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Ready to move up the ladder?
Have you outgrown your current house, had children, need to be in a certain school catchment or just fancy a change, there are many reasons why people will want to move home. Bluebell Mortgages can help your home move go as smoothly as possible.
If you are ready to move up or down the property ladder we can assist you.
We will inform you of all of the likely fees associated with a house move.
Identify your current position & then calculate your likely required loan amount.
We will then be able to determine how much you can borrow to enable your move.
Where do I start?
You will need to find out how much your current property is worth.
Whilst it is possible to approximate a valuation using online sources, to be certain you need to speak to an estate agent who has knowledge of the local market and the likely demand for your property. The advice of a knowledgeable local estate agent is invaluable.
Once you know what your property is worth we can then work out how much you can/should purchase for.
To do this, we will need to know.
- The amount of equity in your property (this is the difference between the value of your house minus any mortgage you have secured on it.
- Your borrowing capacity
- Monthly repayments
- Your costs to sell and buy.
See our knowledge base article “Home mover – Moving up the ladder (how do I know how much I can spend on my new house)”
What about my Deposit amount?
When moving, it is normal for most of the deposit for your new house to come from the equity of your existing one.
The amount of money you can put into your property purchase in addition to your mortgage has a bearing on how much a lender will lend you.
Generally, the larger your deposit/equity from your current home the less risk for the lender and they more they will lend.
Finding out what you can borrow.
You need to understand your borrowing capacity as well as what your repayments are likely to be.
We are all different and so are our finances, lenders need to understand your lifestyle so that they can work out the size of loan to give you.
Lenders will ask questions to work this out. They will analyse your income, if you pay your debts back on time and other elements such as your Age and your Commitments will also be taken into account.
Once we have worked out your income, commitments, likely credit score, deposit and how long we are able to borrow the money for we can then work out the the most appropriate mortgage deal and terms for you.