Mortgages

Purchase – Moving home

Moving house can certainly seem stressful! And rather a daunting prospect for some people. So many different things to think about and lots of people involved all with their own objectives and ideas!

Well, it doesn’t have to be complicated, we will start at the beginning for you, look at options, take into account the value of your house, how much you currently owe, how much to budget for fees and how much you can borrow. Then, you know exactly what you can achieve – Easy!

Start by choosing an estate agent, without getting into the great debate about High street agents VsOnline, as with most things in life, cheapest isn’t always best! Go with who you feel comfortable with. When it comes to your own valuation again, the highest isn’t always the best! Look at the evidence, what else has sold around you and how much for?

Then we need to check your affordability, how much can you borrow? Should you stick with the same lender or move? How much will all the fees be? We will work through all of those questions so that we can come up with a budget for you for the new house. Then, all you need to do is accept an offer on your house, choose a new one and let us do the rest!

FAQ’s

What is “porting” my mortgage?

This just means when you move your existing mortgage from one house to another. It does not just change your address though I’m afraid! It will be treated as a whole new application with your lender who will re-assess your affordability and credit score. As long as they are happy though you are able to keep your existing rate and move it to the new house.

Should I just stay with the same lender?

Well that depends on a few things. Will they lend you enough for what you want? Do you have a penalty to repay the mortgage early? Sometimes even if you have an early repayment charge you might need to change lenders, if you need to borrow more than your current one will give you or maybe they won’t lend on the type of property you want to buy. We need to assess very carefully what is best for you. Don’t worry though, its all part of the service!

How long does it take to move?

How long is a piece of string? It depends on lots of things, how many people in your chain? Does everyone want it to be quick or is there someone who is not in a rush? The solicitors hold the key to the speed of the process in most cases so choose wisely! If you have a very short chain it can go from start to finish in only a few weeks. If you have multiple people in the chain then it can go on for weeks and weeks!

 

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