Mortgage Advice
Moving house or being a first-time buyers can be exciting, but it can also cause stress and anxiety for many people. This is due to the many factors involved. One of the biggest worries for anyone moving is the cost and availability of a new mortgage.
You worked hard to sell your home. You also searched for the perfect new house.
It is very frustrating if you cannot get a mortgage that meets your needs. It can be even more upsetting if the mortgage is too expensive for your budget. Our advice is simple - get the mortgage agreed first.
Key Factors in Choosing a Mortgage
There are lots of different factors to consider when choosing the right mortgage. The common key factors are:
Finding clear and helpful answers to these questions online can be very difficult. The best source of informationis a full-service mortgage broker like us.
Additional Financial Considerations
Once the finances are sorted then it would be prudent to consider some of the other financial implication associated with a home move.
Choosing an Estate Agent - You should choose an agent based on their experience in your area. Look for the tools they use to showcase your home well. Also, consider the fees they will charge for selling your property. These issues are dealt with in more depth in our article 'How to choose an Estate Agent' which you may find useful.
Solicitor fees can be a big expense. If you are selling and buying a property, you will have two fees. One fee is for selling, and the other is for buying.
The costs for conveyancing services can vary a lot between different firms. They will also depend on where you live.
Conveyancing is the legal work related to property matters. It usually has a fixed price, but this is only part of the total bill.
Along with the work done by the solicitors, there will be required costs. The firm will handle these costs for you and the lender. These include land registry fees and local searches.
These check that the ownership and title of the property are in order. Our advice is to obtain three quotes from Solicitors local to where you intend to purchase and don't be afraid to negotiate on the fees if you feel they are excessive.
By far the largest cost found on the solicitors bill will be the Stamp Duty Tax. For properties up to £125,000, there is no tax to pay. From £125,001 to £250,000 it is calculated at 1%. £250,001 to £500,000 is 3% and then it is 4% for property values of £500,001 or more.
Removal costs are another often overlooked cost. You can rent a van and move yourself for under £100, but hiring professionals will likely cost around £1000.
Find More Information and Get in Touch
Visit our website for helpful information about moving homes. You will find details about the moving process and costs.
We explain different types of mortgages. There is also a mortgage calculator. This tool helps you see how much you can borrow and what your monthly payments might be next mortgage.
You can then get in touch with us and we will be happy to advise you on your options and go on to obtain an agreement in principle for you so that you are sure the monies will be made available to you once you find the house of your dreams.