MOVING HOME MORTGAGE GUIDE

If you find that moving is going to stretch you financially you should may be ask yourself whether improving instead of moving would be more appropriate. Getting a loan to improve or expand your home might be a good option for you.

Even if you have not started looking for a new property it makes sense to get a mortgage in place as soon as you can. This will ensure that you know what you can afford and will help you choose a property that is within your budget and price range.

Let Us Help You

Our specialist bokers have access to an extensive range of UK mortgages of all types and can help you whatever your current credit situation or financial status. They can help get you on track for the right move as quickly as possible. A new mortgage to help you move home is only a phone call away, so just get in touch and a profesional mortgage adviser from one of our brokers will call you back immediately.

What is Your Home Worth?

The price you get when you sell your existing property will usually be the basis for what you will be able to buy elsewhere. To get a realistic idea of what your property is worth you should get a written valuation from at least three local Estate Agents. The average of these valuations will give you a fairly good indicator of the maximum you might get when you sell. Remember however that the actual sale price may be a somewhat less than this.

If you have a mortgage on your current home then you need to check the details and work out what you will have to pay back to your current lender when you sell. Get a statement from your lender to see how much you still owe and determine if any early repayment charges will be due. Add these together to determine what you will have to pay back to your lender.

Subtract what you need to pay your lender from what you will get from the sale of your home and this will give you a value for how much you will have for a deposit on the new property and to pay for the costs of moving. This of course assumes you do not have other funds or savings, which you could use for this.

Can You Afford to Move?

This really depends on many factors, which may make it easy or more difficult for you to move. For instance, if you are moving to change job you may have to move to an area where the same property as you currently own maybe more or less expensive. If it is cheaper then you might be able to buy something bigger, but if it is more expensive then you will have to find more money for a similar property or buy something smaller.

Also don’t forget to factor in the actual costs of selling and moving, which may be quite large.

Ready To Sell?

If you have already made the decision to sell then you need to prepare your home for selling, so that it is presented in the best possible way. This will help you find a buy faster and may even allow you to ask a higher price. Get this work done before you get any valuations done on your property.

Before you put your home on the market you also need to decide on which method you are going to use for selling your home. Many estate agents still provide a good service but they will be costly. The alternative is to try and sell it yoursef either via the internet or local papers.