Mortgage Light

Call Phone Icon01908 597655
New Homes Hotline – 01908 870017
01908 597655
New Homes Hotline – 01908 870017
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    • Meet the Team
  • Mortgages
    • Remortgaging
    • Help to Buy Remortgages
    • Help to Buy Mortgages
    • Shared Ownership Mortgages
    • Bad Credit Mortgages
    • Buy to let Mortgages
  • Protection
    • Home Insurance
    • Life Assurance
    • Critical Illness Protection
    • Income Protection
    • Business Protection
    • PMI (Private Medical Insurance)
  • Existing Customers
  • Blog
  • Contact Us
  • Partnerships
Home / Homeowner
Homeowner

Homeowners mortgage advisors in Milton Keynes

When you're thinking of selling your existing property and moving to a new home, it's important that you try and budget accurately.  The more accurately you can estimate this figure, the better.

We provide simple straight forward advice that is specific to your circumstances, all designed to help make that next part of the journey as effortless as possible. As an experienced "whole of market" mortgage broker we can let you know the maximum you can comfortably borrow to enable you to start shopping for your next property.

In the meantime, we've outlined below some background information on mortgages for homeowners that we hope you'll find useful. You are welcome to contact us at our offices in Milton Keynes, Bedford and Cambridge at any time

Homeowners

To work out your budget for your new property you first need to know what your total available funds are and then subtract the cost of moving home.

A good place to start is working out what you think your house will sell for and what do you still owe on your current mortgage? The first figure is easy enough to work out, just get three quotes from estate agents, and for the second speak to your current mortgage company to see what you owe. Having these figures allows you to work out the equity in your home.

An example of what this may look like is:

Equity Example

  • Selling Price : £350,000
  • Outstanding Mortgage: £250,000
  • Equity: £100,000

Then you need to work out the cost of moving house, this is the cost of selling your property and what the cost of buying your new house will be.

The cost of moving can vary, with estate agency fees varying depending on the level of service you require - the majority of estate agency fees are between 1% - 1.5% of the property value plus VAT.

You will need to appoint solicitors to deal with the sale and purchase, however solicitors can offer a discounted rate upon you appointing them for both sale and purchase.

Other charges that may crop up are mortgage related such as lender fees, broker fees and valuation fees. In addition you may wish to leave some money aside for removals or even curtains in the new house.

Moving Cost Example

The remaining sum can be added to any savings or assets you have available for your new house 'equity' and can get used as a deposit for your new house.

Upon you getting all this information together we can assess your circumstances by looking at lenders affordability calculators and discuss what budget you will feel comfortable with.

Regardless of what a lender will lend you, it is important to consider the maximum mortgage payment you can comfortably afford. Remember, if interest rates start to increase, you need to ensure that you can still afford the monthly mortgage payments.

We appreciate this can seem very daunting, but don't worry Mortgage Light is here to help you every step of the way. We provide simple straightforward advice that is specific to your circumstances all designed to help make that next part of the journey as effortless as possible

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Who We Can Help

  • First Time Buyer
  • Homeowner
  • Existing Customers
  • Investor

Mortgage Light Head Office

1 Whittle Court,
Knowlhill,
Milton Keynes,
MK5 8FT

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Free Initial Consultation

All of our brokers deal with the whole of the mortgage market. It doesn’t matter what the question or when you want to speak to us, we have brokers available on the phone or face to face seven days a week. Whether you are just thinking of buying a home and have no idea where to start, a seasoned investor or someone looking to better your current mortgage product, we are happy to help andchat over ideas free of charge.

So we can give you plain and simple advice we will run through some basic questions to help us tailor products to suit your needs. Upon us taking your application forward we will write to inform you that we have given you advice and give you a Key Facts Illustration breaking down the important elements of the product and the fees involved.

For us to take your application forward to a lender we charge an upfront administration fee of £349. For our returning customers looking to renew their mortgage product this fee reduces to £199. We also receive commission from the lender.

A fee of £349 is payable on application of the mortgage. We will receive commission from the lender in addition to the fees you pay. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. As with all insurance policies, conditions and exclusions will apply.
Covering Milton Keynes.

Registered Office: Mortgage Light Ltd Church View Chambers, 38 Market Square, Toddington, Dunstable LU5 6BS. Registered Company Number: 8184773. Registered in England & Wales.

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