We will get you move ready.
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.
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We are for every person looking to buy a property. No property is too big or too small and our expert team can arrange mortgages for all kinds of buyers – first time buyers, Buy-to-Let, the self-employed and freelancers, commercial landlords and property investors.
We understand that the mortgage world can be a minefield. So we keep things clear and jargon-free. Your mortgage is a hefty investment and we want you to know what you are signing up to, how much it’s going to cost you and exactly what is involved in the whole process from the minute you find your ideal property.
You can find pretty much anything you want online and a mortgage is no exception. But you won’t have access to the same rates and deals we can see, from every lender out there. And you’ll have to spend hours of your own precious time wading through comparison sites, questionnaires and forms with no guaranteed positive outcome.
A quick fact-finding conversation with us will allow us to thoroughly understand your needs and objectives. We will then put the mortgage wheels in motion, getting your mortgage application in quickly so you don’t lose out on your property. You are our number one priority and we’re not affiliated to any lenders, so you know we’re working to get the best deal solely for you.
Here are a few ways we have changed our customers’ lives.
Read through our frequently asked questions below and dive into our myth-busting guides to have a better understanding of what we do.
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). 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.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.