Moving Home

Moving Home

Moving House is an experience that people can find very stressful. Usually moving house comes with complications because you have to balance work and family life. It is often the biggest purchase that you can expect to make in a lifetime and also the biggest investment. And the strain is only greater if you’re a first-time buyer.

There’s so much you have to think about, including things that you might not initially expect. What kind of deposit do I need? Who should I choose as a lender? What about the optional benefits? What schemes are out there that may be able to help? Who should/can I use as a guarantor? And then there’s the matter of being able to keep up with payments monthly, for which you’ll need to have a solid grasp on the figures involving your chosen mortgage. Thankfully, there’s plenty of information out there to inform you about making the right choice.

Here are some key facts involving moving home:

    Around 40% of moves take place less than 5 miles from the previous home
    In an average month, around 100,00 home moves will take place.
    It is believed to be the third most stressful activity we do.
    Due to a general rise in house prices relative to salary, moving house is less frequent on average now with 2 moves per lifetime as opposed to 4 in the past
    Average house price in England is in excess of £250,000.

Further considerations

There are many reasons that people choose to move house. They may want to upsize if their family expands, or downsize if people leave and the residents get older. They may want to move to a better area, to the city or the country, or to relocate for work related reasons. People can move overseas for work or weather, or may move to be closer to loved ones or friends. There are accommodations for all of the may ways and reasons why people move.

There are those out there who look to help those wishing to move for whatever reason. These options also come with a selection of mortgages.

Some common kinds of mortgage

  • Interest-only mortgage – Within this agreement, as the name suggests, you will only be paying back the accrued interest on the mortgage. This is usually done as a precursor to paying off the actual mortgage in full at a later date.
  • Repayment mortgage – The standard mortgage whereby you will pay back both the mortgage and interest over time. Within this category there are several sub-types. You can have fixed-rate where the interest doesn’t change, tracker mortgages which vary with the Bank of England base rate and standard variable rate mortgages which have pre-arranged repayment terms that change over time.

You can secure a discount rate mortgage which usually has a lower initial rate that increases at some point, a capped rate mortgage where the interest cannot exceed a certain level or an offset mortgage where you can balance the value against a savings or current account value.

Whatever step though the process you are, you can find someone that can help you.

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