Your go-to moving home mortgage broker
Getting the right mortgage is just as important as getting the right property.
At Cleerly, our aim is simple. We will provide you with simple clear advice; working out how much you can borrow, how much will it cost and what type of contractor mortgage would be most suitable for you, whether you work in a specialist profession, are self-employed or have a complex income stream.
Your dedicated client service manager will take care of all the paperwork for you, so you don’t need to worry about a thing. We access the whole of the market which means we can source the best mortgage from all lenders.
Specialist professions
We're proud to work with clients in specialist roles who don't fit the typical high street lender mould
The first step
Our mortgage consultants will guide you through the application process and find the best deal tailored to you and your circumstances.
Decision in Principle
We will then liaise with the lender on your behalf to secure a DIP (Decision in Principle).
Making an offer
Once a DIP has been secured, it's time to make an offer on the property! Your Cleerly mortgage consultant can verify your mortgage to the selling agent to ensure your offer gets accepted.
Collating the paperwork
The next step is to gather all the necessary paperwork. Your dedicated client service manager will support you with this and submit the application on your behalf.
Underwriting, valuation and offer
The lender will assess and verify the documentation provided and instruct a valuation on the property. All being well, they will then formally issue your mortgage offer!
Conveyancing
This is the legal part of the home-buying process, where the solicitors and conveyancers draw up contracts and finalise details for the purchase of the property.
Exchange and completion
Your conveyancer will exchange contracts with the seller’s conveyancer and once the money has been transferred, the property will be legally yours!
Trusted lenders we work with
The pathway to your new home
Cleerly partners exclusively with specialist lenders so we can find the right mortgage for you.
To port or not to port?
Can you move your mortgage to a new house?
If you're moving home, you will usually have two options: port your existing mortgage or switch to a new one.
Porting your existing mortgage
Porting refers to the process of transferring your current mortgage from your present home to a new property. In essence, the existing mortgage is settled with the sale of your current home and an identical mortgage product is initiated for the new property upon completion.
Homeowners might opt to port to retain a competitive interest rate or dodge early repayment charges (ERCs).
It's worth noting that even if a mortgage is deemed portable, reapplication is necessary. Changes in personal circumstances, lender criteria or property suitability might impact approval.
Switching to a new mortgage
More often than not, homeowners will opt for a new mortgage product when moving house.
One reason may be because their current lender won’t let them port their current mortgage, but in most circumstances people switch simply because they've found a better deal.
If you choose this route, your current mortgage is settled upon selling your existing home and a new mortgage is established for the new property at completion.
Moving home mortgages FAQs
If you have a complex income or multiple income streams, you may face challenges when applying for a moving home mortgage due to being considered 'high risk', regardless of how much you earn. The application process can also be more laborious, requiring extra documentation to prove affordability. The good news is that Cleerly partners exclusively with lenders who are more amenable to complex income scenarios, ensuring you get the best deal available, whatever your circumstances.
If your current home is worth more than the new one, it might be possible to secure a mortgage covering the new property's full cost. Make sure your chosen mortgage doesn't include early repayment penalties, so you can sell and repay the mortgage without having to pay hefty fees.
If you're ineligible for a standard residential mortgage, consider a bridging loan, either against your current home or both properties. Bear in mind that these loans, due to their short-term nature, can be pricier. If the new property costs more, you might need a bridging loan for the deposit on your current home and a standard mortgage on the new one. Ensure this mortgage permits penalty-free adjustments post-sale of your initial property.
A lender will normally want to see:
- Your ID and proof of address
- Proof of income
- Three months' bank statements
- Proof of expenses
- Proof of deposit
Some additional documentation may be required, which your mortgage consultant will be able to discuss with you during the application process.
If you have equity in your current property, you can usually use this as a deposit on your new home when you sell your current property. If your property has increased in value or if you've paid off a substantial chunk of the mortgage, it's likely you will have built up equity in your property, i.e. the money that would be yours if you sold the house and settled the mortgage.
Using a mortgage broker such as Cleerly when moving home offers several benefits. Whether you have a complex income stream, are self-employed or work in a specialist profession, our consultants will provide expert advice tailored to your circumstances.
With over 15 years in the business, Cleerly has access to a wide range of mortgage products and can secure exclusive deals not available directly to the public.
Contact us today on 02394 212 912 to find out how we can help you!