Researching your move
Before you get the keys to your new home, it’s always a good idea to scope out the area before moving.
Prior to finding your new home, look into how long it will take you to get to work or how far away you are going to be from your family. Knowing your new area can make moving less daunting too. It can take time to get to know a new area well, therefore before you get your moving-in date it is worth investing time to make sure you’re going to be happy in the area where you may potentially spend the majority of your life.
Spend some time looking around your local amenities. How far away is your new home from your GP surgery and closest hospital? Are there any supermarkets within a close mile radius? If you were to change careers, is your new area easily commutable?
It is also worth considering the affordability of your new area. Whilst you may have bagged yourself a bargain with your property, it doesn’t always necessarily mean the area you are moving to will be as affordable.
If you don’t have children before you move, consider schools in the local and surrounding area too – as this can save a lot of extra work in years to come.
If you’re an existing mortgage owner
When selling your home in preparation to purchase a new property, there are many things to consider and put in motion prior to handing the keys over.
Although you will have gone through the process when you purchased your first home, it does not necessarily mean things will be the same when it comes to moving home this time. Ensuring you have the right mortgage in place when you are preparing to move will take some of the pressure off trying to sell your existing home at the same time.
When moving to your new home, you have a variety of different options available regarding your mortgage on your property. Here are some of the options available to you:
Porting
Many mortgages are portable, which means you can continue with your existing mortgage and transfer it over to your new home. This is beneficial for anyone who has a mortgage with early repayment charges. However, it is not a guarantee of the mortgage lender agreeing to lend. It will require a new application for the new loan amount and although the process might be similar to what you experienced initially; the lender will have to start the underwriting process according to criteria at the time. In all cases you will be expected to supply various documentation to support your new application; for example - ID, proof of address, income verification and bank statements.
Dependant on your circumstances and the property price you are purchasing, you may need to increase the loan amount. Therefore, you will be required to increase the size of your loan with your existing mortgage lender. This will result in having two parts to your mortgage and the additional loan may be borrowed at a higher rate of interest. This will depend on product availability at the time of your application. There may also be additional fees charged by the lender subject to the product details.
New mortgage with your current lender
If your existing mortgage has no early repayment charges you have the option to remain with the same lender and completely replace your current mortgage by taking out a new loan for your new property. This will depend on the market conditions, products available and interest rates payable.
Again, you may find you are also subject to paying an arrangement fee and your existing lender may wish to carry out a valuation which could also add to the cost.
New mortgage with a new lender
This option of a new mortgage with a new lender may lead to finding a better interest rate on your new property. You may also benefit from different lending criteria in respect of loan to value, income assessment and affordability.
However, it is important to be aware that if you are still within a product term on your existing mortgage you may incur early repayment charges, as well as any arrangement and valuation fees of your new mortgage.
If you're a first-time buyer
As well as choosing the right area and property for your first home, it is equally important to make the right choice when selecting your mortgage. With multiple lenders on the mortgage market offering different types, it can all become overwhelming.
We have previously put together a Buying Your First Home Guide, which details all about finding the right mortgage for your first home purchase. You can read it here: First-Time Buyer Guide.
Finalising your move
Getting caught up in the excitement of moving in the build up to the big day is natural, and as a result it can be easy to forget about things you may not have accounted for before moving home. See below:
- Confirm your moving date: Your moving date will need to be officially confirmed by all parties involved in your sale/purchase. If you are in a chain, ensure you uncover your position to determine roughly how long you’ll be waiting for the green light to move. If you are at the bottom of the chain, you may find yourself waiting around for all the other sales and purchases to go through.
- Removal quote costs: Depending on your budget and the number of items you have to move, it may be worth considering a removal company for your big day to assist with the smooth running of everything. Check out local companies and shop around for the best quote.
- Sort out your home insurance: If you are moving into a property with a mortgage, it is mandatory to have buildings insurance. It is something you will need to have in place before you move in.
- Consider other insurance policies: Big life events such as purchasing a new home can trigger the need to investigate other insurance policies aside from home insurance. Your mortgage will most likely be your largest outgoing for many years. Ensuring you are able to continue to pay your mortgage if anything were to happen later down the line will be a priority.
We understand the most important things in life are worth protecting, read more about how Choice Mortgage can help here: Insurance Services
What to do when you move into your new home
The day has finally arrived, and you get to pick up the keys to you new home!
It can be tricky to remember all the little things that need doing when you move in, but the following are all important.
- Take meter readings when you move in – you do not have to stay with the previous owner’s provider, but ensure you give your new meter reading over. This will prevent you from being billed for any previous usage prior to your moving in date.
- Ensure all things that were included in your fixtures and fittings agreement with the previous owner have remained in the property.
- Take a walk around the entire property to make sure there aren’t any damages since you last viewed the home.
- Check the electricity, water and heating are all in working order.
- Try all the keys in the locks to make sure there aren’t any missing and that all the locks are in full working order.
- Give your property a deep clean – while this isn’t essential, it’s definitely an added bonus to bring all your belongings into a clean home.
Who needs to know you’ve moved into your new home?
Aside from telling your loved ones and getting the perfect post for your social media accounts to announce you’ve moved into your new home, it’s important to remember to inform suppliers and officials of your home move.
You may have already looked into setting up a mail redirection, however informing companies directly is a good idea.
List of organisations and companies to contact:
- Government bodies: HM Revenue Customs (HMRC), DVLA, electoral roll, TV Licensing, local authorities such as the council, DWP.
- Health services: GP practice, dentist, optician (especially if you’re moving to a different area and could potentially face changing practices).
- Financial institutions: banks, building societies, credit card companies and pension services.
- Insurance: car, mobile phone, pet, health and personal protection.
- Other companies you may need to contact: mobile phone suppliers, home phone and broadband, TV companies such as Sky, Virgin and BT.
It’s important your employer and your child’s school also have your up-to-date details, for emergency purposes.
Top tip: make a check list and mark off each one as you go!
How Choice Mortgages Can Help
With over 100 years of experience between us, our dedicated team of advisers will provide you with a personal service. We guarantee to take time to get to know you, to understand your individual needs and what you are looking to achieve, before advising you on the best mortgage and insurance for your circumstances.
We offer free, no obligation consultations and have access to the whole mortgage market. We also pride ourselves on looking after your future interests, making you aware of the insurance options available and how you can protect yourself, your loved ones and your home.
