Few things in life are more stressful than moving home. At Rettie Financial Services we’ll advise and guide you through every stage of the home moving mortgage process, from all of the legal work to the finance.
The Rettie Financial Services in-house mortgage experts will compare your current mortgage terms against over 90 lenders and 12,000 mortgages, helping you make the right moving home mortgage choice for you and your future.
Understanding the Moving Home Mortgage Process
Moving home in Scotland with an existing mortgage can involve transferring or remortgaging to a new lender. The process typically includes applying for a new mortgage based on the property you’re buying and your financial situation. If you already have a mortgage, it’s important to ensure your current lender allows you to port the mortgage, or if not, you may need to apply for a new one.
How to Choose the Right Mortgage When Moving Home
When moving home, it’s important to review your financial circumstances and how they align with potential mortgage options. You should consider:
Mortgage type: Fixed-rate or variable-rate, depending on your risk tolerance and financial stability.
Loan-to-value (LTV): The deposit you have available will impact the LTV ratio, which in turn affects the interest rate.
Mortgage term: Consider how long you want to be tied into the mortgage.
It’s advisable to compare the rates and offers available to ensure you get the right deal for your new home.
The Costs Involved in Moving Home and Switching Mortgages
Moving home involves several costs beyond the mortgage itself. Some of the key expenses include:
Stamp Duty Land Tax (SDLT): While first-time buyers may be exempt, others will need to pay SDLT on properties over a certain value.
Solicitor Fees: Legal fees for property conveyancing.
Valuation and Survey Fees: To ensure the property is valued correctly and in good condition.
Mortgage Arrangement Fees: These may be incurred if you are switching lenders or setting up a new mortgage.
Ensure you have a clear understanding of all the costs before making your decision.
Questions to Ask Your Lender When Moving Home
When speaking with your lender, consider asking:
- Can I port my existing mortgage?
- What are the current interest rates and fees?
- What are the early repayment charges if I’m switching mortgages?
- Will I need a new property valuation?
- What other fees should I be aware of?
Common Mistakes to Avoid When Moving Home with a Mortgage
Not budgeting for all costs: It's easy to focus only on the mortgage, but there are several additional fees that can catch you off guard.
Choosing the wrong type of mortgage: Don’t rush into a deal. Take time to compare fixed-rate, variable-rate, and tracker mortgages.
Not considering your long-term financial goals: Consider how moving home fits into your broader financial plan, including retirement and saving goals.
Neglecting to check your credit score: Ensure your credit history is in good shape to secure the best mortgage rates.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
At Rettie Financial Services we understand.
We understand that everybody’s property journey is different. That’s why we’re with you every step of the way. Whatever your mortgage, insurance or other financial needs, and however complex your challenges, Rettie Financial Services have the expertise and experience to provide a tailored service that will deliver for you.
We excel in speed, expertise and customer satisfaction. Our commitment to you extends beyond transactions, providing both financial and emotional support throughout your journey.
We bring a personal touch to every interaction, taking time to understand and address your unique financial requirements. No matter how complex and intricate your needs, we have the know-how and experience to identify and deliver an innovative personal solution that’s right for you.
Our highly experienced Mortgage & Protection Advisors have a proud track record in delivering a supportive, quick and hassle-free service, evidenced by a constant stream of 5 star reviews from our satisfied clients.
FAQs for Home Movers
- Can I transfer my existing mortgage when moving home?
Yes, many mortgages are portable, but not all. Speak with your lender to understand whether you can transfer your current mortgage to a new property.
- Will I need a new mortgage if I’m moving to a bigger house?
You may need to apply for a new mortgage depending on the value of the new home and any changes to your financial situation.
- How long does the moving home mortgage process take?
Typically, a moving home mortgage can take around 4-8 weeks from application to completion, depending on the complexity of the move and property type.
- Can I switch mortgage lenders when moving home?
Yes, you can switch lenders when moving home. However, make sure to compare all options, as early repayment charges may apply.
- How does my credit score affect my ability to get a mortgage?
Your credit history influences the rates and products available to you. A stronger score usually gives you access to better deals and our Rettie Financial Services mortgage advisors can help you get your credit score into shape ahead of applying for a mortgage.
- How does the mortgage application process work?
You start with an affordability check and mortgage in principle, followed by full application once you have an offer accepted. Your lender then completes underwriting before issuing a full mortgage offer.
- How much can I borrow for a mortgage?
This depends on your income, outgoings, credit profile and lender criteria. Our Rettie Financial Services mortgage advisors can provide an accurate borrowing range tailored to your circumstances.
- How much of a deposit do I need to get a mortgage?
Typically, deposits start from around 5%, though larger deposits often secure better rates. If you are a first time buyer, there are products available to you which may have different deposit requirements, and you might also be able to access some government schemes to reduce your deposit. New build homes and certain schemes may have specific deposit requirements. Our Rettie Financial Services Mortgage Advisors can advise you on the right deposit for your circumstances.
- What are the current mortgage rates in the UK?
Rates change frequently based on lender policy and market conditions. Our Rettie Financial Services Mortgage Advisors can give you up-to-date information and help you secure a competitive rate.
- What is the difference between a mortgage in principle and a full mortgage offer?
A mortgage in principle is an initial indication of what a lender may allow you to borrow. A full mortgage offer is the final approval issued after full checks, ready for completion.
- What is the difference between fixed and variable rate mortgages?
A fixed-rate mortgage keeps your payments consistent for a set period, while a variable rate can change depending on lender decisions or the base rate. Our team at Rettie Financial Services can help you understand which mortgage suits your needs.
- What types of mortgages are available in the UK?
Common options include fixed, variable, tracker, interest-only and offset mortgages. Our Rettie Financial Services Mortgage Advisors can match the right product to your financial circumstances.
- Can I get a mortgage if I'm self-employed?
Yes, Self-employed buyers will need to provide evidence of their income, usually through tax returns or business accounts. It’s important to work with a lender who understands your unique financial situation. This is where a mortgage broker adds value to your home buying process. The team at Rettie Financial Services can help.
Book your free initial financial services consultation today with one of our Rettie Mortgage & Protection Advisors.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Rettie Financial Services Ltd is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
Rettie Financial Services Ltd. Registered Office Address: Deuchrie, Dunbar, East Lothian, United Kingdom, EH42 1TG. Registered in Scotland Number: SC711925.