There are a lot of practicalities to think about when it comes to moving home. It is easy to be swept up in the idea of buying a lovely new home, but it isn’t always as simple as just selling and buying. You should really look at the following before putting your house on the market.
Before taking the plunge…
The first wise thing to do would be to have a look at your credit report. There are many companies that you can use for this including Experian, Equifax and Check My File. You would be surprised how many people have negative data on their credit file without even realising! This could affect your ability to find a lender for your new mortgage.
You should also take a look at your overall financial situation, making sure it is as good as it can be. Are you in your overdraft every month? Do you have any loans or credit cards that you could pay off? It is always better to pay off any debts that you can before making a mortgage application.
REMEMBER – there will be costs that you may not have considered, such as solicitors fees and the ‘dreaded’ Stamp Duty. It is important that you have the funds set aside to pay the for these extra costs.
We are here to help you find the best deal for your new mortgage. We can find out what your borrowing potential is, as well as give you all of the options available to you, in a simple and easy to understand way.
If you are finding this all seems a little daunting, please do get in touch with us. We are always happy to answer any questions you may have.
The next step…
Once you have looked at your financial situation, and you are happy that you still want to move home, your next step would be getting your current home in order. That wall that needs a new coat of paint which you’ve been putting off – now is the time to do it! Give your home a good declutter and a freshen up. This will give you the best chance of selling your home quicker, and for the best price.
This is also the perfect time to get in touch with us! We can then guide you through the entire process, find out your borrowing potential, and get your all- important Decision in Principal.
You will want to have your home valued by at least 2 or 3 different agents, to give yourself a realistic expectation of what you can achieve from the sale.
While you may have seen the property you wish to buy, and the temptation may be to rush off and put an offer in – this is not the way to go about it. You would be better to get your own home onto the market first, before looking at your next purchase. Ideally you will want your house to have sold. This will put you in the best possible position. Estate Agents will take you more seriously, and you will have a better idea of how much your budget is.
Let the fun begin!
Once your house is on the market, and you have your Decision in Principle it is time to go and find your new dream home!
Once you have had an offer accepted on a property, come back to us. This is when we will start preparing your full application for your mortgage.
We understand that buying a new home is about more than just the bricks and mortar. We know how important this is – it is a BIG deal. We get it. Not only have we experienced the buying process for ourselves, we also go through all the emotions with our many happy customers!
Discuss your options.
This may all be a lot to take in, which is completely understandable. We are here to help in any way we can and are more than happy to do so! We love doing what we do, so please do not hesitate to get in touch with us if you have any queries about anything.
To help you make your mind up, we offer a full cost of moving analysis for all our clients to help you make your decision.
Why not Book an appointment and see what options you have available to you.