Is choosing the right mortgage making your head hurt?
Are you looking to move home fast? But things aren't moving as quickly as you'd like them to? We've got some tips to get you started. Here's what to do:
Do as much preparation as you can now to avoid wasting time further down the line. If you’re buying, investigate your mortgage options as a matter of priority. Speak to a mortgage adviser who will talk you through your options. It’s a good idea to do this before you start viewing houses so you’ll know your budget. Also, dig out all the paperwork you’ll need when you apply for a mortgage too, such as payslips. It’s wise to choose your legal firm in advance as well. That way, they’ll be ready to start work as soon as you have an offer accepted.
If you’re planning to sell, there’s a lot you can do now to maximise your chances of a quick sale. Make sure your home is looking its best; so clear out all your clutter, fix anything that’s broken and give your home a fresh lick of neutral paint. Next, get your property valued, set your asking price and instruct your estate agent.
When you’re selling your home, always try to be as flexible as possible when accommodating for viewings. You’ll want as many potential buyers as you can get to see your home. So even if someone wants to view your home at a time that’s not particularly convenient, try to make it work. It might feel like a chore if you’ve had lots of viewings, but it’s important to make sure your home is clean and tidy before each one to give the best impression.
If you’re buying and you spot a house you’re interested in, then view it as soon as you can. In the current climate, houses are selling quickly so you don’t want to risk your potential dream home being snapped up by someone who was able to view it before you.
When it comes to accepting an offer it’s important to consider the chain, especially if you’re hoping to sell your house fast. This is because what happens within the chain will determine how quickly the sale will complete. If just one buyer in the chain pulls out, the whole chain can collapse.
So if you want to sell your house fast and you’ve had multiple offers, look at each chain carefully. Some people choose to avoid chains all together by selling their home first and moving into rented accommodation before buying another home. However, this strategy can have pitfalls too, for example, it may take longer than you’d hoped to find a new home to buy.
When you’re buying a property, tell your mortgage adviser as soon as you’ve had an offer accepted. They will then take over the process of arranging your mortgage for you.
Whether you’re buying or selling, when an offer has been accepted it may feel like the difficult part is over, but this doesn’t mean you can relax, especially if you want to move quickly.
Don’t be afraid to ask your estate agent or solicitor for regular updates to make sure everything is moving along as it should. You’ll want to keep the momentum going. Also, make sure you sign and return any documents you need to promptly so that you don’t cause any delays yourself.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.