Home Mover
Ready to make your next home move?
If you are thinking of moving on to your next property contact us today to discuss the best mortgage and protection options for you. Simply click the button below to get started.
WHAT IS A HOME MOVER MORTGAGE?
A home mover is someone selling their main home to buy a new property to live in.
In this case, the deposit will usually come from the equity saved in the current property, but other savings or gifted deposits can be included. The deposit amount is calculated by subtracting the money owed on the current mortgage and moving fees from the selling price.
As with any mortgage, the maximum amount a loan can be is 95% of the property value, so the minimum deposit you can put down is 5%.
There is no maximum amount you can put down as a deposit, but some lenders have a minimum loan size. In most cases, the higher your deposit, the better interest rate you will have on your loan.
WHO IS IT FOR?
A ‘home mover’ mortgage is for those who will sell a property they live in and move into another. So, they are reliant on the property being sold before purchasing a new home.
Your home will need to be valued and under offer before you can apply for a mortgage so the lender can be certain of your deposit amount.
This can mean you become part of a property chain, where you need to wait until the seller of the house you want to buy, buys their next home.
Remember you require the following documents for this appointment
- 3 months payslips if employed/ 2 years SA302’s and tax year overviews if self-employed/ 2 years full accounts if a limited company
- 3 months’ bank statements for all current accounts you hold
- Photo Verification
- Proof of address
- Proof of deposit
Would you like to discus home mover mortgages?
If you’d like to discuss your best mortgage options, or if you have any questions about the whole home buying process, please get in touch.
