Moving From Altrincham or Hale to Bowdon – Mortgage Guide

Moving to Bowdon without moving far?

Some of the most significant house moves happen within only a few miles.

You may already live in Altrincham or Hale and be looking at Bowdon because you want:

• A larger property

• A different style of home

• Additional garden space

• A period property

• To remain close to the area you already know

Even though the geographical move may be small, your mortgage requirements can change considerably.

The first thing I’ll normally want to understand is what is happening with your existing home and mortgage.

Please visit my Mortgage Broker Bowdon page for all the information you need.

Start with your current mortgage

Before working out the next mortgage, establish:

• Current lender

• Mortgage balance

• Interest rate

• Fixed-rate expiry

• Mortgage term

• Early repayment charge

• Whether the product is portable

This gives us the starting point.

How much equity do you have?

Suppose your existing home sells for £700,000.

Your mortgage balance is £250,000.

That gives £450,000 gross equity.

But the actual amount available towards your Bowdon purchase may be lower after:

• Estate-agent fees

• Legal costs

• Mortgage redemption costs

• Early repayment charges

• Removals

You may also choose to retain some savings rather than use every pound as deposit.

Can you take your mortgage with you?

Potentially.

This is generally known as porting.

But a portable mortgage doesn’t mean you can automatically move it to any new property.

Your lender normally reassesses:

• Current income

• Financial commitments

• Credit position

• Total borrowing

• The new property

If your finances have changed since your existing mortgage was arranged, this can affect the outcome.

What if you need to borrow more?

You may be moving to a more expensive Bowdon property and require additional

borrowing.

For example:

• Existing mortgage: £300,000

• Total borrowing required: £500,000

Your current lender might potentially allow the £300,000 product to be ported while placing the additional £200,000 on another product.

That could leave you with two mortgage parts at different rates and with different product expiry dates.

Sometimes this works perfectly well.

Other times, replacing the entire mortgage may be worth considering.

Please visit my dedicated Home Mover Mortgages page for further information.

Early repayment charges

An existing fixed mortgage can have an early repayment charge.

If you decide not to port—or cannot port—the charge may become payable.

This can sometimes run into thousands of pounds.

It should therefore be included in the financial comparison.

However, an early repayment charge doesn’t automatically mean staying with your current lender is the right choice.

You need to look at the complete position.

Moving from Hale to Bowdon

If you already live in Hale, you may be familiar with the wider local area and simply be

searching for a different type of property.

You may want:

• More space

• A period home

• A larger plot

• A different road or setting

Your existing Hale property may also provide significant equity towards the next purchase.

Moving from Altrincham to Bowdon

A move from Altrincham can involve a much wider range of starting points.

You might be selling:

• An apartment

• Terrace

• Semi-detached home

• Substantial family house

That means the increase in mortgage borrowing can vary considerably.

What if you've become self-employed?

This is something home movers sometimes overlook.

You may have been employed when you bought your current home and now be:

• Self-employed

• A company director

• Contractor

• Professional partner

The next mortgage is generally assessed on your current circumstances.

The fact that you have successfully paid the existing mortgage doesn’t automatically mean the lender will approve additional borrowing.

Please visit my Self-Employed Mortgages page for more information.

What if your income has increased?

The reverse can also happen.

Perhaps you’ve:

• Received promotions

• Increased your salary

• Built a successful business

• Started receiving substantial bonuses

This may improve affordability.

But the lender will still need appropriate evidence and will assess different types of income according to its own criteria.

Property chains

If you are selling and buying at the same time, you may be part of a property chain.

Your Bowdon purchase could depend on:

• Your buyer

• Their buyer

• Your seller

• Their onward purchase

This can cause delays.

Mortgage offers are only valid for a defined period, so very long delays can sometimes mean the application needs reviewing.

Buying before you sell

Some people consider purchasing the Bowdon property before their existing home has sold.

That can be possible in certain circumstances but creates additional considerations around:

• Deposit funding

• Affordability

• Property tax

• Running two properties

• Short-term secured borrowing

Bridging finance may sometimes be relevant where there is a clear and credible repayment strategy.

It is short-term secured finance and can be considerably more expensive than a conventional mortgage.

A useful tip

Understand your likely:

• Property equity

• Early repayment charge

• Borrowing

• Monthly payment

...before deciding your maximum offer on the Bowdon property.

It gives you far more confidence when negotiating.

Moving to Bowdon

I can help you understand:

• Your existing mortgage

• Porting

• Additional borrowing

• Available equity

• Alternative mortgage options

...before deciding how best to finance the next property.

If you're moving to Bowdon, please visit either my Mortgage Broker Bowdon page or Home Mover Mortgages page for more information.

Want to talk through your mortgage?

If you're considering buying, moving or remortgaging in Bowdon and want to understand your options, get in touch and tell me a little about what you're trying to do.

I'll help explain the mortgage considerations and what the next steps may look like.