We know that the decision to move isn't one to be taken lightly, We believe that the time has to be right for YOU and only YOU! You may decide that now is the time to move which could be for many different reasons such as up-sizing, relocating for work or even to find your dream home. Many think the process is far too complex and stressful to take the initial steps, here at Risinghurst Mortgages we are here for you to make the move a breeze when you're ready.
We know that there are various factors that can affect your ability to move however we strongly believe that the time has to be right for you to take this step. You may be in the best financial position ever to move but simply may not find the right property at the time, this could take a few weeks or months before you find the 'dream' home.
We've put together some initial steps we think will help you make the process as stress free and simple as possible, we put this list together to help you do just that.
STEP 1: Arrange a market appraisal for your property:
Reach out to your local estate agents (or ask us for a recommendation) who will be happy to value your property. This will help determine part of your affordability. Its always a good idea to speak to a few different estate agents to get a second or third opinion.
STEP 2: Speak to us.
Once you've received a market appraisal speak to one of our experts who will be able to discuss your additional borrowing options together with the equity that can be used from your current home. Both these figures will determine your buying power for the big move.
STEP 3: Research your options
By this stage you should have an idea of what your purchasing power will be and what this figure could potentially buy you. Begin by having a look at properties within your preferred locations on sites such as Rightmove.
STEP 4: Ready? Take. Action!
After completing step's 1, 2 & 3 you should now have a good idea on whether you current situation and budget will allow you to buy the type of property you've had your mind on for a while, Its now time to instruct the estate agent and ask our team here at Risinghurst Mortgages to obtain your Decision in Principle (DIP) to get the ball rolling.
We know some initial questions are more common than others so we thought it would be handy to answer some.
How long will it take before I move from my current home into the new property?
The length of time from start to completion will depend on various factors, one of which is the length of the moving chain, generally the shorter the chain the quicker the process should be however, with the right support and using not only a good mortgage advisor but equally good solicitors, both together will help ensure the process is completed as smoothly and quickly as possible and aim to avoid any unnecessary delays!
How will my monthly payments change once ive moved property?
This will depend on both your purchase price and selling price. If the new property is lower in value than your existing property, you may find your monthly mortgage payments could decrease or you could potentially reduce your remaining mortgage term, however if the new property is higher in value than your existing home and you require additional borrowing to complete the purchase you will find that either your monthly mortgage payments may increase or your term extended.
Is it possible to rent out my current property and buy a new home for myself?
You may be in a position where it is possible to borrow enough funds to buy a new home whilst changing your current property into a Buy To Let meaning you will be taking a step into the world of property investment and becoming a landlord.
Do I need to sell my current property first before buying a new one?
No, both transactions should happen simultaneously, by putting your property on the market, accepting an offer, then making an offer on your new purchase will create your moving chain. Once the chain is 'complete' your solicitors will complete all the background work to ensure that an exchange date is agreed initially with all parties working towards a agreed completion date.