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Whilst moving house is exciting for the whole family it’s said to be one of the most stressful times in our lives.
Even if you’ve moved home before, there are so many things to think about, and lots of the information you’ve received up to now may be confusing.
That’s because everyone’s situation is different.
We understand the need for impartial advice from someone who understands your situation so they can offer you expert advice that helps you move home with as little stress as possible.
Whether you are ready to move home now or just want to know more about your options for the future, our Mortgage Advisor is ready to help you every step of the way.
Our Mortgage Adviser will help guide you through every step of the process, and our service is free of charge until the point when you have found a buyer for your current home and you are ready to apply for the mortgage on your new home.
It’s a good idea to get an agreement in principle before you think about selling your current home.
The agreement-in-principle gives you the confidence that you can get the mortgage you will need before you commit to selling your current home.
It helps you understand how much you can borrow and work out your budget.
An agreement, in principle, is a certificate issued by a mortgage lender that also gives an Estate Agent confidence that you can get the mortgage you need to buy the home they are selling.
Working with a good Estate Agent can make life much easier, and they will make sure that they check any offers are genuine before they allow you to accept them to avoid disappointment later.
When you’ve seen the ideal place to buy you’ll need to make your offer to the Estate Agent.
The Estate Agent will want to see your ID, Agreement in Principle, proof of the sale of your current home and your solicitor’s details.
When the offer has been accepted the Estate Agent will issue a document called a “Memorandum of Sale” that gives the seller’s details as well as yours, the solicitor’s details and the property address and amount you have agreed to pay.
There are many choices to be made before applying for your new mortgage. You can choose a Fixed, Discounted or Tracker Rate mortgage.
It may be that the mortgage on your current home still has some time left to run on a fixed rate for instance and there may be penalties to pay if you repay it.
An option to consider is the benefits of taking the existing mortgage with you to your new home if it is portable.
Your mortgage adviser will check if the current mortgage is portable and advise on the benefits of porting your mortgage compared with choosing a new one.
When the bank has approved your mortgage application, you will receive a “Mortgage Offer.”
The mortgage offer will typically be valid for six months and sets out the terms of the mortgage you have applied for.
There are many choices to be made before applying for your new mortgage. You can choose a Fixed, Discounted or Tracker Rate mortgage.
It may be that the mortgage on your current home still has some time left to run on a fixed rate, for instance, and there may be penalties to pay if you repay it.
An option to consider is the benefits of taking the existing mortgage with you to your new home if it is portable.
Your mortgage adviser will check if the current mortgage is portable and advise on the benefits of porting your mortgage compared with choosing a new one.
When the bank has approved your mortgage application, you will receive a “Mortgage Offer.”
The mortgage offer will typically be valid for six months and sets out the mortgage terms you have applied for.
When you have your mortgage offer and all of the legal work has been completed, your solicitor will “exchange contracts” on both your sale and purchase.
This is the point at which you will sign contracts, pay any deposit, and agree on when you will move to your new home.
This is the day you’ve been waiting for, and you will give up the keys to your old home and collect the keys to your new one.
We are available Monday to Saturday, for a no-obligation consultation.
Our service is free until you receive a fully approved mortgage offer. Then there may be a charge which, depending on your circumstances, will typically be £199 on receipt of an approved mortgage offer and no more than £100 when the mortgage starts.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Spolton Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.
Spolton Mortgages is a trading name of Spolton Ltd. Registered Office: Spolton Ltd, 72 Finch Drive, Sleaford, United Kingdom, NG34 7US. Registered Company Number: 10903440 Registered in England & Wales.