Everything You Need to Know if You’re a Home Mover

Moving home is a more complicated process than when you’re purchasing your property – it’s only to be expected as there are more people involved. But don’t worry, at Nook Mortgages we always take you through your entire journey from start to finish.

So, what does the home moving process involve and how can you get started?

Firstly, you should make an appointment with us to look over all of your finances. We’ll help you understand what you can gain on your mortgage, what costs are involved, what your monthly payments might look like going forward, and we can answer other financial questions you may have.

Then, you should book an appointment with an estate agent for your current property’s valuation. When you have done these two steps you will have a clear idea of your budget moving forward. It’s best to book appointments with two to three estate agents so that you have a choice of who to go with. There are so many available, so it’s easy to get overwhelmed. When choosing your estate agent don’t just think about their valuation and fee; also consider their marketing strategies, and what their contract stipulates.

Once you have your budget, you’ll need your agreement in principle, then you’re ready to book in some viewings and start the search for your next dream home!

When you have an offer accepted on your new home, and you have accepted an offer for the sales of your property, then the standard mortgage process kicks in and we will submit your mortgage application to the lender. Following this is exchange of contracts, booking in your removals company, and completion day!

You may have a few more questions in mind, so we thought we’d share answers to some FAQs that we get at Nook Mortgages…

What does it cost to move?

There are a number of fees involved such as Stamp Duty, Solicitor and Estate Agent Fees, the cost of a removal company, and sometimes arrangement fees linked to the mortgage. We have a cost of moving form that we always go through with our clients to make sure that you’re fully prepared for these fees, and are never hit with any nasty surprises!

How long does the process take?

On average in the UK, it takes around four to five months to move home. At Nook Mortgages, our average for home movers is typically around 3 months. At the end of the day, it’s all down to how big the chain is, and the turnaround time of lenders, solicitors and estate agents.

What are my options?

We will always discuss the available options with you so that you can make an informed decision. You may wish to port your existing mortgage to avoid early repayment penalties (this means moving your current mortgage product to a new property). Or it may be better for you to have a brand new mortgage deal. We will always review everything to make sure you’re getting the best deal.

If you are thinking about moving home, we are here to help.