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When you move home, your deposit will often come from the equity built up in your current property rather than fresh savings. The more equity you have, the lower your Loan-to-Value ratio — and the better the mortgage rates available to you. Here is how different deposit sizes affect the deals you can access:
Many movers turn to online calculators to get an initial idea of affordability — but these tools are often inaccurate, particularly for people moving home whose situations can be more complex (changing loan amounts due to equity release, simultaneous sale and purchase, porting decisions, etc.). Our advisers will assess your actual borrowing capacity based on your specific income, outgoings, credit profile and the criteria of individual lenders. This gives you a real, reliable figure — not a ballpark estimate.
Important: The monthly repayment figure you'll pay depends on three things: how much you borrow, the interest rate offered, and the length of your mortgage term. With rates higher now than in recent years, it's essential to get an accurate repayment figure before you start viewing properties — so you can set a realistic budget.
How Does Mortgage Term Affect Monthly Payments?
The average mortgage term is 25 years, but many lenders now extend this to 35 or even 40 years, provided you'll still be below retirement age at the end of the term. A longer term means lower monthly payments — but you'll pay more in total interest over time. Your adviser will help you find the right balance.
A mortgage is not the only expense when you move home. Before you start viewing properties, make sure you have planned for these one-off upfront costs alongside your new mortgage:
Ongoing Costs Once You Move In
Beyond the mortgage payment itself, homeownership comes with regular ongoing costs you should plan for from day one:
Our advisers always walk through a full budget planner with you before any application is submitted — making sure you're comfortable with both the mortgage payment and the wider financial picture of homeownership.
