If you're wanting to move home, you need reassurance that a mortgage will be available to you. Recent changes in the mortgage market means that you shouldn't take for granted that getting another mortgage will be simple and straightforward. You may even find that these changes mean your existing lender might not be willing to help. Your age, employment situation, credit history or the new, more stringent affordability calculations could mean you no longer fit their criteria.
Thankfully, not all lenders are the same and our experience, market knowledge and industry leading sourcing systems can quickly identify which lender might offer the best mortgage for you.
When you do find a house, to take your offer to buy seriously, the estate agent will need to know that you are in a position to buy and how much you are able to borrow.
Remember that the estate agent is working for the seller to get the best price they can for the property and it's not always the best idea to let them know your full financial situation. This might end up in you paying a higher price for the house than if you were able to negotiate more impartially - or even with you losing the house to someone the agent thinks might be in a better position than yourself.
It is important therefore than you speak to an experienced mortgage broker at the earliest opportunity - don't leave it until you find a house.
We can offer you a free initial consultation to find out how much you can borrow and approach a lender for you to get a mortgage agreement in principle. Again this is at no cost and does not bind you to a particular lender if a better deal is available when you do actually need to make your full mortgage application.
How we can help home movers
Our expertise enables us to:
- Look at your income and any existing commitments you have and determine a monthly budget and arrive at a mortgage figure that should be affordable to you
- Get you a Mortgage Certificate to verify your borrowing capacity to an estate agent
- Complete a full financial review and explain the different mortgage schemes, types of valuations and all the costs involved in getting a mortgage
- Arrive at what we would recommend to be the best option for you and provide you with full illustrations
- Complete a mortgage application with you to submit to the chosen lender and do all the work needed to get your Mortgage Offer produced
- Recommend a solicitor to you if required
- Advise you on what insurances you should consider
- Liaise with the lender, estate agent, solicitor etc. to move you as swiftly as possible to completion of the purchase.
If you are struggling to sell your house but need to move soon there may be a way forward. Some lenders will allow you to keep your existing house and rent it out. This is a specialist transaction called 'let to buy' and we would be pleased to explain how this works and the potential risks involved.
Remember, the Government backed Help to Buy scheme is also available to home movers, making 95% mortgages more accessible to those with only a limited deposit and/or equity in their current home.