Mortgages for Home Movers
Moving Home Mortgage Advice in Scotland
Moving home can mean balancing your current mortgage, the equity in your property and the cost of the home you want to buy next. It helps to understand the mortgage position before your plans become tied to a particular property.
Anderson Mortgages provides personal advice for home movers in Uddingston, Lanarkshire and across Scotland. Your adviser will assess the full picture, explain the available routes and remain your main point of contact as the mortgage progresses.
Plan Before You Offer
When Should You Review Your Mortgage?
You can speak to an adviser as soon as you begin considering a move. An early review can help you understand a realistic purchase budget, how your existing equity may contribute to the deposit and whether your current mortgage creates costs or choices that need to be considered.
Your position may change as your property is valued, an offer is received or you identify the home you want to buy. We can revisit the figures as the move develops and explain what information a lender is likely to need.
Your initial conversation is free and without obligation, so you do not need to wait until your property is on the market.
Advice for Your Next Home
How Can We Help?
Review Your Current Mortgage
Understand the balance, remaining deal period and any early repayment charge that could affect your move.
Assess Equity and Deposit
Explore how your likely sale proceeds, purchase costs and available savings may shape the deposit for your next home.
Consider Porting
Find out whether taking your current mortgage product to another property may be possible and what a new assessment would involve.
Plan Additional Borrowing
Discuss how a larger mortgage may be assessed if your next home costs more than the property you are selling.
Research Suitable Options
Compare the overall costs and features of suitable available mortgages rather than looking only at the headline rate.
Progress the Application
We will submit the agreed application, communicate with the lender and keep you updated alongside the legal process.
Your Sale and Purchase
Understanding Equity, Affordability and Moving Costs
The equity in your current home is broadly the value left after repaying the outstanding mortgage and any other secured borrowing. The amount available for your next deposit will also depend on the final sale price and the costs connected with selling and buying.
A lender will assess the new mortgage using its current affordability rules. Income, commitments, household costs, the proposed term and the property can all affect the amount available. Approval of your existing mortgage does not automatically mean the same lender will approve the new borrowing.
It is sensible to allow for legal work, estate agency fees, removals, valuation or mortgage charges and any Land and Buildings Transaction Tax that applies. Your solicitor or tax adviser should confirm the legal and tax position.
Keeping an Existing Deal
What Does Porting a Mortgage Mean?
Porting usually means applying to take an existing mortgage product to a new property. The product may be portable, but the lender will still assess the application, your affordability and the property under its current criteria.
If you need to borrow more, the additional amount may be placed on a separate product with a different rate or end date. This can create two parts of the mortgage that need reviewing at different times.
Porting is not always the lowest-cost route. Your adviser can compare it with suitable alternatives, taking account of early repayment charges, product fees and the longer-term effect of the available options.
Coordinating the Move
From Mortgage Review to Completion
01
Discuss Your Plans
We will review your likely timescale, current mortgage, income, commitments and the type of property you want to buy.
02
Establish a Working Budget
Your adviser will consider your expected equity, deposit, moving costs and potential mortgage affordability.
03
Compare Mortgage Routes
We will assess porting, a new mortgage and any additional borrowing that may be needed for the move.
04
Offer Through Your Solicitor
Your Scottish solicitor will advise on the offer, sale contract and legal coordination between the two transactions.
05
Apply for the Agreed Mortgage
We will submit the application and provide the lender with the information needed to assess you and the property.
06
Keep the Move Progressing
We will communicate with the lender and keep you updated while your solicitor manages the sale, purchase and completion.
Moving Home Questions
Common Questions from Home Movers
Customer Reviews
What Our Customers Say
Plan Your Next Move
Talk to Us About Your Moving-Home Mortgage
Tell us where you are in the process, even if your current property is not yet on the market. One of our advisers will contact you personally and promptly to discuss the mortgage position and sensible next steps.
There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £295.
Any fee and when it becomes payable will be confirmed in your Terms of Business before you proceed. No fee is payable if your mortgage does not complete.
Your home may be repossessed if you do not keep up repayments on your mortgage.