by admin | Nov 19, 2021 | Mortgage News
In one sense, completing on a property is “job done”. Emotionally and financially, these are the most significant parts of moving. However, this is just the start, and there is a long list of other considerations that are, yes, you’ve guessed it – costly. Moving your possessions from A to B. Getting settled into your new home. Updating your contact details with relevant parties. Read on to learn more…
Moving your possessions
If you have anything more than a car boot’s worth of belongings, you’ll probably need help getting them from one home to another. This typically means either renting a van or getting movers. If you’re offered the chance to borrow a vehicle, make sure that you’re adequately insured to drive it.
If you’re using movers, it’s advisable to look at their reputation and headline price. Quality of service is worth paying for, especially in a potentially stressful situation, like a house move. However, you may be able to save some money by booking in advance and timing your move strategically. For example, move mid-week instead of at the weekend.
Also, only move what you need to move. Use up consumables (like food) as much as you can. Declutter anything you’re not using and not going to use. If you can start this process well in advance, you may have the option to sell some of your unwanted belongings. Even if you can’t, however, moving them on will reduce the amount of stuff you need to move.
Do you need temporary storage?
If you’re moving to a bigger home, you should be able to get all your possessions inside it. If, however, you’re downsizing, you might want to consider using temporary storage. Generally, you want this to be near your new home so you can access it easily. This may require you to move your stuff and have the movers deliver it to two locations.
Using temporary storage allows you to do the bulk of your decluttering after you move. This can be a better option if you have many personal items to deal with. It puts you under less pressure, but the fact that you’re paying for storage can be motivation to tackle the job.
The insurance issue
You should have insurance on your new home from when you exchange contracts. The buyer will be responsible for any issues with the property from that point. You should also ensure that you have insurance coverage for the moving process. If you use professional movers, check that they are insured. Likewise, if you’re using temporary storage, it’s advisable to have insurance cover for that too.
Redirecting post
You probably do just about everything online these days. Even so, it can be worth setting up a postal redirect, at least for the first month, if not the first quarter. Some organizations do still use letters for certain forms of communication.
What’s more, there may be a delay between you informing them of your move and them updating their systems. If letters were already in the pipeline, they might still be at your old address. A postal redirect will catch them.
Think about cleaning
This one is a personal decision, but it’s worth considering. If you want your new home given a proper deep clean before moving into it, you either need to do it yourself or pay someone to do it for you. There is a relatively strong argument for hiring professionals as they may have tools, products and skills you don’t.
Budget for new purchases
Assume you will have to buy some new items for your new home and budget for them. It’s better to have the budget and not use it than to find yourself needing to spend money on unplanned expenses.
Why use Coombes & Wright Mortgage Solutions?
We are an award-winning mortgage & protection broker providing local, flexible, friendly advice. Our head office is in Brookmans Park, Hatfield, and we have advisers in Abbots Langley, Hertfordshire, London and Dover and Canterbury in Kent.
Our team has over 100 years of combined property and mortgage industry experience. Jointly, we have helped and advised thousands of people at all levels of the property ladder. We pride ourselves on personalised service, exceptional customer care and a friendly approach.
by admin | Sep 3, 2020 | Insurance News, Mortgage News
Even a global pandemic couldn’t keep the UK’s housing market closed for long and now it’s very much back in business. In fact, it’s moving into peak house-buying season. This means that both buyers and sellers need to think about what they need to do to make their moves happen. For most buyers, that means getting a mortgage. In fact, it means getting the right mortgage.
Getting the right mortgage can make such a huge difference to the overall state of your finances, that it’s worth taking expert advice to get the very best match for your situation. It may save time if you consider the following points before your appointment.
Do you want a fixed rate?
Currently, this is likely to be a major issue for many (potential) borrowers so it’s worth thinking about carefully. The key point to understand is that the major benefit of a fixed rate is stability. You will know exactly how much you are going to pay each month over the payment term.
There is, however, a cost to this stability. Lenders know that they are the ones shouldering the risk of interest-rate rises and they factor this risk into the cost of their products. In other words, a fixed-rate mortgage may end up costing you more than a competitive floating-rate product.
