Get in touch with us as early as you can in the process. We can tell you how much you can borrow and how much it will cost each month, which will help you plan what value of house you can look for. We will also help  answer any questions you may have about the house buying / moving process.

If you are happy with our mortgage recommendation and wish to proceed we will go ahead and secure a Decision in Principle with our chosen lender. The Decision in Principle means the lender will agree to lend you the money you need to buy your new home, subject to the information provided being correct and a valuation of the property you intend to buy. Once you have your Decision in Principle you can go ahead and place an offer on your chosen home.

Now that you have a Decision in Principle and know how much you can borrow, it’s time to put your existing property on the market. If you haven’t already found an estate agent to help with this, we can introduce you to a reliable estate agent in your area.

With a Decision in Principle in place and an offer on your exisitng property, you will be in a strong position to go ahead and make an offer on your potential new home.

You have had the great news that your offer has been accepted by the vendor. At this point the estate agent of the vendor may ask to see your Decision in Principle and confirmation of the offer on your existing property. You also need to let us know the good news, we will then go ahead and submit your mortgage application to the lender.

Now is also the time to arrange a solicitor / conveyancer that will act on your behalf in the sale of your existing property and in the purchase of your new home. If you need help with this we can introduce you to an expert in this area that is highly recommended.

Now that your offer has been accepted it’s time for us to submit your mortgage application to the lender. We will need some documentation from you so we can submit certified copies to the lender to support your application.

The lender will then check your application and supporting documentation, verifying that all the information submitted is correct.

The lender will then instruct a valuation of your new property for mortgage purposes. This is normally a basic valuation that will check that there are no significant problems with the property and that it is suitable for mortgage purposes and the mortgage amount proposed.

Once the lender has received a satisfactory valuation report and is happy with the verification checks they have undertaken, it is now time to proceed to mortgage offer. The lender will now send you a mortgage offer, they will will also send us a copy and a copy to your solicitor.

Following acceptance of your mortgage offer, you are nearly there. It is now down to your solicitor / conveyancer to carry out the legal sale of your existing property and the purchase of your new property. They will likely have already completed searches to check that there are no complications with the new property. Your solicitor / conveyancer will draft the contracts required to purchase your new property and liase with the vendors solicitor to set a date for exchange of contracts. 

It’s important to remember that you will need to have buildings insurance in place for exchange of contracts. We can help arrange this for you, making sure you have a policy in place to protect your new home.

Your solicitor / conveyancer will have all the contractual documentation drafted ready to exchange contracts with the buyers and vendors solicitors. Your solicitor will request your deposit from you and once exchange has taken place you are legally obliged to buy the property. Your solicitor will liase with you, the solicitor of the vendor and the solicitor of the buyer to arrange a date for completion. On this date the money is transferred between the parties and you will receive the keys to your new home.

You will need to provide a deposit alongside the mortgage to purchase your new property. This can either be via cash deposit on exchange of contracts or from the equity in your exisitng property on completion.

If you have an existing product with a good interest rate, you may want to take it with you to your new property. When you contact us we can check with your lender to see if you are able to port this product to your new property.

This will depend on the type of mortgage you have at the time of moving. We can check this for you and find out if there is a penalty to pay. Sometimes even where there is a penalty it can still cost less each month to switch to a new deal with a low interest rate instead of porting your existing mortgage. We will look at the options available and provide you with quotes to help decide the best option for you.

If you have a deposit available without needing to sell your current property, then this is something we can look at for you. We will factor in the costs of owning both properties when sourcing a Decison in Principle from a lender We can also look for the best buy to let products available for your current property.

Help to Buy Wales is available to home movers and first time buyers that meet the criteria of the scheme, To be eligible you must be buying a new build home from a regsitered builder, providing a minimum 5% deposit of the purchase price and not be buying a 2nd home or renting your existing home. More information on eligibility criteria can be found by visiting the Welsh Government website https://gov.wales/help-buy-wales/eligibility

If you are moving to a new property that is lower in value than your current property then you may have to reduce your mortgage borrowing. We will look at what are the best options available to you, which could be a new product or porting your exisitng mortgage (if eligible) to the new property. If you are tied into a product with your exisitng mortgage lender this could mean there may be some early repayment charges. Even if you are porting an existing product there could still be a portion of ERC’s to pay depending on the amount you are reducing your mortgage by. We will look at this for you, calculate if there is an ERC to pay and if so, how much.

Providing you have sufficient deposit, it is affordable and you meet the lenders criteria, then yes you can do this. We can look at the best options available to you at the time and provide quotes and a cost comparison. If your mortgage is portable and is tied into a good rate of interest, you could potentially port the mortgage with you to the new property, and raise additional borrowing on a new product with your exisitng lender. Another option is taking out a new product for the whole mortgage amount with a new lender. You can rely on us to do the hard work for you and come up with the best option.