Moving home is exciting and stressful, in equal measures! As an existing homeowner, you know your likes and dislikes in a property and will have certain requirements for your next home in terms of location and features. Unlike your first purchase, you now need to buy and sell at the same time so knowing the size of your budget, and being poised to apply for a mortgage, will make it easier to pinpoint your search and hopefully speed up the process.
Reeds Financial can wade through the myriad of moving home mortgages for you, eliminating a huge stress from your process. Although you already have a mortgage, you don’t need to stay with the same lender. We have access to the whole of market so can locate the best deal specifically for your needs. Our professional advisers will work with you to find the most appropriate mortgage, and help you plan your future finances.
Let Reeds Financial take care of the buying process so you can focus on planning for your new home.
We’re not the kind of broker who only helps you up until you’ve accepted your mortgage offer. Our long-standing partnerships with our clients and other businesses mean we can deliver the highest quality of service right up to the day you move in.
Concierge
We can help you move into your property, set up utilities, register for Council Tax and more with our Concierge Service – available through Please Connect Me.
Protection
We can organise bespoke life assurances for you by selecting from our superb panel of providers. We charge no arrangement fees for this service.
Insurance
First time buyer? Or just wanting to change insurance providers? We can find you 5* defatqo rated buildings and contents insurance tailored to suit your needs.
Property Surveys
With our National partners GoTo Group we don't just stop at mortgages, we can also help you arrange a property survey to know it's true condition.
Legals
We can refer you to a solicitor who’ll manage the conveyancing part of the process. We choose from a carefully selected panel of conveyancers and solicitors.
Wills & Trusts
Our National partners Paradigm Wills can provide a cost effective solution to any type of situation no matter how complex it is when it comes to Will and Estate Planning and more.
You can either keep the mortgage you have – if your new property is more expensive than your existing home, you will need to add to your mortgage, and your lender will need to value the new one to ascertain its worth. Or you can apply for a completely new mortgage, where you may secure a better rate, and your existing loan is paid off when the move is completed. You don’t need to get involved in that, the lender takes care of that side of things.
There is no doubt that moving home can be costly. There are extra costs than you encounter as a first-time buyer or remortgager, because you are likely buying and selling. Plus stamp duty which kicks in at properties over £125,001 (2% of purchase price) and rises incrementally up to properties of £1.5million + (12% of purchase price). (Please note stamp duty rates have been cut until 31 March 2021. See www.gov.uk/stamp-duty-land-tax for more info.) As a rough guide, you could be looking at fees somewhere between £3900 - £6300 (excluding stamp duty) so you definitely need to figure these into your costs. We strongly recommend you seek professional advice to gain an understanding of all likely costs before starting the process.
The ideal scenario for a home mover is to buy and sell at the same time. But it isn’t always possible. Your options then are either to rent out your existing property and use the rent to cover your existing mortgage (you would need to convert that mortgage to a Let-to-Buy mortgage) or apply for a bridging loan, which is a short term loan that bridges the gap between buying and selling. If you wish to continue renting your existing home, and see it as an investment, you would need to switch to a Buy-to-Let mortgage. Your mortgage adviser can go through all these options with you.
Here are a few ways we have changed our customers’ lives.
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