Moving home mortgages
If you’re thinking about moving home, let us help you get the keys to your new home. Whether you’re an existing Lloyds Bank customer or you’re simply researching your options, use our tools and guides to find the right moving home mortgage deal for you.
You could lose your home if you don’t keep up your mortgage repayments
The average appointment time with your mortgage adviser is 2 hours. If you’re applying with someone else, make sure you’re both available because it’ll save time.
Call us on 0345 122 1337 to talk to a mortgage advisor. (Monday to Friday 8am to 8pm, Saturday 9am to 4pm).
In preparation for your interview you’ll need to:
- Prepare the documents you’ll need such as payslips, bank statements, details of any financial commitments or bonus, and proof of your identity
- Bring details of the property you want to buy
- Make sure you have to hand the details of any existing home, life or critical illness insurance policies you already have.
At the interview your mortgage adviser will:
- Complete background checks with a Credit Reference Agency
- Talk to you about valuation schemes
- Review your income and commitments
- Review your needs and circumstances and recommend our most suitable mortgage for you
- Give you an Illustration, which sets out the terms of the mortgage product and the total cost of the loan
- Help you to find the right insurance and protection for your needs, such as home insurance and Life Cover.
In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.
When all this is done and if everything is ok, we’ll write to make you a mortgage offer.
Average time: 2-3 months
The legal side of buying or selling a property can be carried out by either a ‘solicitor’ or ‘licensed conveyancer’, for simplicity we refer to both of these as ‘conveyancer’. They will check who owns the property you want to buy, what’s included in the sale, and whether there are any clauses in the property’s legal title you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.
You’ll need to:
- Get an estimate from them of costs, including any legal fees and VAT
- Ask your conveyancer to explain anything in your Mortgage Offer you don’t understand
- Ask your conveyancer to confirm any Stamp Duty Land Tax/Land and Buildings Transaction Tax (properties in Scotland) charge payable
- Tell your conveyancer if you have negotiated for any items such as curtains, carpets or kitchen appliances to be included in the sale
- Make sure you read any documents your conveyancer sends you very carefully.
- You and the seller, known as the vendor
- Seller’s estate agent
- Your conveyancer and the seller’s conveyancer
- Your lender.
You can use the Lloyds Bank Conveyancing Service to compare quotes from our panel of up to 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you - the price, the firm's location or their service rating.
Alternatively, you can appoint your own conveyancer, or your mortgage adviser can help arrange one during your mortgage appointment using the Lloyds Conveyancing Service.
All conveyancers instructed through the Lloyds Bank Conveyancing Service offer a 'no completion, no legal fee' guarantee, so you'll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.
Using the Lloyds Bank Conveyancing Service isn’t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.
Average time: Usually takes place in one day.
When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.
You’ll need to:
- Make sure you have given your conveyancer the money they will need to pay as a deposit on exchange of contracts
- Sign the contract sent to you by your conveyancer (In Scotland, you exchange 'missives' which are letters of exchange with the sellers conveyancer)
- Give your conveyancer a date on which you wish to complete the process
- Make sure you have buildings insurance.
- Your conveyancer and the seller’s conveyancer
- Once you’ve exchanged contracts (In Scotland concluded missives) you can start to make arrangements for moving.
After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.
Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.
Congratulations! You now own your first home.
Now you’ve got the keys to your new home, it’s a great time to think about making sure you’ve protected what matters.
You should already have buildings insurance as this is a requirement of your mortgage, but it’s also a good idea to take out contents insurance to protect your household goods and personal belongings.
Protecting your mortgage
You may also want to think about protecting your mortgage with our Life and Body Cover. This type of insurance can give you the peace of mind of knowing that you and your loved ones will be able to keep your home, even if something happens to you. It could help to pay off your mortgage in the event of your death, or if you become too ill to work.
We have a range of options available to Lloyds Bank mortgage customers. Our Mortgage and Protection Advisers are on hand to discuss your needs and can help you to find the right level of cover for your needs.
You can find out more about protecting your mortgage, the cover we offer and how to get a personalised quote by visiting our Mortgage Protection page.
Who provides this policy?
This policy is arranged by Scottish Widows, who are a part of Lloyds Banking Group, like us.
They’re our life insurance experts, and they’ve been protecting what matters most for over 200 years.