Moving Home
Moving home can be an exciting time — whether you need more space for a growing family, or you’re relocating to make your next career move. However, even if you’ve been through the process before, there are many things to consider and it can be a daunting process, so expert advice is essential.
As always, it’s important to work out exactly what you will be able to afford before you start hunting for your dream home, and it’s not just a case of finding out how much you can borrow, but also working out how much you will have to put towards the deposit on your next purchase. Hopefully, over time and assuming a strong economy, you will have built up some “equity” in your existing property (the difference between the value of your property and your outstanding mortgage balance) as the value increases and the mortgage debt reduces. By selling the property, and with it clearing off your current mortgage, you can access this equity and use it to fund your deposit. But it’s important to remember that your actual sale proceeds will be lower than the amount of equity in your property as you will have costs to pay, such as Legal and Estate Agency fees, and the purchase costs for the new property. Please keep in mind that property prices can go down as well as up, so we would always recommend that, before you start looking at new properties, you get an Estate Agent to advise you on what a realistic sale price for your current property would be and to discuss fees and costs with them and your solicitor.
Buying and selling at the same time can seem complicated and difficult to co-ordinate, especially if you are doing both simultaneously and you end up in a “chain.” This is a very common in the UK and having the right professionals working for you throughout the transaction will put your mind at ease and ensure things go smoothly.
However, many people choose not to sell their home when moving, whether it be because they want to keep hold of a longstanding family home, or they’re simply looking to invest. In this case it may be possible for you to keep your current property and still release some equity for your new home’s deposit, meaning that your current property, if affordability allows, could simply become a second home for you and your family, or become a Buy To Let page to generate an income – See our Buy To Let page for more advice on this option. In either case, there are likely to be tax implications, so it is essential that you seek independent advice on these before proceeding. Lenders have very strict rules on the types of mortgages available in these scenarios, so please talk to your Mortgage Adviser as well.
Mortgage Calculator
With our simple online calculator you can find out how much you can borow, re-pay and how much stamp duty you will pay.
Helpful Guides
Homemover Guide
Everything you need to know about the home moving process in one place.
Gathering your paperwork
There are a number of documents your adviser will ask for to progress your mortgage enquiry. This guide lets you know what documents to look our and why we ask you for them.
“Moving home can be quite a daunting task but it’s often an exciting time and a change in home or location can be extremely beneficial for your lifestyle and peace of mind. Changing factors in your family, employment, financial situation or life goals can mean relocating is your best option. Whatever your reason for moving home we are here to help. CARA Mortgage Services have helped thousands of clients move home by arranging new mortgages or transferring existing mortgage deals to new properties. No two property moves are the same and with so many different mortgage providers on the market, it's important that you get the right advice. We can’t promise to help you pack the boxes, but our award winning team can help take the stress out of moving home by arranging your finances and putting together a bespoke financial solution that’s tailored specifically to you.”