Are you planning on moving home? Whether you’re upsizing or downsizing, moving houses is said to be one of the most exciting life events. The joy that comes from moving home far outweighs the stress.
At The Levels Financial, we know that selling and moving homes can be confusing, especially when it comes to the point of porting mortgages, remortgaging and getting a first-time mortgage. Our team of award-winning mortgage advisors have put together some of their top tips when moving home.
Start your next adventure and explore the property ladder with The Levels Financial.
Our Top Moving House Tips – Before You Find Your Next Home
So you’ve put your house up for sale and you’ve started the hunt for your new home. You have your list of non-negotiable (and negotiable) features you want when it comes to finding the perfect property.
Selling Your Home?
When you’re looking at moving house, one of the most important parts is knowing what you’re doing with your current property. Are you considering it as a buy to let property, or selling it to help you purchase your next home?
Whatever you decide to do, it is important to make those decisions as soon as possible, as it will determine which mortgage you will be applying for, as well as the amount of stamp duty and deposit required for the next property. (Use our stamp duty calculator to see how much stamp duty you could be paying if you keep or sell your current home).
You can find out more in our blog posts:
Work Out Your Finances & Seek Advice
Once you know your plans for your current property, it is a good idea to sort out your finances. Ensure any outstanding debts have a clear payment plan, as well as make sure you track your outgoings, to know how much of a mortgage repayment you could afford every month. Once this has been completed, you can then seek advice from experienced mortgage advisors, like The Levels Financial, who will be able to help you further.
At this point, we can also help with providing you with a mortgage in principle. Otherwise known as a decision in principle, which is a statement from a lender certifying that they will lend you a certain amount before you’ve finalised a purchase.
Look For Your Next Home
When you have aligned your finances and budget requirements, you can then spend your time searching for your next home. Once you’ve found your home and had an offer accepted on it, that’s when the real fun starts.
Our Top Moving House Tips – When You’ve Found Your New Home:
You’ve found your next home, and you’ve accepted an offer on your current home – it’s time to start working on the house-moving process. At The Levels Financial, we can be with you every step of the way in terms of ensuring the right documentation and information is assessed and forwarded to the relevant parties.
Porting Your Mortgage
Have you recently remortgaged your current home and are pleased with your current deal? Why not ‘port’ your current deal terms over to your new home mortgage?
Local mortgage advisors will be able to help discuss how you can port your mortgage, (see our blog post, ‘porting a mortgage, what it is, how it works and more’) what mortgage types may fit your requirements and more.
Please note, that when you port your mortgage, you’re only porting your mortgage rate and deal, not the loan itself, so you will have to reapply for the amount you need your new mortgage for.
Credit Score Checks
Like when you’re applying for a first time buyer mortgage, when moving homes, your lender will look at your credit history and your current credit score. But, what can affect your credit score?
Don’t worry, there are 5 ways to boost your credit score with our Yeovil mortgage advisors.
More often than not, the financial world would have changed a lot since you last purchased a property, which could mean that you may be subject to a stricter credit check than previously.
Switching Lenders
If you do not want to port your existing mortgage to your new property and instead want to change your lender and mortgage type completely, then our team of in-house advisors will be able to help you find the right mortgage type for you. Please note, if you’re switching lenders you may be subject to early repayment charges.
If you want to switch mortgage types and providers, our team can provide you with all the information you need to make an informed decision about the mortgage types. See our blog post: ‘A complete guide to UK mortgage types’.
Moving House? The Levels Financial Can Help
No matter what stage of the house moving process, whether you’ve just put your house on the market, or if you’re in the final stages of mortgage applications, we will be happy to help. There’s no better feeling than finding your dream home and enjoying that first well-earned meal, (even if more often than not it’s a takeaway enjoyed whilst surrounded by cardboard boxes).
We pride ourselves on not only being experts in mortgage advice but also our customer service approach. For more information, or to book your free initial consultation, get in touch with our team today at admin@thelevelsfinancial.co.uk or call us at 01458 772 040.
Because we always have your best interests at heart, you need to know…
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.
