Mortgage For Moving Home
When you are buying or selling a home it is one of the most stressful things you can do in life. Why not let our advisors take a load off for you. We will be able to search a number of lenders to find the best deal from across the market. We will check with your current mortgage lender to see if you can transfer your current loan over to the new property, and if so compare this to the rest of the market to see if this is the right thing for you. We will do all of the paperwork on your behalf and work with your selling and buying estate agents and solicitors to ensure a smooth and stress free home moving process. If you can’t or don’t want to sell, we can put together a plan for keeping your current home to use as an investment. This is know as a buy to let.
With a buy to let property there are a few things that you should know before commiting to it. For example the property will need a particular rental mortgage rather than a traditional residentail one. If you are caught still using a residential mortgage instead of a rental one and the bank might call in its mortgage altogether. A mortgage for a rental property typically have much higher interest rates compared to a residential mortgage. In 2008 many left the buy to let market and a few limped on, so there is plenty of room for new investors that want to make a passive income. One aspect of the buy to let mortgage that helps the purchaser is that they are normally interest only, but if this is your current property and you have value already in the property you might want to keep paying the loan capital off to eventually own the whole of the property and not need a mortgage.
More About Mortgage For Moving Home
If you decide to go with the interest-only mortgage, this will mean that you don’t pay the loan back you only pay the interest on the loan. Then once the agreement comes to an end you can pay back the loan by selling the property. You will also be responsible to the local authority as well as the bank; a rental property has to reach the basic levels of safety, hygiene and energy efficiency. It might be worth consulting your council’s housing department for further advice on your legal requirements before you proceed.
We are a professional finance broker based in Poole, Dorset. We provide mortgages for everyone. We were set up by founder Darren Barrett in 2009 during some of the hardest market conditions the industry has seen. The unparalleled, clear, trustworthy, honest and upfront service offered by Barrett Mortgages has meant our business has thrived during these times when clients have needed more individual and specialist help. All staff and fully qualified, experienced and chosen based on their keenness to provide the best possible experience for our customers. We promise no pushy hard sales tactics and have built a strong reputation which is important to us as we rely heavily on referrals from clients.
Get in contact with us if you are interested in the mortgage advice and help we can provide you with.