What’s more, fixed-rates are offered for set periods (again to mitigate risk). This means that you need to think about what you will do once the fixed period ends. If you simply drop onto your lender’s standard variable rate, you may well end up finding yourself getting a very poor deal for your money. You could ask your lender to switch you to a new product. If, however, they won’t, or you don’t like their other offers, then you’re looking at paying the more expensive rate or remortgaging with all that implies.
A note on negative interest rates
There has been some speculation in the media that the Bank of England could end up implementing negative interest rates. This may leave borrowers wondering what it could mean for them. The first point to note is that, at present, the issue of negative interest rates is pure speculation. The second point to note is that, even if it does, there is absolutely no guarantee that it’s going to result in a bonanza for borrowers.
Those on a fixed rate are not going to see any change. That’s exactly what a fixed rate means. It doesn’t change no matter what happens. Those on variable rates could, in theory, see themselves being paid to borrow. In practice, however, they may find that there is a clause in their contract which says that their rate will never drop below a certain amount no matter what happens.
Obviously, borrowers are free to remortgage (assuming they meet the relevant eligibility criteria) but it’s hard to see UK lenders falling over themselves to issue mortgages which effectively cost them money. That’s before you get into the issue of assessing affordability and thinking about how borrowers would cope when life returned to normal.
Is a traditional repayment mortgage right for you?
For many people, a traditional repayment mortgage is exactly the right way to go. You pay off the capital and interest over the life of the mortgage and at the end of the term, you own your house outright.
There is, however, a difference between many people and everyone. For some people, interest-only mortgages are the most sensible option, even in the residential market. For others, offset mortgages could offer welcome flexibility in uncertain times.
Even buyers who do want a traditional repayment mortgage may prefer one with more modern options, such as the ability to take payment holidays or to drawdown equity (both within agreed limits).
Your property may be repossessed if you do not keep up repayments on your mortgage.
Equity release refers to home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration
by admin | Aug 11, 2019 | Mortgage News
Family homes are great for families, but once children fly the nest, they can suddenly become a whole lot bigger than one or two people need, or want, on their own, and for all the happy memories they have helped to create, it’s often the right decision for people to move onwards and downwards, into a cosier home, which requires less cleaning and maintenance. Downsizing can seem like an intimidating task, especially if it’s been a while since you last moved, but there are many advantages to it, such as releasing equity in your current home, allowing you to move somewhere better suited to the final stages of the ageing process and, last but by no means least, allowing you to clear out your physical possessions at your own pace. If you’re one of the many people who are thinking about downsizing, here are some tips to get you started.
Persuade children/grandchildren/other people to clear out any remaining belongings
If you’ve been living in the same house for an extended period, while the young adults (or other people in your life) have been moving around, then your home may have become an unofficial storage unit. Start your downsizing journey by speaking tactfully to the relevant people and, where possible, encourage them to move their stuff from your home. If they’re really not in a position to take back their belongings and you still want to help them, then you may want to add helping them with a storage solution to your list of downsizing tasks.
Downsize your possessions working from the every day to the sentimental
There are varying approaches to downsizing and you might want (or need) to try out a few before you find the one which works for you. Two common approaches are to start by item and to start by area (or you could try starting with specific items in a specific area). Whatever approach you choose, you may find it easiest to start with items which are purely functional before working your way towards items to which you have a sentimental attachment. When you do come to sentimental items, remember that the extent to which you purge is entirely up to you, so if you have a genuine emotional attachment to something, then it’s perfectly reasonable to keep it, however, you might also want to consider the option of taking a picture of it and moving it on to a new home to make someone else happy.
Photograph your home (and garden) in “sale-worthy” condition
Whatever your future plans, it makes sense to achieve as a high a price as possible on your current property, even if you don’t need it now, it may be helpful for later in retirement or you could give it to someone else (or your favourite charity). A standard part of the sales process is to put your existing home into the best, possible condition, such as by undertaking any outstanding maintenance tasks (indoor and outdoors), refreshing the decoration and decluttering. This could be a great opportunity for you to photograph your home looking its absolute best and you could even get your photos bound into a photobook as a lovely souvenir of your family home. The photos you take are likely to be very different from sales photos, which are created to show off the house in a way which allows a potential buyer to visualise themselves living in it. These photos are a hugely important part of the sales process and if you choose to sell your home yourself, you may wish to organise a professional photographer to take them for you. That said, you may find that opting for a traditional estate agent offers a higher level of convenience and can be more economical than you might expect.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Recent Comments