Moving home? Find a mortgage that fits where you’re going next.
- Mortgage advice from real people
- Directly authorised by the FCA
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
What’s a residential mortgage?
A residential mortgage is a loan used to buy or refinance a property that you intend to live in as your home.
For many homeowners, that could mean buying their first property, moving to a new home or changing the mortgage on a property they already own.
Residential mortgages can include fixed-rate, tracker and other variable-rate options, and may be arranged on a repayment or, in some circumstances, interest-only basis.
The mortgage available to you will depend on factors including your income, deposit or equity, credit history, existing financial commitments, the property and the lender’s criteria.
Morrow can help you understand those options and find a mortgage suited to your circumstances.
What does it cost to move house?
The mortgage isn’t the only cost to consider when moving home. Depending on your circumstances, you may need to budget for:
Stamp Duty or other property taxes
The amount payable depends on where in the UK you’re buying, the property price and your circumstances.
Insurance
Buildings insurance is usually required by mortgage lenders from the appropriate stage of the transaction, while you may also want to consider contents and personal protection.
Get a quote nowEstate agent fees
You may pay an estate agent to sell your current property.
Conveyancing costs
You’ll normally need a solicitor or conveyancer for both the sale and purchase.
Get a quote nowMortgage fees
Potential costs can include product, arrangement, valuation or broker fees depending on the mortgage and service.
Surveys
You may choose to commission a property survey in addition to the lender’s valuation.
Get a quote nowEarly repayment charges
If you leave an existing mortgage during a deal period, an early repayment charge may apply.
Moving costs
Removals, storage and the practical costs of moving should also be included in your budget.
Want to talk it through?
Call our friendly team on 0800 888 6500 for free, no-obligation advice or start online with our calculator.
How much could you borrow for your next home?
When you’re moving house, affordability isn’t determined by salary alone.
If you’re selling a property, the equity released from that sale can often form part or all of the deposit for your next home.
A lender may consider:
- Your income
- Regular household spending
- Existing loans and credit commitments
- The equity in your current home
- Your deposit
- Your credit history
- The mortgage term
- The value and type of property you’re buying
Buying before you’ve sold
What if you’ve found your next home before selling your current one? Property transactions do not always happen in the perfect order. If you want to buy before your existing property has sold, the challenge may be the timing of your available funds rather than your longer-term ability to afford the new home. Depending on your circumstances, possible routes could include Bridging Finance.
Your circumstances, and what they mean
Can I get a mortgage if I’m self-employed?
Yes. Self-employed people can get mortgages. However, lenders may assess income differently depending on whether you’re a sole trader, contractor, partner or company director.
Read our guide to self-employed mortgagesCan I get a mortgage with bad credit?
Missed payments, defaults, County Court Judgments and other credit issues can affect which lenders and mortgages may be available, but a less-than-perfect credit history doesn’t automatically mean you can’t get a mortgage.
Read our guide to mortgages with adverse creditGuides and insights
Your next home may be different. Your mortgage can be too.
Moving home is a chance to look again at your mortgage rather than simply assuming what worked last time is still right for you.
Morrow helps you understand the options around your existing mortgage and your next property.
Understand what you can afford
We’ll help you look at your income, equity and commitments to understand your potential borrowing.
Compare your existing deal
If you already have a mortgage, we can help you understand whether porting it or choosing another option may be appropriate.
Explore mortgages from across the market
Morrow offers access to a comprehensive range of mortgage products from across the market.
Support throughout the move
From your first calculations through to mortgage application and completion, we’re here to help make the process clearer.