Moving home is a major life event that requires careful planning and financial consideration. Whether you’re upsizing, downsizing, or relocating for work, ensuring you have everything in order will make the process smoother and less stressful. As whole-of-market, independent mortgage brokers, Quanstrom Financial is here to guide you every step of the way.
In this comprehensive guide, we’ll walk you through the key steps you should take before moving home to help you make informed decisions and avoid unnecessary costs.
Step 1: Get a Property Valuation
Before listing your home for sale, get an accurate property valuation from a reputable, local estate agent. This is essential for understanding how much you can realistically sell your property for and determining how much equity you will have available for your next home purchase.
How to Get the Best Valuation:
- Request valuations from a reputable, local estate agent
- Compare their insights and recent sales data in your area
A precise valuation helps you budget effectively and ensures your expectations align with market conditions.
Step 2: Speak to a Mortgage Broker
Once you know the potential sale value of your home, the next step is to determine your budget for your new home. You will also be informed on the purchase price you need to achieve, you enable you to move home. Consulting a mortgage broker early in the process is crucial for understanding your borrowing capacity and planning for additional costs.
Costs to Factor In:
- Legal fees – Solicitor costs for handling the sale and purchase.
- Stamp duty – Tax on property purchases over a certain threshold.
- Estate agent fees – Commission for selling your home.
- EPC certificate – Legally required Energy Performance Certificate.
- Early repayment charges – If you have an existing mortgage.
- Removal fees – The cost of moving your belongings.
- Lender fees – Charges for setting up your new mortgage.
By speaking to a mortgage broker, you can obtain an Agreement in Principle (AIP), which strengthens your position when making an offer on a new home. An Agreement in Principle will also give you confidence that your credit score meets the requirements to proceed with the new lender.
What is an Agreement in Principle?
A Complete Guide to your Credit Score
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Step 3: Porting Your Mortgage vs. Switching Lenders
If you already have a mortgage, you’ll need to decide whether to port your current mortgage or switch to a new lender.
Key Considerations:
If your current interest rate is significantly higher than available market rates, switching to a new lender may save you money - even after considering any early repayment charges payable to your existing lender.
If your current rate is lower, porting your mortgage to your new property may be the most cost-effective option.
If your existing lender cannot lend you the amount you need, switching lenders may be necessary.
At Quanstrom Financial, we analyse your options to ensure you choose the most cost-effective mortgage solution for your situation.
Step 4: Instruct an Estate Agent
First impressions matter. Ensure your home is ready for the market.
Step 6: Agree a Sale & Start House Hunting
Once you’ve accepted an offer, it’s time to find your next home. This is a great moment to check in with your mortgage broker to:
Confirm your final sale price.
Ensure you have enough equity for your deposit.
Review mortgage options based on current rates.
Having expert mortgage advice at this stage ensures a smooth transition to your next property.
Bonus Step: Find the Right Solicitor
Your solicitor will handle the legal aspects of your sale and purchase, so choosing the right one is crucial.
What to Look for in a Solicitor:
✔ Experience with property transactions. ✔ Transparent fees with no hidden costs. ✔ Good communication and responsiveness.
Having a solicitor ready early in the process helps avoid delays once you accept an offer.
Final Thoughts: Moving Forward with Confidence
Moving home is an exciting journey, but it comes with financial and logistical challenges. By following this guide and seeking professional mortgage advice, you can navigate the process with confidence.
At Quanstrom Financial, we’re dedicated to finding you the most cost-effective mortgage solution tailored to your needs. Contact us today to get started on your home-moving journey!
📞 Need mortgage advice? Call 01323 364432
📧 Email info@quanstromfinancial.co.uk
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