It’s common for many home buyers to make a decision within minutes of visiting a property they are interested in viewing, regardless of if they want to proceed with the purchase or not. In some cases, the viewer may be an existing homeowner who will need to decide quickly in order for them to move on with the sale of their own property.
Equity is worked out by the amount at which you sell for, minus your current mortgage balance. From this, the amount will go towards a security deposit for the next purchase that you make if you are Moving Home in Harrogate. Furthermore, savings or a gifted deposit can be able to top this amount up.
Most of the time, there will be a very specific minimum amount that the seller of a property is willing to accept for a sale to be agreed upon. On the other hand, when you list your home for sale, it is key to market and presents your home in the most impressionable way possible. This can have a huge impact on how quickly you’re able to sell it.
You need to think whether your asking price reflects the general standard of those in the local area. Be fair with the amount you’re looking to sell for, with some estate agents potentially suggesting the highest possible price without any credibility behind the suggestion.
Advertising on Zoopla and Rightmove is a popular option many sellers go for. Therefore, we would strongly suggest you get your property listed there and make the leap into the market by getting as many properties primarily in the first two weeks.
In the situation where your property seems to be low in interest, it’s likely that the property has been overvalued and the price will need to drop.
Researching is something many homeowners prefer to go before they start to look at putting their current property on the market. This would either be online or by visiting other properties to see which one they might call home down the line.
If you are in the exact situation or something similar, below are some helpful tips for you to sell your home as quickly as possible.
To start, you need to step away from your opinion of your home as someone who has lived there and put yourself in the shoes of someone who is seeing your house for the first time. This may be a challenge to do and strange but it can help. Look at how your home looks on the outside, as that’s the first thing people will see when driving or walking up to it.
It’s the little things that can make the biggest impact, therefore, carrying out tasks like jet washing your drive and neatly mowing your lawn shows that you have taken a lot of time and effort in making your home look good. You want the viewers to instantly be impressed by your property so the outside should be equally as presentable as the inside.
For sellers with families, it is best that you put away any bikes or loose toys that have been left about in the front garden. Clean up your front door to make it look well maintained and that your doorbell (if you have one) is working. As an extra touch, you may want to spend some money on a nice new doormat or ‘welcome’ sign to create an inviting atmosphere.
Have a thorough approach when inspecting each room in your home especially rooms like the kitchen or bathroom. You want them to look sparkly clean and hygienic. Storage spaces lie cupboards and wardrobes need to be tidied up, organising items so they look neat.
It’s paramount for you to make your home as clean and presentable. Be thorough in your cleaning, wash your curtains and blinds, wipe down your walls and clean all your floors and windows. Furthermore, you need to carry out any repairs and make sure to put clean bedding on the beds.
Wipe your windows, making sure they’re smear free and sparkling inside and out. Look at placing new carpets in smaller rooms as this can be a cost-effective way to make your property look fresher and newer. It can also provide a more welcoming impression on the home showing it has been well cared for.
Smokers will need to look at airing their rooms out before the potential buyer arrives to view it. Eliminate any bad smells by opening windows, and adding an air freshener in each room, this also applies to any other smell like pets.
In an ideal world, you want your viewer to feel as relaxed as possible when they are viewing your property, so it’s best to avoid having pets or young children getting in the way as they are trying to take it all in.
If you are selling a family home, it might be nice to put up a selection of nice family pictures and paintings that can build up a brilliant image of your property being the place to raise a family in.
Many home buyers, in particular First Time Buyers in Harrogate, will like likely want to walk around the property on their own. If it’s a couple walking around, give them some time to discuss with each other their first impressions and thoughts, however, let them know you are available to answer any questions.
Have a thorough cleaning of your bathroom, discarding any items like cosmetics that have been left out. Again, hone in on the little details. Coordinate your towels and flannels, you might want to put some money into this to make it look appealing. Furthermore, make the floor space spotless.
Lighting is key to making your home look more appealing to prospective buyers. You could do this by making sure lights are on to brighten up rooms if it’s dark outside or letting in natural light by opening curtains and blinds.
If you do have plants, look at placing them in areas where they don’t block out the light.
