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When you reach that certain age and your parents are homeowners, then the chances are that they are encouraging you to look at Moving Home in Harrogate. Before you rush into anything, you should investigate the differences between buying and renting. However, today history suggests more people rent now.
Here we will discuss some pros and cons and look at both sides of the debate.
The property market has shifted, although history suggests that even if you buy at the very peak of the market if you can afford to keep the property, eventually prices tend to increase or decrease.
Consider discussing all possibilities with your Mortgage Advisor in Harrogate (and family) before being committed to the purchase; you could end up going through a rough time, and things don’t always plan how they should which could result selling the house.
It’s always important to plan far ahead
That said, we are talking about a Home here, not merely an investment, and the most critical driver is finding a suitable one for you given all your circumstances.
Bear in mind mortgage payments will be cheaper than rent. Interest rates go up and down, which mean your mortgage payments can go up and down too.;
If you are worried about that then you should take out a fixed-rate mortgage, so your payments remain the same for a set period.
Then again rents either stay the same or go up – it’s a rare occurrence for a Landlord to reduce your rent.
Some people feel in a more stable situation when they own their own home for them and their family. As the homeowner, there is no way that you can be made to leave if you can afford the mortgage payments.
While you do have some protection as a tenant in terms of how much notice your landlord needs to provide to you. If they want the house back, the security is limited.
It could be a very stressful situation, especially if you have a family, with children in the local school and work nearby.
In some cases, when a landlord chooses to sell their property. They will often speak with their tenant first and offer them the chance to purchase the property before they put in on the open market. It can save the landlord money on estate agency fees.
Renting is more flexible than owning, nothing can stop you giving your Landlord notice to leave if you get a job offer in other areas, for example.
It’s challenging for a Homeowner. You will have to decide whether you want to rent out your home or sell it, which can be time consuming and expensive.
Consider this if you aren’t planning on being around the area for the long term, is it worth buying?
Buying somewhere needs to be viewed as a long-term investment.
As a tenant, your landlord should be responsible for any significant repairs. Some Letting Agents and Landlords are better than others when it comes to repairs, however, and even if you are renting, you might end up doing some minor maintenance of the property yourself.
It’s all down to the homeowner to ensure the property is in the best living condition of any mortgage taken out.
Contrary to what some people might say, owning your own home is not for everyone. If you are young and moving in with your partner for the first time, there’s nothing wrong with renting for a while. Things don’t always work out the way we plan, and it can be tough to get removed from a mortgage.
Buying a home is an enormous financial commitment, and you need to consider all the options before going straight in if you decide to rent though it might take you much longer to save up for a deposit.
Everyone is entitled to their opinion, and most people end up seeing more upsides to buying rather than renting.
Whether you’re renting or paying a mortgage, you’re making monthly payments to live somewhere, and most would rather see this go towards their benefit than someone else’s.
It’s sometimes just a case of getting your timing right and being in the correct financial position to be able to proceed.
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.
Whether you are a First Time Buyer in Harrogate actively viewing properties or a Home Mover in Harrogate with your house on the market, you may have noticed that some of the larger estate agents and builders are very keen for you to use their in-house mortgage advisor and conveyancing services.
Being part of a stand-alone mortgage business we receive lots of feedback as to what sales tactics can be used, examples of this are;
“Keeping everything under one roof is easier with one point of contact”
“If you use our services it will give the vendor peace of mind that everything will go through smoothly”
“You need to come in and see our mortgage advisor for your offer to be qualified”
“Your offer is more likely to be accepted if you use our mortgage advisor”
“We get better deals than most brokers”
“Everything is likely to go through quicker if you use us”
“We will do all of the chasing of the solicitors for you and they’ll be more responsive to us due to the amount of work we send them”
“We’ll give you a free carpet/washing machine if you use our (extortionately priced) recommended conveyancing service”
Remember, when negotiating a purchase price, do you really want the seller of your property having access to your personal financial situation and potentially knowing your maximum borrowing?
Embarking on the journey of moving to a new home in the town of Harrogate is an exciting endeavour. Amidst the excitement, it’s crucial to have a clear understanding of the financial aspects that come into play during this process.
One of the most common questions prospective first time buyers in Harrogate and home movers in Harrogate have is, “How much will this all cost?” To provide you with comprehensive insights, here’s a detailed breakdown of the fees and expenses associated with buying a home in Harrogate.
If you’re selling your current property, estate agency fees become a consideration. With the rise of online estate agents, the cost of selling your home can be as minimal as £500 for a basic listing on prominent platforms like Rightmove.
