Mortgage advice when moving home

Porting or a new mortgage

Many mortgages are 'portable', meaning you may be able to move your existing deal to the new property. The lender will still reassess you and the property. If you need to borrow more, the extra amount may be on a different rate.

Taking a new mortgage instead may mean early repayment charges on your current deal, so it is worth comparing the overall cost.

Timing and chains

Offers have an expiry date and chains can move slowly. It helps to plan early so your mortgage is ready when your sale and purchase line up.

Costs to plan for

• Early repayment charges, if leaving a deal early.
• Lender, valuation and legal fees.
• Estate agent fees on your sale.
• Property tax on your new home and removal costs.

Buying a home in Scotland

Buying in Scotland works differently from the rest of the UK. Sellers must usually provide a Home Report, which includes a survey and valuation, an energy report and a property questionnaire. Lenders often use the Home Report valuation, so it is worth reading before you offer.

Many homes are marketed as 'offers over' a figure, and popular properties may go to a closing date. Once your solicitor has concluded missives, the purchase is legally binding, so your mortgage needs to be in place before that point.

• Get an agreement in principle before you start viewing seriously.
• Read the Home Report valuation and think about how far above it you could fund from your own money.
• Budget for Land and Buildings Transaction Tax (LBTT), legal fees and moving costs. Revenue Scotland publishes the current rates.

Moving to a new build

If you are moving to a new-build home, completion dates can change. Charlene can help you plan around your mortgage offer's expiry date and the sale of your current home.

Porting, timing and two sets of missives

When you move, you can often port your existing deal to the new home or take a new mortgage instead; early repayment charges and any extra borrowing affect which suits you. Selling and buying at once means coordinating two sets of missives, so the dates of entry line up and you avoid needing bridging finance.

Local moving-home advice

Charlene is based in Muirhead and Chryston in North Lanarkshire and advises clients across Moodiesburn, Gartcosh, Glenboig, Stepps, Cumbernauld, Coatbridge, Airdrie, Glasgow and surrounding areas. Appointments can be face to face locally, or by phone or video if that suits you better.