Moving Home & Residential Mortgages

Some say that moving home is one of the most stressful events in your life. At The Mortgage Library, we like to take the stress away from you entirely.

Even if you aren’t fully set on making the jump just yet, speak to us today and we can give you quality advice on your next steps and options.

Residential Mortgage Advice

Can’t find what you are looking for?

Our friendly mortgage advisors are always happy to help, no matter your credit score, so call us for a free no obligation chat.

Mortgage Steps to get you Moved

Once you have decided to buy your first home or sell your property in order to buy another, you will need a mortgage.

Get Mortgage Ready

How much deposit do i need?

It is a good idea to find out what amount you can borrow from a mortgage lender before looking at properties to buy. You don’t want to find a house only to be turned down for the mortgage.

If you speak to The Mortgage Library, they will discuss your realistic choices out of the library of mortgages they can offer. Once you have agreed a loan amount with them, you will then be able to decide the amount of deposit you will need and how to achieve this.

You can also use our affordability calculator to get a rough idea.

The deposit, at present, is at lease 5% but ordinarily, it is 10% of the property purchase price, but there maybe other options open to you.

By contacting The Mortgage Library as soon as you start thinking about buying a property, in advance of applying for the mortgage, you could learn how much money you will need to save to set aside for the mortgage. You might then want to consider saving schemes like ISAs, a lifetime ISA or a Help to Buy ISA, for example. For more info see government help to buy scheme

Make sure that whatever your saving scheme, you will be able to access the savings for the deposit, when you need it, which will be before you can legally exchange contracts on your chosen property. See First Time Buyer Mortgage Advice

Can I get a mortgage?

Find out if you are eligible today... Without affecting your credit score

Besides your deposit, there are other monies needed for the costs of buying a property.

  1. You may have to pay a mortgage exit fee. The Mortgage Library advisor can check this for you, especially if you are leaving your original mortgage lender, early.
  2. There may be the lender’s arrangement fee to pay.
  3. A valuation survey may need to be paid for. Sometimes the cost of this is paid by the lender.
  4. A mortgage booking fee which is non-returnable.
  5. Money transfer cost to cover the amount needed to transfer the borrowed money to your solicitor.
  6. Solicitor Conveyancing fees. You will need a solicitor to organise the legalities involved in buying a property. These conveyancing fees can vary, as can how easily contactable a solicitor is. The Mortgage Library has experience of many conveyancing solicitors and can advise about the ones they have used. There are also free conveyancing guides available, explaining the process. A free conveyancing guide is available at Bear Estate Agents
  7. Stamp Duty. This is a government tax which a first time buyer will not need to pay on a property valued up to £300,000 but anybody else will need to pay it on a property over £125,000.
  8. Insurance. It is necessary to have Buildings Insurance in place before completing on a property purchase. See our home insurance archives

Don't forget, The Mortgage Library advisor can help with this by explaining further all the costs listed here.

Documents needed for your mortgage application

If you have found a property, you will seriously need your mortgage in place. There are several documents needed in order to apply:

ID

Passport or Driving License

Proof of Current Address

Driving Licence, Council Tax Statement, Utility Bill, Bank Statements, (must be dated in the last 3 months)

Proof of Deposit

Savings need to be evidenced with bank statements (must be dated in the last 3 months)

If any part of the deposit is being gifted, we will require a letter from the donor in addition to the proof of funds being available. This letter must also include the statement that the donor does not expect monies to be paid back.

Proof of Income

Latest 3 months payslips and latest P60

Latest 3 years SA302s + accompanying Tax Year Overviews OR signed accounts

Evidence of self-employed earnings

Latest 3 months bank statements for all current accounts held.

Proof of Buildings Insurance cover for the purchased property

This must be in place before completion on the property takes place.

If you are not sure about obtaining these documents, The Mortgage Library broker can help advise you.

Once your mortgage lender has everything they may need, they will carry out the credit check and affordability check (link to getting credit ready) as well as organise the valuation for the property. This may take up to 6 weeks to process the application, but it can sometimes take longer. In the meantime, your chosen solicitor will start the conveyancing.

Once this is done and your mortgage has been granted, you can sign contracts, agree dates for exchange and completion as well as arranging for the deposit to be transferred.

After conveyancing is completed, the house becomes yours and this can all be achieved with the help of The Mortgage Library.

The FCA does not regulate solicitors, surveyors, estate agents and we act as introducers for them.

For investment we act as introducers only.

Start your mortgage application today

Our Mortgage Library Librarians are here to help with all of your queries now.

Speak to a mortgage advisor today

Find out how our librarians can help you

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