When you take out a mortgage, we’ll need to think about the repayment method, interest rate and special features of some mortgages

Learn more about Mortgage Options

It is important to plan everything
in advance and make sure you know
what all the costs of moving will be.

Learn more about Moving Home

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Moving Home Advice

moving home
Moving home can be one of the most stressful things you will ever experience. It is important to plan everything in advance and make sure you know what all the costs of moving will be.

Below are costs you need to consider when moving from and moving to a new home.

  • Costs when selling a property
  • Costs of buying a property
  • Marketing / Estate Agent Fees
  • Solicitors Conveyancing Fees
  • Solicitors Conveyancing Fees
  • Stamp Duty (SDLT)
  • Mortgage Redemption Charges
  • Mortgage Broker’s Fee
  • Removal Costs
  • Mortgage Lenders Legal Fee
  • Mortgage Lenders Valuation Fee
  • Mortgage Lenders Arrangement Fee
  • Surveyor Charges
  • Building and Contents Insurance
  • Mortgage Protection Insurance
  • Moving Costs

For more advice on the costs of moving home feel free to contact us.

Buy to Let FAQs

  • How much do I need to save for my deposit?
  • Can I apply for a first time buyer mortgage?
  • How much could I borrow?
  • How does an Agreement in Principle differ from a mortgage offer?
  • What type of properties will you lend on?
  • Is there a minimum purchase price?
  • What should I consider when applying for a mortgage?
Lender will only lend a certain percentage of either the purchase price or the property valuation, whichever is lower. You'll need to use some of your own money to buy the property – a deposit. Lenders usually ask for at least a 5% deposit. However, the more deposit you put down the less you have to borrow. This will ultimately save you money and you can often get a cheaper mortgage product. 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.
  • As long as one person applying has never owned a property before, you can apply for a first time buyer mortgage with Lloyds Bank.
  • You must be buying a UK property
  • You must be a UK resident or have full rights to reside in the UK
  • You must be at least 18 years old to apply for a mortgage, and your mortgage must usually end before you reach 80. If your mortgage term extends past your UK State Pension age or your expected retirement age – whichever happens sooner - we'll look at your retirement income or your employment income, if you are still working to work out whether we think you can afford the monthly payments. If you’re taking out a joint mortgage, it’s the age of the oldest person that’s taken into account.
An Agreement in Principle provides you with a personalised commitment-free mortgage promise of how much a lender 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.

An Agreement in Principle, also known as a 'Decision in Principle' or 'Mortgage Promise', is useful if you haven’t found a property you want to buy but would like to know how much you could borrow.

All we need is a few personal details about you and anyone else who will be named on the mortgage. Then we’ll contact a credit reference agency for a credit search and give you a credit score. If you reach our pass mark, we’ll give you a certificate that you can use to show a seller you can get a loan.

A mortgage offer is issued by a lender once your application has been received and necessary checks, such as a valuation and confirmation of your details, have been carried out. It sets out the terms under which the lender is prepared to offer you a loan.

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.
While we will consider many types of property, we have a responsibility to ensure that a property is suitable security for a mortgage. As a result, we will not lend against properties where the lower of the valuation or purchase price is below £40,000.
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 lender's mortgages.