What you need to know about mortgages and moving to North Wales

We unpack the lifestyle perks you could enjoy by moving across the border from the North West to North Wales, and how to make the dream a reality. We have also enlisted the advice of mortgage advisor Scott Howitt, of Chartwell Mortgage Services to gain his insight on how to make the move a breeze.

Whatever phase of life and home ownership you are in, for many buyers it is about striking the balance between wanting more open space and a sense of community, while still being able to commute to work and enjoy the perks of an inner city.

For first-time buyers, juggling the desire for city access with the longing for more space and community, North Wales presents a compelling alternative for those living in the North West – particularly with the support of the Help to Buy – Wales scheme. The region offers greater access to green spaces and a strong community feel, all while maintaining convenient commutes and access to urban amenities.

For second-time buyers, it might be about looking to increase size and equity and perhaps move away from the city and into greener areas. Growing families may be more focused on giving children room to flourish and thrive, with schools and a sense of community on the list of priorities. And of course, for empty-nesters or those looking towards retirement, it’s understandable to want less maintenance and more financial freedom for later years.

If you're seeking a lifestyle upgrade without sacrificing practicality, read on to discover the benefits of moving across the border.

Why move to North Wales?

Imagine waking up to the scenic beauty of Flintshire, where stunning vistas are just a stone's throw from your doorstep. Venture further to the North Wales coastline to find sandy beaches perfect for family days out and rugged cliffs offering breathtaking panoramic views. North Wales offers a lifestyle where natural beauty is part of your everyday. Yet, this idyllic setting doesn't mean isolation.

The historic charm and vibrant culture of Chester are within easy reach, offering fantastic shopping, dining, and entertainment. Similarly, the attractive towns and coastal walks of the Wirral peninsula are readily accessible. And for those who still need their fix of big city life, the thriving hubs of Manchester and Liverpool, with their world-class cultural attractions, employment opportunities, and international airports, are a comfortable commute away.

North Wales offers an opportunity for countryside and coastal lifestyles while maintaining convenient connections to the Northwest's most dynamic urban centres. It's the perfect blend for any buyer seeking tranquillity without losing out on accessibility to vibrant city life.

How does the house-buying process differ in Wales?

One of the first things to point out is that the process of buying a house in England and Wales is fundamentally the same, governed by a unified legal framework. Mortgage applications, conveyancing procedures, and land registration follow identical processes regardless of which side of the border the property resides.

Both countries utilise the same system of freehold and leasehold tenure, and standard mortgage products are available across both regions from UK-wide lenders. While there may be minor regional variations in local authority processes or specific searches conducted during conveyancing, the core legal and financial mechanisms involved in purchasing a property remain consistent, ensuring a seamless experience for buyers moving between England and Wales.

Why should I think about moving in 2025?

This year has started off strong, with high availability and a wide range of products from lenders, including first-time buyer, green, and new build mortgages. While rates have been higher (4.5-5.5%) recently than the historically low levels (1.5-2%), the market continues to adjust.

Despite economic uncertainty and political upheaval contributing to market volatility, there has been welcome news that interest rates on mortgage deals are expected to fall below 4% in the coming months. Until this point, the best fixed rates had hovered around 4.2% for the past three months.

Many mortgage experts predict further base rate reductions throughout the year and market activity, particularly in the new build sector, remains vibrant.

First-time-buyers – what help is available?

Getting onto the property ladder can be overwhelming and costly, especially when needing to save a large deposit.

Help to Buy – Wales is a Welsh Government shared equity loan scheme that could make getting on to, or moving up, the housing ladder more accessible. It helps existing homeowners and first-time buyers purchase a home up to a value of £300,000 (from 1 April 2023) with as little as 5% deposit.

The scheme works alongside the Help to Buy Mortgage Guarantee scheme delivered by the UK Government, and is available on both pre‑owned and new build properties in Wales with a standard mortgage of up to 95% of the purchase price.

Second-steppers – what does porting a mortgage mean?

Many second-time buyers will be wondering how feasible it is to take the step up to the next house price threshold – typically, buyers need to spend around £100,000 extra to see the benefit of moving, unless the only stipulation is location. For extra rooms, bigger gardens, off-street driving and more desirable living, it can be a big jump to the next rung of the ladder.

One thing to consider would be porting your mortgage; the majority of lenders allow borrowers to transfer their existing rate to a new property, which may support those who have fixed on a lower rate, and still have some time left.

These mortgages are subject to a conversation with your lender and may not be applicable to everyone, but it is certainly a great way to increase affordability for the move – just ensure that you are also prepared to pay more should the rate increase significantly when it is time to renew your mortgage.

Growing families – can we borrow more?

For those buyers looking to really expand their house size such as families, it may be that you need to look at some increased lending. It’s positive to see lenders offering higher loan-to-income ratios (up to 5.5 times joint income for those earning over £50k), which can really ease those affordability concerns.

One of the strongest assets to a buyer who may have already purchased two or three times before, is the likelihood of being accepted for a larger mortgage. As well as supporting affordability, this is also beneficial if you are planning to spend money on home renovations and enhancing the property to suit your family’s needs.

While there is still appetite for longer mortgage terms, given the current climate, most advisors would still recommend two-year fixed rates, to allow families to see what happens and make changes if necessary, rather than be stuck with a contract you can’t get out of.

Downsizers – what is more important: affordability or rates?

Considering the monthly price you will pay, rather than fixating on the mortgage rate, it is always a better way to focus – particularly for downsizers. A mortgage advisor will often be able to help you understand this further, by taking into account other areas to save.

Typically, downsizers require smaller mortgages than they previously held. This translates to lower monthly payments, freeing up cash flow for other purposes like travel, hobbies, or supporting family. Moving may also reduce your outgoings with lower council tax, or lower energy bills – particularly with a new build home.

Downsizing often releases significant equity from your previous home. Understanding how to access and utilise this equity is crucial. It may also open up options like using it for retirement income, investments, or a larger down payment on your new, smaller home.

What is the current mortgage outlook?

Currently, two-year fixed-rate mortgages are favoured due to market uncertainty beyond that timeframe. However, looking ahead, longer fixed-rates and even open-ended mortgage terms may also become more prevalent. House prices are set to remain high, with more increases expected across the North West region, so if you are thinking about making the move, this could certainly be the year to do it. Overall, despite some economic undercurrents, the mortgage market is considered buoyant, making it a good time for all buyers.

The best way to navigate the mortgage landscape as a buyer is to consult with a qualified mortgage advisor. They can assess your individual financial situation, understand your goals, and recommend the most appropriate mortgage product or alternative solution.

What other buyer support is available?

Our sales team can provide a selection of useful tools and guidance to help you through the buying process as well as a range of offers. This includes help to sell your current property quickly and for the best price through our Helping Hands scheme, as well as our Part Exchange programme.

In addition, Bryn Castell is registered for Help to Buy – Wales, ensuring even more options for those needing additional financial assistance.

Where can I buy in North Wales?

If you are currently on the house hunt, Lovell has recently launched Bryn Castell, near the Welsh market town of Mold.

Designed to suit a whole host of buyers, this is a community showcasing the very best that North Wales has to offer - blending history, nature and contemporary living. Visit the Bryn Castell page, drop us an email or call 01352 836551 to enquire.