For white walls, make sure they are looking clean and fresh which may mean you having to add an extra layer of white paint over. From a viewer’s point of view, they may favour this as they can work from a blank canvas if they are looking to decorate.
Interior doors will need a fresh coat of paint. Polish the brass door knobs and make sure all doors open and close smoothly, with no broken locks or strike plates. A buyer will want to visualise the amount of space they would have to work with, so it’s best to collate clutter to store it into cupboards and have a clean and tidy worktop in the kitchen.
When the viewer is looking at your garden, it’s likely the will ask to take a look inside your shed (if you have one), therefore, it’s best that you don’t just throw everything in there. Make sure this is neat and tidy by:
Check your fences making sure all the slats are intact and that they are neatly painted or creosoted. Again, pick up any visible items like outdoor barbecues, and remove any utensils left around.
A colourful garden can catch a viewer’s eye, so make sure it’s beautifully presented. Flowering plants are brilliant to see if they are in bloom. Your garage space should have some efficient space to provide more room for a vehicle.
How the seller presents themselves can be important in a viewer’s buying experience. With this in mind, it’s key to be yourself and authentic. Make sure you provide emotive and honest opinions on your home and show it off in the best possible light whilst highlighting any minor issues that have occurred and how you managed to fix them. Be transparent!
One thing that stands you out against estate agents is that they will be working towards earning their commission so will not be providing a first-hand experience of living in that home. You can provide insight and memories of raising a family there if you did and even historical, valuable information could be helpful too.
Finally, always remember the emotions attached to buying a home. As mentioned, having a family really helps emphasise the amount of joy the family home has bought to you all. Having an emotive approach to your experience could impact the viewers positively with them maybe considering raiding a family in that same home.
Beginning your mortgage journey can come with its up and downs, however, the overall process is a rewarding one. You have achieved a life goal of owning your own home and can set you up for any future goals for yourself like having children or starting a family. In particular, as a First Time Buyer in Harrogate, getting the keys to your first home can be a huge financial achievement.
Your reason for owning may be that you are wanting a sense of security and somewhere to call yours. From this, you have found that a mortgage is cheaper than renting. Regardless of the hurdles and challenges, you may have along the way, you will inevitably end up further onto the property ladder or in a position to make an investment purchase to provide some further income.
A remortgage is when you apply to take out a new mortgage product on a property that you already own to either your current mortgage or borrow additional money against your property. If you are wanting to take out a new mortgage product with your current lender, you can negotiate this which is known as a product transfer.
Regardless of whether you are looking to remortgage or take out a product transfer you will find that a lot of products out there all have their own collection of different deals and rates available. Like with many products, there are always the ones most people go for and this is the case with remortgage products that are accessible to many homeowners, further down the page we have highlighted the most popular ones.
You may be wondering when is the time for a remortgage. It might be as simple as your circumstances changing or it could be that you are looking at securing a better deal, funding home improvements, consolidating debt or releasing equity.
Usually, a fixed mortgage term lasts between 2 and 5 years. At the time, you will be paying off some interest and capital and when it comes to your remortgage, 2-5 years down the line, you may be able to qualify for a lower loan to value bracket. By doing this, you are open to better rates.
Alternately, you may find yourself not wanting to remortgage, but this can mean you are risking yourself going onto a lender’s standard variable rate of interest (SVR). This is something you progress onto if you have decided not to remortgage and can be a risk because you could be paying much higher than what you currently are. If you remortgage before this happens and you fit into a better loan to value bracket this could open opportunities for a better rate saving you money each month.
In the case you have been placed on a tracker mortgage, you will find that your monthly payments and interest corresponds with the Bank of England’s base rate. This can fluctuate depending on the economy’s performance. For instance, if the economy has dipped, base rates may lower, and vice versa. It can be common for Lenders to have an additional percentage onto this base rate that you are normally tracking a rate between 2-4%.
If you have been on the property journey and are settled into your new home, you might look at giving your property some home improvements like a new extension, conversion or redecorating. Remortgage can be an option for you to get this work done through the funding of the remortgage.
