Moving to a New Home: The Complete Guide

Work out your real equity position first

Before you think seriously about your next place, get a real figure for how much equity you actually have in your current home, what you owe on your mortgage versus what the property is realistically worth. This is the number everything else depends on: your deposit for the next purchase, whether bridging finance is even realistic, and what price range makes sense.

Don't rely on a rough guess or an old valuation. Jagdip can help you get a current, realistic figure before you start looking.

Decide: sell first, buy first, or try to line them up

There's no universally right answer here, it genuinely depends on your risk tolerance, the market, and your equity position.

• Sell first: gives you certainty on price and how much you have to work with, but you may need to rent or arrange temporary accommodation in between, and you're negotiating your purchase under time pressure.
• Buy first: lets you take your time finding the right place and move only once, but means carrying two properties (and potentially two mortgages) until your current home sells, which carries real risk if the sale takes longer than expected.
• Line them up: the ideal outcome, a conditional offer on your next home settling close to your own sale, but it's genuinely hard to time perfectly and depends on both parties being flexible.

Understand bridging finance properly

Bridging finance is short-term lending that covers the gap if you need to settle your new purchase before your current home has sold. It exists specifically for this situation, but it isn't something to lean on casually.

• It's generally more expensive than your standard mortgage rate, since it's short-term and higher-risk for the lender.
• Lenders will want a clear, realistic exit plan, meaning genuine confidence your current home will sell, and roughly when.
• It works best when your current home is already on the market, or ideally under an unconditional sale and simply waiting on settlement.

Jagdip will tell you honestly whether bridging finance is a sensible option for your situation, or whether sell-first is the safer path.

Get pre-approved before you list or make an offer

Just like a first home purchase, knowing your real borrowing power before you commit to a plan matters. It tells you what price range is genuinely realistic for your next home, and makes any offer you put in more credible to a vendor.

If you're planning to sell and buy close together, pre-approval also gives you and your adviser more room to move on timing, rather than scrambling once your home is under contract.

Budget for the costs beyond the mortgage itself

Moving involves more than the mortgage numbers: real estate agent commission on your sale, legal fees on both the sale and purchase, and the practical cost of the move itself. These add up, and forgetting to budget for them is one of the most common mistakes people make when upsizing or moving. Ask your agent and solicitor for their actual fee structure early, rather than assuming a number.