If you are thinking about moving home or in the process of doing it, you will already know the financial nightmare that is ahead of you. It can be incredibly stressful to move house when you have to think about issues like finding a mortgage and putting together a deposit. We know how hard it can be, and that is why we have put together this guide that will help you over the financial hurdles of relocation.
Step 1: Get A Feel For The Market
This is easy enough to do but important nevertheless. You should be checking housing sites to keep an eye on the prices of property, particularly in the area where you are buying your new home. You need to keep a check on how much you will be spending because that way you will know how much to save for a deposit before you buy. Also, take into account that it might not be the best year to make a move if house prices are high. If your hands are tied because of a job opportunity, there is very little that you can do, but if you have the option always wait for a better market.
Step 2: Check Your Credit Rating
Your credit rating is going to affect how easily you can get a mortgage and what rates you are going to face. A credit rating is a universal way of know how well a person has dealt with financial situations over the years. For instance, if you have paid your rent and bills on time all the way through your life, your credit rating should be excellent. On the other hand, if you have huge payments overhanging on credit cards your rating might be a little sour. To get the best deals on mortgages, look for ways of improving your rating before you make the move.
Step 3: Saving Up The Deposit
You have researched the market and found that your dream home is approximately, two hundred thousand. Quite expensive, but it is the perfect place to raise your growing family, so your mind is made up. But, as you are probably aware you will not have to pay the full asking price upfront. You just need to put down a deposit of around five – twenty percent. You would be better off aiming for a higher percentage as this will grant you access to better rates on mortgages.
Step 4: Getting A Mortgage
If your credit rating is rosy, you will have no trouble getting a mortgage, but it can still be a complicated process. Gregor McMeechan at edinburghmortgagebroker.co.uk told us home buyers can get great deals. But, typically only if they use a mortgage, broker. This is because mortgage brokers are professionals who know the business and how to get the best loans for their clients.
Step 5: Taking Other Payments Into Accounts
Lastly, you should remember that there are plenty of other things to pay for when moving home. For instance, you will need to check your new house out with a specialist to ensure there are no problems. You will also need to hire a lawyer to arrange the sale of your old home so do not forget any of these bills when you start planning the move.