Moving home for one of a number of reasons; upsizing, downsizing or even changing locations for a new job. Whatever the reason Open Vision Finance specialise in the home moving process, so we will be there to support you every step of the way providing a total moving experience.
Deposit
For moving home you will need a deposit, usually at least 10% of the purchase price. In most circumstances when you come to sell your current home, you are able to use the equity within this as deposit for your onward purchase.
From your agreed sale price you would deduct your existing mortgage (and any redemption charges), your estate agent fees and conveyancing fees for selling. This would then leave you with funds available to be used for your onward purchase. For a full list of potential fees visit our fees to remember page.
The level of deposit you have will determine the rate which will be available to you. The larger the deposit, the better the rate and the lower the mortgage payments! ☺.
When you are upsizing the purchase price is often a lot more than your current home, so you are therefore more likely to need a larger deposit than the equity remaining from your sale. So in most instances you will need top up your deposit using savings. If you aren’t upsizing then there is still a benefit to providing a larger deposit, as your mortgage payments will be considerably lower.
Other Fees
As well as the deposit funds you will need to remember all of the other fees that are involved with selling and purchasing a new home such as; estate agent fees for selling, the new mortgage arrangement costs, any redemption fees to your existing lender, a survey fee, the legal fees for both selling and purchasing and stamp duty land tax. For a full list of fees visit our fees to remember page.
How much to spend on a house
There are a lot of things to consider when purchasing a home and the amount you can spend on a house will be determined by a number of factors:
- What level of deposit do you have?
- How much you are able to borrow based on your income?
- Can you afford the mortgage payments and all of the household bills on a monthly basis?
- Do you have sufficient surplus funds each month to provide for you and your family?
Open Vision Finance can help with absolutely everything. We can meet at a time and place convenient with you to discuss in detail the whole process and how a mortgage works.
We will also run through an affordability process based on your monthly income to establish how much you are able to borrow and what level of mortgage is affordable for you. As you need to be sure you can cover your entire household bills, the mortgage and have enough left over to enjoy your life! Once we know the mortgage amount, together with your deposit funds, we can advise how much you are able to spend on a house.
We would at this stage approach a lender for an Agreement in Principle which is a very simple process we would do for you. The lender would then confirm if the mortgage is affordable based on your monthly income and outgoings, check your credit profile against credit reference agencies and give you a decision on whether or not they are prepared to lend you the mortgage required. You can then get searching for your first home! If you find a property that is within budget and you would like to place an offer with the Estate Agents, then having the agreement in principle in place already will put you a much stronger position as a buyer.
Get in contact with an adviser at Open Vision Finance to arrange an appointment.
Arranging the mortgage
Once you have found the perfect property and had an offer accepted you would need to contact us to arrange the mortgage. All of our advisers at Open Vision Finance have access to the entire mortgage market, with our knowledge and expertise we will be able to recommend the best lender and rate available to you.
We will discuss with you all aspects of the mortgage including how to repay the loan and over what term, what type of rates you have access to and different types of mortgages which may be available to you. Visit our mortgages in more detail page or get in contact with an adviser at Open Vision Finance to arrange an appointment.
Arranging the protection
When you take out a mortgage commitment and purchase a property it is important to have in place protection for those dreaded occasional circumstances. This can include any of the following; life and critical illness cover, income protection, buildings and contents insurance or accident and sickness cover.
Open Vision Finance can help you arrange all insurances in conjunction with your mortgage application, which will give you one less thing to worry about.
Legal Work
As part of the house buying process you will need to instruct a Solicitor to deal with all of the legal aspects of your purchase. Open Vision Finance understand that it is extremely important to instruct the right professionals to assist with the conveyancing, as it is likely to be your biggest investment.
Open Vision Finance have built various relationships with a small handful of Solicitor firms, all of which we are confident in recommending to our clients, friends and family for their conveyancing needs. Clients who have used our recommended Solicitors have confirmed they have been exceptionally pleased with their services and had complete confidence in them throughout the legal process due to their knowledge, expertise and experience.
For a free no obligation conveyancing quote please complete this online form. Request conveyancing quote
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE