Do you need to move home soon?

“Least affordable housing market” Speak to your mortgage adviser

Wednesday 19 October, 2022

It has recently been reported by Leeds Building Society that the housing market has reached its least affordable level since records began.

Despite these challenging conditions, people still need to move home. There are a number of different reasons why people need to move, therefore there is a need to ensure that the most suitable mortgage deal is provided.

In this article, Richard Rushworth, our Mortgage Broker in Brentwood & Hertford, looks at some of the reasons people may have to move and how to best secure the most suitable mortgage deal for individual circumstances. 

Relocating for work 

For some, an opportunity to start a new job in a new location is highly appealing. Does this sound familiar? If you have recently found a new job further away from your current home, then searching the property market to find your new home will need to be based on sound mortgage advice. We recommend speaking to a mortgage adviser to select the most affordable property price bracket to search in. 

Richard said “understanding how your new salary, and any possible bonuses, will affect your mortgage application will be an important factor for your exciting move. Speaking with a mortgage adviser will give you the information you need to make your decisions”.

Moving closer to family

Moving much closer to family is often a draw that many families encounter. This could be grandparents moving closer to see the grand kids or families moving closer to parents to help with their support network. As with all types of move, it will be an important part of the process to seek professional mortgage advice as the market is changing quickly. 

Having the correct mortgage options will be one factor in helping to make the move a success. 

Moving to an energy efficient home

With energy prices rising fast, some families are now looking to move to more energy efficient homes to help with the longer-term costs of running their households. Including the mortgage costs of the new home along with energy costs to establish a more accurate budget should help to determine which property will be within their price range. Assessing all potential outgoings against the potential energy savings is essential to making an informed. 

Downsizing to reduce mortgage costs

There will be some homeowners that took out a mortgage when the interest rates were significantly lower than they are now. It is possible, that when having to look at the increases in mortgage costs, it becomes much more difficult to make those payments, therefore a better option may be to move to a more affordable property. 

It is particularly important to ensure that professional and accurate mortgage advice has been provided to ensure that the move is affordable over the longer term. 

In summary

No matter what your reason is to move, it is particularly important in the current climate to seek professional mortgage advice before starting the process. This will provide knowledge of the most suitable mortgage deal for your circumstances.

Thomas Oliver mortgage brokers are often able to access mortgage deals and rates that are not necessarily available in the high street, so it is always beneficial to research the wider market in order to make a fully informed decision. 

If you have decided to move and would like to discuss your mortgage options, please call Richard Rushworth on 01707 872000, who will be happy to help to guide you through the most suitable mortgage product options for your financial situation.  

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