Moving From Manchester or Wilmslow to Handforth – Mortgage Guide

Planning a move to Handforth?

Moving home doesn't always mean relocating a long distance.

You might currently live in Manchester and want to move towards Cheshire.

Or you could already live in Wilmslow but find that the type or price of property available in Handforth better suits what you're looking for.

Handforth's transport connections can also make it practical for people who continue to work around Manchester. Northern currently lists Handforth on Manchester–Crewe services via Stockport and Manchester Airport, as well as local Manchester Airport services.

But even when you're only moving a few miles, your mortgage still needs reviewing.

Please visit my Mortgage Broker Handforth page for more information.

Start with your current home

The first question is usually:

How much money will my existing property release?

Suppose your current home sells for £450,000 and your remaining mortgage is £240,000.

That gives gross equity of £210,000.

But your actual deposit for the Handforth purchase may be lower after:

• estate-agent costs

• legal fees

• mortgage redemption costs

• early repayment charges

• removals

You may also deliberately retain some savings.

Can you move your existing mortgage?

Potentially. This is commonly known as porting.

But porting doesn't mean simply transferring a mortgage from one address to another without another assessment.

The lender will normally consider:

• your current income

• commitments

• credit

• requested mortgage

• the Handforth property

A product being portable therefore doesn't guarantee the lender will approve the move.

What if the Handforth property is cheaper?

You may be moving from a more expensive property and need less borrowing.

That could potentially:

• reduce the mortgage

• reduce loan-to-value

• lower the monthly payment

• release some equity

However, if you're currently within a fixed deal, repaying part of the mortgage could potentially trigger an early repayment charge depending on the lender's terms.

That needs checking before deciding how to structure the move.

What if you're moving to a bigger home?

You may be moving because you need:

• another bedroom

• garden

• office

• garage

• more family space

If more borrowing is required, your existing lender may potentially allow you to port the old mortgage and arrange additional borrowing separately.

For example:

Existing mortgage: £200,000

Additional borrowing: £100,000

You might then have two mortgage parts with different:

• rates

• product terms

• expiry dates

That isn't necessarily a problem.

But I would still compare it with the appropriate alternatives.

Please visit my Home Mover Mortgages page for more information.

Moving from Manchester to Handforth

A move towards Handforth can coincide with wider life changes.

Perhaps:

• you're working from home more

• you've had children

• you want additional space

• you've changed jobs

• you're moving closer to family

These changes can also affect mortgage affordability.

For example, your salary may have increased since you bought your existing home, but your childcare costs may also be higher.

The lender assesses today's finances.

Moving from Wilmslow to Handforth

Moving from Wilmslow can be a much shorter journey but still change your finances.

Handforth currently has a broad range of property values, with recent sold-price data showing significant differences between flats, terraces and detached homes.

You might move because you:

• want a newer property

• require less borrowing

• have found a house that suits you better

• want to release equity

• want to remain close to Wilmslow

Please visit my Mortgage Broker Wilmslow page for more information.

What if you've changed jobs?

You may have had the same employer when the existing mortgage was arranged but subsequently:

• started a new role

• entered probation

• changed profession

• moved to different salary arrangements

Some lenders may consider recently started employment.

The exact approach varies.

Tell me about the change early rather than assuming you need to wait for a particular length of service.

What if you've become self-employed?

This is another important change.

You may have bought your existing property while employed but now:

• run a limited company

• work as a sole trader

• contract

• freelance

The new mortgage is generally assessed based on your current circumstances.

The fact that you've paid the existing mortgage successfully doesn't automatically guarantee new borrowing.

Please visit my Self-Employed Mortgages for more information.

Property chains

If you're selling and buying simultaneously, your move may become part of a chain.

The transaction can depend on:

• your buyer

• their buyer

• your Handforth seller

• their onward purchase

A chain delay can eventually become relevant to your mortgage because the offer is only valid for a certain period.

I'll keep you updated on the mortgage application while your solicitor and estate agent handle the wider legal transaction.

What if your buyer pulls out?

If your sale falls through while you're trying to retain the Handforth purchase, you may need to consider your options.

These could potentially include:

• finding another buyer

• renegotiating completion

• selling before buying

• considering whether short-term finance is feasible

Bridging finance may sometimes be relevant, but it is secured, short-term borrowing and should not be treated as an automatic solution.

Please get in touch to discuss Bridging Loans.

What if you're buying a new build?

If the Handforth home is a new build, the timing can become more complicated.

You might be trying to coordinate:

• your existing chain

• reservation

• exchange

• mortgage-offer validity

• build completion

That's another reason why speaking about the mortgage early is useful.

Consider the running costs too

A different property can change more than your mortgage.

A larger house could mean higher:

• council tax

• heating

• insurance

• maintenance

A newer home could instead have:

• estate charges

• service charges

These should form part of your own monthly budget.

Review your protection

If your mortgage amount or family circumstances have changed, it can also be sensible to review what protection you already have.

Depending on your needs, that could include:

• life insurance

• critical illness cover

• income protection

Any recommendation should reflect your actual circumstances and existing cover.

A useful tip

Review your mortgage before setting the absolute top end of your Handforth property budget.

Understanding your:

• equity

• early repayment charge

• likely borrowing

• monthly payment

makes it much easier to make offers with confidence.

Moving to Handforth

I can help you understand:

• your current mortgage

• available equity

• porting

• additional borrowing

• alternative mortgage options

• the Handforth property

before you decide how to structure your next mortgage.

Please visit my Mortgage Broker Handforth or Home Mover Mortgages for more information.

Want to talk through your Handforth mortgage?

If you're considering buying, moving or remortgaging in Handforth and want to understand what the mortgage might involve, get in touch and tell me a little about what you're looking to do.

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