I am selling my current property, can I use the money from the sale towards my new deposit?

Yes – if you are selling your property, you can use the funds from the sale towards your deposit. If the property has not got a mortgage on it, then all of the funds can be used. If the property has a mortgage on it, then the amount that you have at your disposal depends on how much the existing mortgage is.

I want to keep my current property and rent it out, can I release money to use towards my new deposit?

Yes – you would have to obtain a let to buy mortgage on your current home, whilst releasing funds which would be used as a deposit towards your new home. The amount that can be released would be dependent on the expected rent of the property and your income.

Can I move my current mortgage to my new home?

If your current mortgage has a large penalty, you may want to consider porting your current mortgage. This is subject to your lenders criteria, and our advisers will work out if this makes sense, and is a viable option. They will also compare this option to the cost of paying the penalty and moving to the most competitive rate on the market.

Do I need a solicitor for both the sale and the purchase?

Yes – you will need a solicitor for both transactions. You can use your own, or we can recommend a solicitor from our panel.

What costs can I expect when moving home?

Stamp duty (higher stamp duty if you keep your current property)

Estate agent fees (if you are selling your home)

Valuation fees

Solicitor fees

Further information can be found on our first time buyer page