Moving home mortgages
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.
We’re proud to support the Government’s mortgage guarantee scheme. You can apply for a home mover mortgage of up to 95% of the property’s value. Find out if you qualify.
You could lose your home if you don’t keep up your mortgage repayments
Cashback offers
Take a look at our cashback offers. You can qualify for one or both offers if eligible.
What happens after you’ve booked an appointment?
Once you’ve booked your mortgage appointment, here are some things that you'll want to think about:
-
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).
Find out about booking a branch appointment.
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.
Who’s involved:
- 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.
Get a quote for your legal costs
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.
Who’s involved:
- 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.
Home insurance
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.
-
1. How much of a deposit do I need?
We will only lend you a percentage of what the property is worth, so you will need to use some of your own money. We call this a deposit. The most we can lend you is 95% of the property’s value, so you’ll need to put down a 5% deposit. If you can put down more than 5%, you can often get a lower initial interest rate.
We’re supporting the Government’s mortgage guarantee scheme, if you only have a deposit of at least 5% but less than 10%. The scheme is expected to accept applications until 31 December 2022, however, it may be withdrawn earlier. You can apply for a mortgage under the scheme by following our usual application process.
If you’re planning to put down a deposit between 5% and 10%, to qualify you’ll need to be:
- a home mover
- thinking about borrowing less than £570,000
- buying a property which isn’t a new build
- buying a property which isn’t Shared Ownership, Shared Equity, Right to Buy or buy to let
- thinking about getting a repayment mortgage and not interest only.
Lending is subject to an affordability assessment, credit score and a full mortgage application.
Use our mortgage calculator to see how much you could borrow and what your monthly payments might be. Or, to get a better indication apply for an Agreement in Principle.
2. Can I move home during my mortgage deal?
If you currently have your mortgage with us it's sometimes possible to take a product rate and any early repayment charges with you to a new mortgage - we sometimes call this 'porting‘.
Your Mortgage Illustration and offer letter will say if any of your product rates can be taken to a new mortgage, also your Mortgage Adviser will be able to advise you when you have your appointment.
3. What are the costs involved with moving home?
As well as your deposit, there are other costs associated with buying a property and taking out a mortgage.
Typical ones that apply to most buyers include conveyancing fees, Stamp Duty Land Tax/Land and Buildings Transaction Tax (properties in Scotland), valuation fees and Land Registry fees.
There are often unexpected costs too in buying a property, so it's a good idea to have a reserve fund to cover them.
4. Will I be charged any fees?
This will depend on the mortgage product, there may be a product fee to pay and early repayment charges if you repay early.
You will need to check our current rates for full details. Any product fees can usually be added on to your mortgage on completion.
There could be other charges and standard costs which you may have to pay during the course of setting up your mortgage.
You will be charged interest on any fees, charges and standard costs added to your loan.
5. How much could I borrow?
An Agreement in Principle (AIP) provides you with a personalised commitment-free mortgage promise of how much we might be able to lend you.
If you're buying a home it'll give you a clear idea of which properties you could afford. Estate agents will often ask to see an AIP to show that you are a committed buyer.
We do what's called a soft credit check as part of the process. Soft credit checks can only be seen by yourself on your credit report and do not affect your credit rating or ability to borrow from other lenders or ourselves in the future, even if you're declined an AIP on this occasion.
6. What type of properties will you lend on?
The property you buy must be located within the UK and loans can only be used to buy your main residential home or for purposes relating to this home.
We will consider lending you money to buy different types of property. We may ask you to provide a bigger deposit on some types of property than others.
Any loan we make is subject to a property valuation.
8. What are the risks I should be aware of?
A mortgage has one key difference to other loans – it is secured against your home. If you cannot keep up with your monthly repayments or you get into financial difficulties you should contact us straight away so we can give you the help you need.
Remember, house prices can go down as well as up. If you owe more than the current value of your home, you will be in negative equity. If you need to move home and sell your property, and if its value has dropped below what you paid for it, there may be a shortfall between the amount you owe on your mortgage and the amount you get for the sale which you will need to repay.
9. What should I consider when applying for a mortgage?
Mortgages can last for a long time, so it is important you get the one that is right for you. You will need to think about such things as the type of loan, how long you want it for and what type of product you would like.
Methods of repayment - there are three different ways of repaying your mortgage. These are repayment, interest-only, and a combination of repayment and interest-only.
Mortgage terms - mortgage terms of up to 40 years are available. How long the mortgage lasts will affect your monthly payments and the total cost of the mortgage.
With a repayment mortgage, the longer the term, the lower the monthly payment. However, it will take you longer to pay off the loan so you will pay more interest. This means it will cost you more over the life of your mortgage.
With an interest-only mortgage, the length of the term makes no difference to the monthly payments because these are only paying off the interest charges and not the loan itself.
With an interest-only mortgage your mortgage term needs to match the time when you will have enough money in your repayment plan(s) to repay the loan.
Mortgage products - we may have different types of mortgage products with different types of interest rates. These change from time to time and we'll give you details of the current range when you apply.
Depending on the mortgage product you chose, you may have to pay an early repayment charge if you repay all or part of your mortgage early or we agree you can change products.
Product incentives - from time to time we may offer mortgage products that include an incentive. The interest rate for products with incentives may sometimes be slightly higher than for products without incentives.
So you will need to consider whether the incentive available at the start of the mortgage is more important to you than the slightly lower interest rate you may get during the product rate period without the incentive.
Your mortgage adviser will ask you about your preferences and discuss your needs and circumstances before deciding which mortgage to recommend to you.
Look at key features to help you understand more about our mortgages.
10. How can I speed up the mortgage completion process?
Return any requested documentation for your mortgage as soon as possible.
Work closely with your conveyancer to understand timings and next steps in the process – such as local authority search turnaround times.
Ensure all parties are working towards the same completion date and be aware of any chains you may be in which may impact this.
Consider any other third parties you’ll need to contact and obtain quotes from (e.g. removal firms), and ensure they are aware of the completion date you are aiming for.
11. What insurance will I need?
It is a requirement of your mortgage to have buildings insurance. This covers the bricks and mortar, fixtures and fittings. It's also a good idea to take out contents insurance as well - this protects all your possessions in your home, from furniture to jewellery.
It’s also important to think about what would happen to your mortgage in the event of your death, or if you are too ill to work. Our expert Mortgage and Protection Advisers can help you to find the right level of cover to protect your mortgage, should the worst happen.
12. How do I plan my move?
Moving house can be stressful but it does not have to be. This useful checklist (PDF, 47KB) will make it easier to tackle the big move.
13. When will I need to get a conveyancer?
You will usually be asked for conveyancer details to take care of the important legal work when you apply for your mortgage.
You will need to choose a conveyancer from our approved list. So it is worth checking with us before you instruct a conveyancer.
14. What happens at the end of my mortgage deal?
When you take out your mortgage, you arrange to have a fixed or variable rate product for a period of time.
At the end of this time, the product will end and your loan will usually be transferred to one of our lender variable rates. At this point, you may choose to move it to a new product for a further period of time.
15. Can I let my property?
We lend you the money on the basis that you are using the property as your main residence.
If your circumstances change after you take the mortgage, and you want to let the property you must ask our permission.
We do not guarantee that we will allow you to let your property and you may have to transfer onto another product if we do allow this.