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Home mover mortgage explained

When you have found a property and you are ready to move, you can transfer your existing mortgage to your new home which is known as porting or, you can take out a completely new mortgage with your current lender or a new lender.

It is best to know how much you will be approved for before finding your dream property. When you apply for a mortgage the lender will offer you a mortgage in principle (or a decision in principle), this is a commitment for them to lend you the money you have requested (assuming the information you have provided is accurate). Most home sellers will not accept an offer on the property unless you have an agreement in principle. The agreement in principle will typically last for 90 days before the full mortgage application will need to start.

Ready to make the move

  • Work out what property you can afford
  • Look to finalise your mortgage with a lender and get a mortgage in principle
  • Get a survey done by a qualified surveyor
  • Budget for fees, such as mortgage fees and searches
  • Negotiate the property price with the seller
  • Time to exhange contracts.

What should you do on moving day?

  • Take a note of final meter readings for utilities (electricity and gas)
  • Move your furniture to your new property
  • Take a note of utility readings at your new property
  • Pack/ buy essentials which you might need for the 1st day

Moving Home Frequently asked questions

  • Transfer your mortgages (also known as porting) - porting your mortgage means you are taking your current mortgage with you to the new property. Most mortgage lenders allow you to port your mortgages; however, you should check whether that would be the best option for you.
  • Remortgage with current mortgage provider – you have an option to get a new mortgage with your current lender which might offer you better rates. You should also consider any extra costs, such as an early repayment fee. Early repayment fees can vary from 1 to 5% of the outstanding mortgage balance.
  • 3. Get a mortgage with a new lender – you also have an option to find and arrange a mortgage with another lender which can be beneficial if your house prices have gone up since you bought the house. The new mortgage will come with its fees, such as legal and product related fees.

  • Upsizing (getting a bigger house) – if you are looking to get a bigger property / mortgage compared to the current one, you will required to prove to mortgage lender that you can afford to pay higher monthly repayments. You can prove your affordability by showing them your income and outgoings; they may ask you to provide them with bank statements and your monthly wage payslips. If your credit history isn’t good and have missed mortgage monthly payments, you might struggle getting another mortgage.
  • Downsizing (getting a smaller house) – If you are looking to get a cheaper / smaller house, your mortgage amount will decrease which means your monthly repayments will decrease too.

CBT is the abbreviation for Compulsory Basic Training; all riders of motorbike and mopeds must have this before setting out on the road. Occasionally, it is not compulsive if you have possessed a valid driving or moped licence for a long time; however, it is best for all riders to have a CBT. For more information, visitGov.UK website

You may find your comprehensive cover will be permitted for another bike with the owner’s permission; another option is to buy an add-on for your policy. It is recommended you read through your Terms and Conditions.

Ideally, yes. However, if your motorcycle has been declared SORN (Statutory Off Road Notification) and this has been registered with the DVLA, you won’t have to. Short-term motorbike insurance is worth looking at for various options.

There are some insurance providers who may permit you to use your NCB from your car on your motorbike; however, this is unusual and the reverse of transferring motorbike NCB to car is not permitted.

Your NCB only applies to a single motorbike; you can transfer it to an alternative bike, for example when trading in your bike and buying a new one, but it will not be valid on an additional motorcycle or another vehicle.

There are some providers who will offer discounts or permit you to replicate your no claims bonus on a second motorbike; it is best to check on various incentives with individual insurers.

Policies differ so it is best to ask your insurer. However, although it will be cheaper not to insure for passengers, it is illegal to take a passenger if you have no insurance for pillion passengers.

When you take out motorbike insurance, you will need to declare how you intend to use your bike. The main options for usage are social, domestic and pleasure; you may need an add-on or different policy for commuting, business use, courier and delivery. Find out more here: insuring a motorbike for work use.

It’s best not to make the assumption that your policy covers your riding gear. Different companies offer different levels of protection so check out the details with individual insurers. Taking out helmet and leather insurance may be your best option.

Read our guide to European cover as policies vary. You may only be covered for certain countries; you need to be aware of the number of days for which you have continuous cover and whether the protection is identical to your UK cover.

Sixteen year olds who want to ride a moped or a scooter on the road must be in possession of a valid provisional licence; it is mandatory to have completed a CBT course, and L-plates must be displayed (known as D plates in Wales). You are forbidden from carrying a passenger or riding on a motorway.

Unfortunately we cannot issue a scooter insurance quote to anyone under the age of 16. The insurance companies are not in agreement for us to provide quotes for those under 16 years of age.

A scooter is defined by The Motorcycle Industry Association (MCIA) as having an engine that is a working part of the rear suspension, or a chassis that’s a step-through type. This criteria is independent of engine capacity or wheel size.

A motorised two-wheel vehicle with an engine capacity of less than 50cc and a top speed of approximately 31mph is the definition of a moped.

imported motorbikes are subject to the same criteria as other vehicles and need to have valid insurance cover before taking out onto the road. Parallel imports are usually simple to get insured, whereas grey imports may be more difficult. If you enter your details in our simple, user-friendly process for obtaining a quote, you can obtain a list of insurers who can offer a quote.

These type of vehicles need to be considered separately from motorbikes. Find out more here: insuring a three-wheeler and quad-bike insurance.

If you require cover for a sidecar, it will come up as a separate question on our list. Sidecar insurance may be included on some policies as a standard feature or you may have to take extra cover for them as an option.

It’s best to check out what factors your policy includes as standard before looking at add-ons. Some extra features that are worth considering are:

  • Cover for personal accident
  • Breakdown cover
  • Loss of earnings
  • Legal expenses
  • Trailer cover, for towing

Some ways which may help you with lowering your motorbike insurance are:

  • Limit your annual mileage
  • Increase your bike’s security
  • Keep your bike parked in a safe place.
  • Avoid buying a modified motorbike
  • A less powerful engine
  • Choosing the correct classic motorbike
  • Participating in an advanced riding course

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