For those seeking a more personalised and localised service with a dedicated sales negotiator, the fee could range between 1-2% of the property’s value.
Mortgage lenders often require a property valuation to ensure that they are lending against a suitable asset. Valuation fees can vary significantly, ranging from nil (for basic valuations with some lenders) to several hundred pounds for a comprehensive home buyers’ report.
For more intricate properties, a full building survey might be recommended, incurring additional costs. The decision between these options often hinges on the property’s age, type, and any specific concerns.
While certain mortgage products offer tempting interest rates, they may be accompanied by an arrangement fee payable to the lender.
Some products have varying fees, with it entirely depending on the lender and the specific product. These fees can be paid upfront or added to the mortgage balance, though the latter incurs additional interest charges.
Our team of mortgage advisors in Harrogate ensures a fair comparison by considering all fees when evaluating mortgage deals.
Securing the services of a solicitor is a pivotal step in the home-buying process. The fees quoted by various firms can vary significantly. A ballpark estimate for straightforward property purchases from local firms is around £600 for a low-value property.
When requesting quotes, it’s essential to ensure that the figure includes VAT and any “disbursements,” which encompass fees such as land registry fees and local authority search fees. Additionally, verifying whether your chosen solicitor is on your mortgage lender’s panel is crucial.
In addition to solicitor’s fees and disbursements, Stamp Duty is an unavoidable tax collected upon the completion of a property purchase. The amount payable is determined by the property’s value. For instance, a residential purchase of £180,000 would incur a Stamp Duty of approximately £1,100.
Relocating your possessions to your new home comes with varying costs, contingent on the level of service you seek. Opting for a do-it-yourself approach by renting a van can keep expenses below £200.
On the other end of the spectrum, choosing a full-service removal company can lead to costs surpassing £1,000.
Many schools now only offer Newly Qualified Teachers (NQT’s) a 12-month initial contract as standard. This can prove a problem for many Teachers if they want to buy a property because most of the High Street Mortgage Lenders will class them as a “Contract Worker” and as such will require you to have 12 months in the role.
Fortunately, some smaller Lenders are more sympathetic to this situation and will consider an application without the 12-month history. Some of the key things that can be considered are as follows:
Getting a mortgage as a newly qualified teacher can sometimes require some specialist mortgage advice in Harrogate from a Mortgage Broker in Harrogate, so if you are struggling, don’t hesitate to get in touch.
During the time that you’re looking at properties, you may see a certain one which catches your eye and will make you want to put forward an offer. Putting an offer is a factor in the mortgage process which is just as important as any other step in the mortgage process and needs to be approached carefully.
Whilst you’re looking at properties and wanting to make an offer, you need to remember that other applicants will be searching the market at the same time which makes it so as you need to put yourself ahead of the game. You should make it so as you give yourself the best chances of getting your offer accepted.
If you do have your eye on a property and you have everything organised – you’ll never beat a cash buyer even if their offer is slightly less than the one you proposed as they there will be fewer complications involved with their process. But luckily, there are not many apparent cash buyers in contemporary settings.
The best thing that will help increase your chances is to prove you’re able to be organised the first step is to send your Mortgage Agreement in Principle to your Estate Agent. If other applicants haven’t already sent theirs off then it will make it so as you are further along in the process. If your case is straightforward we may be able to offer ‘same day service’ for this documentation.
As is always the case, buying a house is a negotiation process. If the first offer in which you make is accepted then chances are you offered too much. More often than not, your first offer will normally be rejected. But there is no need to worry because after this you will be asked as to whether you want to increase your initial offer. This means you are able to offer less in the first instance – so don’t be afraid to.
If your second offer goes on to be rejected, then sometimes it just means you may be left with the sole option of being willing to pay the original asking price which happens mostly if the property is relatively new to the market. In some cases, you have to walk away and find somewhere else.
Some property websites such as Zoopla and Rightmove let you see the sold prices to inform you or whether the asking price looks similar to the ones around it. The data shown on these kinds of websites is obtained from the land registry so you can rest assured it is valid. However, some houses do sell lower than others which are surrounding them but there will be reasons for this.
Some houses if they are being sold lower than you expected, can sometimes be down to such reasons as being repossessed, sold to a sitting tenant at a discounted price or it was an inter-family sale.
Whether you are a First Time Buyer in Harrogate, Home Mover, a landlord looking for a Buy to Let Mortgage or a Self Employed applicant, we are sure that you will find our mortgage advice service extremely useful. If you’re stuck on how to make an offer, please feel free to get in touch, we are more than happy to try and help.
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Harrogatemoneyman.com & Harrogatemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Harrogatemoneyman.com & Harrogatemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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