Moving home can be difficult when it comes to mortgages. If you're moving home let us take care of your mortgage so all you need to focus on is the move.
Your Existing Mortgage
If you already have a mortgage now is the time to dig out your original mortgage offer and latest mortgage statement. From these documents we will be able to identify:
- How much mortgage debt is outstanding
- What interest rate you are being charged
- When your existing deal matures
- If there any early repayment charges
- Liaising with the lender to ensure that your mortgage is offered as quickly as possible
- If the current mortgage is portable, i.e. can it be transferred to another property
Once you have this information we will discuss how much you might be able to borrow, what your monthly repayments might be and via an income & expenditure analysis, help you establish a budget for your new mortgage. Lenders will want to see proof of your income and certain expenditure, and if you have any debts. They might ask for information about household bills, child maintenance and personal expenses. Lenders want proof that you will be able to keep up repayments if interest rates rise.
Making an Offer
Once you have a buyer for your home and have found a property you wish to purchase, it is time to make an offer to the sellers estate agent.
Once the offer is accepted we will help you complete your mortgage application. It's advisable to have received a decision in principle from your lender before making an offer. This confirms that the lender is prepared to consider a mortgage application from you up to a stated amount. This puts you in a strong position when making an offer.
When contracts are exchanged, a date is set for completion. On the day of completion, the balance of the purchase price is paid to the seller's solicitor and you collect the keys to your new home.