Before carrying out any of these home improvements, you will need to have estimated costs and have some idea of how much it will cost you. From this, you can include these costs into your mortgage when taking out a new product. Depending on what your home goals are, your monthly payments may increase.
Whether if you are looking to start having children/starting a family, want to add value to your home or add some home improvements, we would recommend remortgaging instead of going through the process of having to sell and buy a property simultaneously. It can be easier to improve your current home.
You could be looking to Remortgage to extend or shorten your term and switch to a more flexible product which will lead to paying off your mortgage quicker. The negative to this is that you will have higher repayments but extending your term does mean that you will reduce your payments and be paying off your mortgage a lot louder.
You do have the option to extend your term during this process. If you shorten your term, it will lead to overpaying which results in your mortgage being paid off quicker.
A flexible mortgage may sound like a good choice, however, it usually correspond n the form of a tracker mortgage. As mentioned, a tracker mortgage works with the Bank of England’s base interest rate, which fluctuates depending on the economy’s performance.
Equity is a way of releasing money from your home with the amount being the sum still owed on the mortgage and the property’s current value. Equity will likely build up the longer you have owned the property. As time goes on, you will be able to remortgage release some of this equity to turn into a lump sum of cash.
What you do with the cash is up to you, some uses include people putting down another deposit on another home to help a family member.
Through our experience as a Mortgage Broker in Harrogate, we usually see that Buy to Let landlords release equity to put down a deposit onto another property to expand their portfolio.
For homeowners who are over the age of 55 and have a property valued at a minimum of £70,000, it may be worth your time looking at your options for Equity Release in Harrogate. Get in touch with a trusted later life mortgage advisor to learn more about lifetime mortgages.
In some cases where you have built up some unsecured debt, you can incorporate this into your mortgage. Debt consolidation can be seen as a complex topic so, speaking to a Mortgage Advisor in Harrogate can be beneficial for you to understand this subject.
Debt consolidation is based on the amount you owe, your property value and your credit rating. Remember, that you need to consider the large sums that will be included into your mortgage which will result in your total mortgage amount increasing.
Please don’t hesitate to contact us if you have bad credit and are seeking help from a mortgage expert. Here at Harrogatemoneyman, our team can help you with your needs and circumstances.
If you are at the remortgage stage in your property journey and are coming to the end of your fixed mortgage term, our team can help get prepared for this and aim to take the stress away by doing it for you.
It’s best to start looking into deals 6 months before your deal ends.
Book yourself in for a free remortgage appointment online with one of our knowledgeable advisors in providing Remortgage Advice in Harrogate. Our team can help you through your process by finding you the most appropriate deal that fits well within your personal and financial circumstances.
The simple answer is yes, you can get a mortgage if you’re over 40. This does depend on your situation regarding your application, however, this is an option in the mortgage world.
For applicants who are looking to extend their mortgage term beyond the age of retirement, the mortgage lender may want to have an insight of a rough estimate on the amount of pension income you are going to have.
Through our experience, we have found that there are many instances where customers who are in or over their 40s are usually First Time Buyer in Harrogate. Furthermore, many customers in this demographic usually are declined because of their age.
To start, let’s go back to the past. Before the time of computerised credit scoring and the levels of regulation that are common today. For instance, if you visited a building society in search of a mortgage, it’s likely to you would speak to your branch manager.
Their job it looks at your personal situation such as how well you have been able to manage your current account. From this, they would conclude if they will approve your application.
In the case where you are accepted, it’s then time to get the advice you need regarding the amount you could borrow which is usually present as multiple of your gross salary.
The one problem with this was that these income multiples were not factored into the age of the applicant. This means that whether you were 30 years old or 50 years old, you could borrow the same mortgage amount either way.
You may be wondering what the problem is with this as you may see it as a fair arrangement. However, if both applicants were coming towards to retire at the age of 65, each individual would have different outcomes.
An example of this is if an applicant had a £70,000 (capital and interest combined) mortgage with a national interest rate of 5%:
With this example, both applicants earn the same, looking to retire at the same age, with the same mortgage interest rate and the same overall amount to pay back.
The one difference between the two is that the second applicant’s monthly payments are a lot higher. Therefore, if mortgage rates end up rising, it could increase the risk of arrears and repossession.
