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Getting all your ducks in a row
(I don’t have any ducks in a row pictures, but I happened to have some seagulls in a row AND a pile of seagulls after my trip to Brighton at the weekend 😉 )
What do I mean by this?
Well, making sure everything’s ready to go, whenever you are.
When it comes to moving house, things tend to move quite quickly.
You think about it for a while. Get used to the idea of packing and upping sticks. Consider the upheaval it may cause.
And then, when you’ve decided you can deal with it, you have a flick through Rightmove and then find the PERFECT new home.
Then you have a look at it. Then you want to put an offer in. But where are your ducks when you need them?
I’d suggest you start planning at the point you start “thinking about it”. 
How much is your current home worth? (Or, if you’re a first-time buyer, how much deposit do you have?)
If you’re a home mover, what is your current mortgage value? The difference between your current property value once your existing mortgage has been redeemed (the EQUITY) and any estate agent fees are paid, is going to be the deposit for your new home.
But if you haven’t got any savings, you’re going to need to account for stamp duty on the new purchase and any removal fees and legal fees.
Then you are likely to need to apply for a new mortgage (you could transfer your existing mortgage to the new property but you’re still going to need to submit a mortgage application to your existing lender).
So, do you have all your payslips and P60 readily at hand?
If you’re self-employed, do you have all your tax returns and tax year overviews available?
Have you checked your credit report? Do you know exactly what your current outgoings are?
Have you spoken to a mortgage advisor or lender to check your mortgage affordability?
Have you considered a decision in principle before you start viewing?
A decision in principle is NOT a guarantee of a mortgage as the underwriting process will assess your documentation as well as the suitability of the property for mortgage purposes. But it’s a good indication to your estate agent and a prospective vendor that you’re serious and have your ducks (or seagulls) in a row (or pile!)
Have you had an offer on your own home?
Will you be considered “proceedable” by the estate agent and/or property vendor?
If you have an offer on your existing property already (or you are a first time buyer or a cash buyer) you are probably going to be higher in the pecking order than someone with a property still to sell.
Have you checked the property is likely to be acceptable to a lender (any “quirkiness” will need to be checked – is it considered a commercial property, an agricultural property, does it have any restrictions on the title, is it above or adjacent to a commercial property?)
Once you have considered all of the above, then your ducks and seagulls are marching to the beat of your drum, and I’d suggest you’re pretty well prepared to embark on your new venture.
Good luck and you know what to do if you need any help. ❤️😘
Heide x
Get in touch:
Telephone: 01525 309300
Mobile: 07903 302895
Email: heide@swift-mortgages.com
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