Moving home soon?
If you are considering moving home soon but need to get things in order, finding or sorting your mortgage can seem like a big mountain to climb. There are surprisingly many resources available to you where you can get independent and impartial advice so it may not be as hard as you think.
What will you look like to your lender?
The first thing is to look at is how you will look to lenders. All lenders have a criteria but each has a different one – for the most part they will be looking at:
- How much you want to borrow?
- What savings you have for a deposit?
- How much you earn and your employment situation?
- What your credit rating is?
- What debt you already have?
- What your outgoings are?
Where can you access information?
There is plenty of help out there for you to be able to get the right mortgage for you and get moving home as stress free as possible.
Money Savings Expert have some great practical resources for helping you choose the right mortgage and how to go about it. They offer Home Movers best buys, advice on whether you take your mortgage with you. They even provide 23 property search tips and stamp duty calculator.
The Money Advice centre set up by the government is an independent body offering free impartial financial advice. They have guides and tips available to download online or as printed guides. They even offer telephone and web chat support
The Citizens Advice Bureau can be a really useful resource. Not there just to help you with debt issues they also offer advice on selling or buying your home and applying for a mortgage. You’ll also find information on all those additional costs when moving home.
- Survey fees
- Valuation fees
- Stamp duty
- Land registry fees
- Local authority searches
For information about stamp duty land tax visit https://www.gov.uk/buy-sell-your-home/tax
You may decide to use a broker to get a mortgage, someone who acts as an agent on your behalf as they can save you time shopping around but, it’s very important that you are are armed with all the information first so you understand the process and language. The Financial Conduct Authority ‘s website also offers information on getting mortgage advice.