Because of these reasons, the mortgage calculator now factors in the maximum term of the mortgage (i.e., how old you are) along with the income you bring in and the amount you have regularly going out.
The concern isn’t that older customers are being turned down but the amount they were thinking of borrowing is a lot lower than expected. As the general public, we are reminded consistently that we will need to work until a later age by the Government before qualifying for our State Pension. Unfortunately, the banks don’t seem to keep this in mind when granting mortgages. We can take a more in-depth insight into this:
This isn’t always the case for everyone because some occupations that involve manual work will not be fit for those in your seventies.
Lenders are closely monitored when it comes to repossessions and arrears cases which means they want to minimise this risk. Taking a property into possessions can cost a lot of money and build up a negative reputation for the lender. With this in mind, when they are approving mortgages for mature applicants they don’t want to be seen kicking out a vulnerable older person because they couldn’t afford their payments.
Lenders will consider granting mortgages beyond normal retirement ages as long as there is enough evidence proving that they can keep up with payments after retirement. In terms of evidence, you could provide a letter from your Pension provider with a projection of your future income. One issue here is that many people will usually take a reduction in income at retirement. This means that you will need to demonstrate that the mortgage monthly
In 2011, the default retirement age was removed which meant employers no longer had the power to force an employee to retire. Therefore, lenders use the State Retirement age ad the age that the mortgage must be paid off, however, these days, lenders will let the retirement age be self-declared.
For those in this current situation, you must be ready to answer the question of how you will afford your mortgage in the future. Consumer protections and regulations are there with the purpose to protect consumers as well as stimulate judicious lending.
We have a team of Specialist Mortgage Advisors in Harrogate who will be able to provide a helping hand through the process and will recommend you the best way for your mortgage application and the options that are appropriate for your situation.
There are a plethora of reasons why someone may look to move home. With our extensive experience and knowledge as a Mortgage Broker in Harrogate, below are some common reasons why Moving Home in Harrogate may be the perfect fit for you.
Over time, when you are living in your current property for a while, you may be looking for a larger property. Generally, First Time Buyers in Harrogate start off in a property that is more affordable and smaller to start. As circumstances change in the future like starting a family, you may be thinking of living somewhere that could improve your living situation.
Alternative many borrowers do go for instead of Moving Home in Harrogate is to look to raise capital to build an extension via a Remortgage. This option is fitting for growing families who would like to keep on making memories in their current homes.
In some cases, parents may look to convert their loft into a bedroom for one of their children, meaning they have a spare room that you could make into a gym or home office. You decide! Remortgaging can be useful to those who are looking to carry out home improvements which, in turn, could raise their property value when they sell it down the line.
We usually find that people look to move home for a change of scenery by exploring different areas. The majority of these people are First Time Buyers that have a limited budget and are likely to have settled for lower-end properties with reasonable prices. This is likely because these borrowers now have a higher income and are looking to live in a more affluent neighbourhood.
The choice of school it’s normally not on people’s minds when they move into their first home as starting a family may have not even crossed their minds yet. Those who have begun thinking about starting a family will normally consider the school located in the area when looking to move.
Moving closer to family and friends is a goal for some home movers. This is particularly the case when couples look to start a family. It can be helpful in instances where the parents both work full time and will likely be looking for childcare support from their family and friends. With private nurseries being an expensive option, sometimes living within close proximity to family and friends can be more cost-effective.
Many First Time Buyers in Harrogate will choose to buy over renting, however, people moving home may look at the other side of the coin. The monthly payments are roughly the same between renting and buying. Regardless of this, moving home can be a challenging decision.
As mentioned, there is an alternative to moving out which remortgaging and can be good if you are wanting more living space. If you are looking for more information and guidance on this, we can connect you to one of our Remortgage Advisors in Harrogate who can help you find a brilliant deal to raise money for home improvements.
If you are looking at Moving Home in Harrogate and are wondering how much this significant change will cost you, get in touch with Harrogatemoneyman today! We offer all our customers a free mortgage appointment to speak with one of our expert Mortgage Advisors in Harrogate. From this, they can calculate your maximum.