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Appointed Representative of The Right Mortgage Network (FCA No. 1004260). Company No. 15189091. Registered in England and Wales.
Mortgages · Buying and moving
Residential Mortgages for Home Movers
“Your next home. We’ll get you there.”
Whether you’re upsizing, downsizing, or buying a second home, we’ll find the right mortgage for your move, comparing the whole market to get you the best available rate.
FCA regulated · whole of market · 90+ lenders · 5 star reviews
Quick answer
A residential mortgage is a loan secured against a home you live in. If you already own, your equity usually becomes your deposit, and the lender reassesses your affordability for the new loan. The key thing to know is that timing matters: your sale, purchase and any existing deal need to line up, or you could face early repayment charges.
Typical deposit
Your equity, often 10% to 40%
How lenders assess you
Income, outgoings and existing debt
When to start
Before you put your home on the market
Main thing to watch
Early repayment charges on your current deal
How moving home with a mortgage works
Your existing mortgage is repaid from your sale, and your new lender lends against the new property. The equity you’ve built becomes your deposit.
If you’re still inside a fixed deal, you can often port it, pay the early repayment charge and start fresh, or combine the two. We model each option so you can see the real cost.
Mortgage products vary in rate type, initial period and fees. We compare the total cost over the initial period, not just the headline rate.
Moving up, down or buying a second home
Upsizing usually means borrowing more, so affordability is reassessed at today’s rates. Downsizing may leave you repaying part of the loan early, which can trigger charges.
Buying a second residential home means higher stamp duty on the additional property and a lender who is comfortable with two mortgages. We’ll check both before you commit.
Eligibility and what lenders assess
Who may qualify
Homeowners moving, and buyers of a second home to live in.
Deposit and LTV
Usually your equity, with the best rates at lower loan to value.
Income and affordability
Reassessed from scratch, including your existing mortgage if you keep it.
Credit history
Your payment record on your current mortgage carries real weight.
Property requirements
Tenure, construction and condition of the new home.
Common reasons for decline
Affordability changes since your last mortgage, or unusual property types.
What happens from first call to completion
1
Review your circumstances
A proper conversation about your income, commitments, plans and timescales before anything else.
2
Check affordability and criteria
We check what lenders will realistically offer and whose criteria you fit, before any credit search.
3
Compare suitable options
We compare the market on total cost, not just the headline rate, and explain the trade offs.
4
Prepare and submit the application
We package your documents so the underwriter has what they need first time.
5
Manage valuation and underwriting
We chase the lender, valuer and solicitor and deal with any questions that come up.
6
Receive your offer and complete
Once the offer is issued we keep things moving through to completion day.
Costs, risks and when it may not be suitable
Being upfront about this is part of doing it properly.
Costs to budget for
- Product and arrangement fees
- Valuation and legal costs
- Early repayment charges if you leave a deal early
- The total cost of borrowing over the full term, not just the initial rate
- A longer term lowers monthly payments but increases the total interest you pay
Risks to weigh up
- Early repayment charges if you leave your current deal early
- Bridging finance is expensive if a sale takes longer than planned
- Your home may be repossessed if you do not keep up repayments on your mortgage
When it may not be suitable
- If you’re moving within months of a large early repayment charge, waiting may be cheaper
- A second home can strain affordability more than people expect
What you will need
The exact list depends on your lender, but this is what to start gathering.
Photo ID and proof of address
Bank statements (usually 3 months)
Details of credit commitments
Payslips or accounts
Existing mortgage statement
Memorandum of sale for your current home
How MBNM helps
- Assess your circumstances properly, not just your salary
- Compare suitable lenders and products across the whole market
- Check criteria before an application goes anywhere near a lender
- Explain the total costs and trade offs in plain English
- Manage the application and chase the people who need chasing
- Support you all the way through to completion
What it costs
Your first chat is free. If we can help, we will explain any fees before you decide whether to proceed. There are no hidden fees, and we will not move forward until you have agreed them.
Residential Mortgage FAQs
Should I go fixed or variable?
How much can I borrow?
What if I’m in a chain?
Can I keep my current rate?
Will I pay stamp duty?
When should I speak to a broker?
Planning your next move?
We’ll look at your current deal, your equity and your budget, and map out the cheapest way to move.
Your first conversation is free and there's no obligation. If we can help, we'll explain any fees before you decide whether to go ahead.
Your home may be repossessed if you do not keep up repayments on your mortgage.