Thinking of moving home?
If you are thinking of moving house you will need to know how much you are likely to want to borrow to buy your next home and very importantly, whether you will qualify for the mortgage you require! This means that not only do you require a realistic assessment of the likely selling price of current property; you also need to have a good idea of the price you are prepared to pay for your new home.
If you have a mortgage at present you should contact your lender to obtain a redemption statement so that you can calculate more accurately the likely deposit that will be available to you from the sale of your present property. Don’t forget to deduct the other costs that will be incurred, such as estate agents fees, solicitor’s fees for both the sale and purchase and stamp duty on the new purchase (if applicable). If you have additional savings that you are prepared to use as a deposit for your new home then take these into account as well. At this stage it would be a good idea to contact us to discuss your mortgage requirements so that we can obtain an agreement in principle on your behalf from a lender. This will show a selling agent that you are a serious potential purchaser who has the necessary funding in place to proceed with a purchase and is a definite advantage when negotiating.
If you experience difficulty in selling your property you could consider letting it out and raising the deposit for your new home by way of a Let to Buy remortgage providing you have sufficient equity in your current home.
If you do not have a perfect recent credit profile, do not despair! We also have access to lenders who are prepared to consider people with late payment history, defaults and/or CCJs. However, please be aware that you will need a deposit of between 15% and 25% of the purchase price, depending on the severity of your adverse credit, and the interest rates charged are likely to be higher. A representative APR for Adverse Credit mortgages is 6% as at 10th November 2015.
How we can help
If you are looking to move home please call us. We offer a comprehensive service. We can arrange for the valuation of your property by a local estate agent and help you to obtain the redemption statement from your present lender. We can also negotiate the price of your new home on your behalf, put you in touch with solicitors who will provide an efficient, professional service at competitive rates and, of course, arrange the mortgage required for the purchase!
Please call us to discuss your requirements or complete the enquiry form and we will contact you.