the mortgage early when you sell then this can be a significant cost and will be added to the outstanding mortgage balance on completion.
• Removal firm costs – this can vary depending on the company but can sometimes be a cost worth paying for ease of some else handling the heavy items.

Even though you currently have a mortgage, most estate agents will require proof that you can proceed with an offer on a new property, especially if you are hoping to borrow additional funds from your current lender. Also it’s peace of mind for you knowing that you can borrow the required amount.

Again this depends on how many parties are involved in the property chain. The national average is 12 weeks however this can vary considerably depending on the individual purchase. It’s worth informing your solicitor as soon as you instruct them what dates you want to aim for so they can communicate this to all parties.