Has your family outgrown your home? If you’re considering moving to a bigger home, it’s natural to have plenty of questions. Whether you’re looking for more space for a growing family, a dedicated home office or simply a property that better suits your lifestyle, understanding the financial and practical implications of moving can help you make informed decisions from the outset.
How much can I borrow to buy a bigger home?
One of the most common questions is how much you can afford to borrow. While online calculators can provide a useful indication, lenders look at much more than income alone. They’ll assess your overall financial position, including existing credit commitments, household expenditure and future affordability. Even if you have significant equity in your current property, it’s important to understand what a larger mortgage could mean for your monthly budget, both now and if interest rates were to change in the future.
Can I use the equity in my current home as a deposit?
Yes, in many cases the equity you’ve built up in your current property can form all, or a significant part, of the deposit for your next home.
Equity is the difference between your home’s current market value and the amount you still owe on your mortgage. As you repay your mortgage and, potentially, as your property’s value increases over time, the amount of equity you hold may grow.
For example, if your home is worth £400,000 and you have £220,000 remaining on your mortgage, you may have approximately £180,000 in equity before accounting for any selling and moving costs. When your property is sold, that equity can typically be put towards the purchase of your next home.
Using equity as a deposit can be particularly beneficial when moving to a larger property. A larger deposit may reduce the amount you need to borrow and could improve your loan-to-value (LTV) ratio. This is important because mortgage lenders often offer their most competitive rates to borrowers with lower LTVs, which could help reduce monthly repayments and the overall cost of borrowing.
However, it’s important to remember that not all of your equity will necessarily be available for your next purchase. You may need to factor in estate agent fees, solicitor costs, Stamp Duty Land Tax (where applicable), removal expenses and any other costs associated with moving home.
Understanding how much usable equity you have can be a valuable first step when considering a move. A mortgage adviser can help you assess your position, estimate your available deposit and explore the mortgage options that may be available for your next home.
Can I transfer my current mortgage to a new property?
Some lenders allow borrowers to “port” their mortgage, meaning they can take their current deal with them when they move. However, this may not always be the most suitable option. Depending on the market and your personal circumstances, arranging a new mortgage could offer better value or greater flexibility. Understanding the advantages and disadvantages of each approach is an important part of the decision-making process.
What costs should I budget for when moving house?
The costs associated with moving are another area that often catches buyers by surprise. While the focus is usually on the purchase price of the new property, there can be several additional expenses to consider. These may include stamp duty, conveyancing fees, valuation or survey costs, estate agent fees on your existing property and removal expenses. Budgeting for these costs in advance can help ensure a smoother move and reduce the likelihood of unexpected financial pressure.
Should I sell my current home before buying another?
Timing is another concern for many people moving up the property ladder. Homeowners often want to know whether they should sell their current home before searching for a new one, or whether they can secure a new property first. Both approaches have advantages, and the right option will depend on your circumstances, local market conditions and how quickly you need to move. Understanding the implications of property chains and transaction timescales can help set realistic expectations.
How long does it take to sell and buy a house?
While every move is different, purchasing and selling a property simultaneously often involves multiple parties, meaning delays can sometimes occur. Having realistic expectations and clear communication throughout the process can help reduce stress and keep things moving forward.
What should I look for when choosing an area for my family?
When moving to a bigger home, it’s easy to focus on the property itself, but for many families, location can have an even greater impact on day-to-day life. After all, you can change a house, but changing an area is much harder.
Start by thinking about your family’s current and future needs. Good schools may be high on your priority list, but it’s also worth considering factors such as commuting times, transport links, healthcare facilities, local amenities and access to parks or green spaces. A slightly longer drive to work may be worthwhile if it means your family has more room to grow and a better quality of life.
Take time to explore the area at different times of the day and week. A neighbourhood can feel very different on a busy weekday morning compared to a quiet Sunday afternoon. Visiting local shops, parks and community facilities can also give you a better sense of what life there might be like.
Is now a good time to move to a bigger home?
While property market conditions can influence decisions, the best time to move is often when the property supports your personal goals and circumstances. Whether you’re welcoming a new family member, need additional living space or simply want a home that better reflects your lifestyle, it’s important to balance practical requirements with financial considerations.
How can a mortgage adviser help you move home?
Moving to a bigger home is an exciting milestone, but with so many decisions to make, it’s easy to feel overwhelmed. A mortgage adviser can help you understand what you can afford, explore the most suitable mortgage options and navigate the costs involved in moving. With expert guidance at every stage, you can make informed decisions and focus on finding a home that’s right for you and your family.
Thinking about your next move? Speak to us today and take the first step towards your new home with confidence. You can book an appointment to speak with an adviser buy using our appointment form.
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