Moving Home

When you’re thinking of selling your existing property and moving to a new home, it’s important that you try and budget accurately.  The more accurately you can estimate this figure, the better.

How Much You Can Spend On a New House?

To enable you to work out this, you first need to know what your total available funds are and then subtract the cost of moving home. Start by putting some simple figures down on paper, such as:

  • Savings or assets you have available (not relating to your existing house)
  • The maximum mortgage payment you can comfortably afford

Then you need to work out the cost of moving house:

  • What selling your property will cost (estate agents typically charge between 1%-1.5% of the property value)
  • What buying your new house will cost (mortgage fees charged by the lender, solicitors costs, removal lorries, etc)

Once you’ve worked out the costs for each of the categories above, you can start looking at how much money you will have available from the sale of your existing property.  So,

  • What do you think your house will sell for?
  • What do you still owe on your current mortgage?

The first figure is easy enough to work, get at least three quotes from estate agents.  Next, finding out what you still owe on your current mortgage is simply a matter of calling and asking your lender directly.

Traditional financial wisdom recommends your monthly mortgage payments are no more than a third of your monthly net income (i.e. what you take home after tax).

We don’t want to sound patronising but we can’t stress enough how important it is not to overstretch yourself.

Once you’ve had a mortgage and proved you can make repayments, lenders become minded to offer ever-increasing sums….

Don’t expect lenders to lend responsibly. It’s up to you to make a judgment call as to the risk.

Remember, if interest rates start to increase, you need to ensure that you can still afford the monthly mortgage payments.  A mortgage adviser will be able to provide you with different figures depending on rate rises.

Potentially you could borrow anywhere between 3 – 5 times your salary.

Each lender is different and with thousands of different mortgages it pays to get the right advice.

The fastest way to determine the maximum amount you can comfortably borrow is by consulting with an experienced mortgage broker with a wide, broad, or comprehensive range of options, such as ourselves. By having us assess all available mortgage deals, you can be confident in securing the most suitable arrangement for your needs.

Risk Warning

  • Your home may be repossessed if you do not keep up repayments on your mortgage.

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    Petru DragomanPetru Dragoman
    02:54 10 Oct 23
    Very keen team, I chose them from a friend recommendation.All mortgage process went smooth and I get profesional counselling fast and reliable. Never met someone keener and willing to help. They are the best.Thank you.
    Tony CavanaghTony Cavanagh
    18:41 29 Sep 23
    Lisa sourced us a mortgage five years ago. A great deal, a brilliant product with a very reasonable fee. She contacted me three months before our deal expired to alert us to potential increases in our new mortgage rate. Thanks to her expert efforts she got us a great fixed rate at a really good level of interest. This has saved us almost £100 per month over the next three years. Excellent, friendly professional service, thanks Lisa.
    Lisa HeyesLisa Heyes
    18:44 02 May 23
    Lisa and Andy were absolutely fabulous throughout the entire process. They communicate constantly and always strive to get the best deal. We would absolutely recommend them and wouldn’t hesitate to use them again if we ever needed to. Thank you both for making a stressful process a pleasure 😊
    Matthew CruikshankMatthew Cruikshank
    20:06 07 Apr 23
    We've used Lisa and Andy's services a few times now and each time, they always provide first class service. Lisa seems able to achieve the impossible in terms of mortgages and always makes herself available to provide advice and reassurance. We would use their services every time and would also recommend anyone else to use them as well. Thank you Lisa and Andy - we love our new home!
    Jennie MarenghiJennie Marenghi
    08:40 05 Jan 23
    I have worked with Lisa and Andy for about 8 years, they have helped me source residential and buy to let mortgages. They always come back to me when they say they will which is great as not many people do! They will talk through various options with you if you're not sure which way to go and always give good advice.
    Dean StarrDean Starr
    06:58 01 Jan 23
    Lisa and Andy have been helping me source mortgage finance for many years. They're very knowledgeable of the market, have great experience helping both investors and homeowners with sourcing mortgages and I've recommended them several times. Very clear with communication and very persistent on cases and following up. Highly recommend and look forward to continuing to work with them.
    Wendy RabinWendy Rabin
    19:26 21 Dec 22
    We have been a clients of Lisa for over 7 years. We have always found her and Andy to be the most well informed independent advisors who secure us the best deals for our circumstances, every time! They go through all the scenarios and discuss the options, so we can make informed choices. They have helped us with buy to let, as well as personal mortgages and life insurance cover. They take the time to get to know you so they understand your needs and they always go the extra mile. We have recommended them to our family and friends and would say to anyone looking for a mortgage, " We recommend them unreservedly".
    Alexander ArchonAlexander Archon
    11:45 21 Dec 22
    Over the past few years, Lisa and her team have helped me successfully obtain mortgages for several of my properties. When I've hit roadblocks with trying to get a standard mortgage through my personal bank because I don't meet certain criteria due to personal circumstances, Lisa managed to provide several options having found multiple lenders that I could suitably proceed with. Communication was great, as I would get regular updates via email/phone so I knew exactly where we were in the application process and what to expect. Throughout the whole process I felt I was in safe hands. Her services come highly recommended.
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