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Moving home options

Your home may be repossessed if you do not keep up repayments on your mortgage.

It can be a confusing time and stressful when it comes to moving home, which is why we have created a guide that will take you through your options and the various things you will need to remember when it comes to buying a property. For more information on what to expect when selling a property, please see our ‘selling your property’ guide.

Low Cost Ownership Options

Sometimes moving home just isn’t feasible for everyone, even if you do have a property to sell to put towards the cost of a new one. Here we have listed some low cost ownership options designed to help you move up the property ladder even if your finances are a bit tight.

Shared Equity

Although you will not have to share ownership, with this option you will have to take out a mortgage and an equity loan to finance the purchase of the property, you will also need a deposit as well. You are usually charged a low rate on the equity loan for the first few years of it being taken out and when it comes to the time you eventually do sell your property you will need to pay off the mortgage, the loan and a proportion of the increase in equity, if there has been any over the time of your ownership.

Shared Ownership

You will own a share of the property with another party, this will usually be a housing association and you will pay them rent on their half of the property, as well as pay a reduced mortgage payment on your share of the property. This reduces costs and comes with the idea in mind that eventually you will increase your share of ownership until you own all of the property outright.

Rent to Buy

This option allows you to rent with the future expectation that you will eventually buy the property at an agreed price. This will ensure that you have protection in place should the market property prices rise, and usually the rent you have paid is given back to you which you can then put forward as a deposit.

Repossessed Property

Repossessed properties can be an excellent way of picking up a house at a reasonable price, although mortgage lenders aren’t keen on disclosing how many repossessed properties they have, you are entitled to ask if there are any deals available. Keep in mind that some repossessed properties may require some work, but often you would be surprised at the properties available.

Property Auctions

Property auctions can also be a great way of getting a property below market value, although you do have to take into account the risks involved with buying at auction, such as the fact that the typical surveys have not been conducted before bidding begins.

Viewing a property

When you’re viewing multiple properties it can be tricky to remain focused on what’s important to you and remembering what to ask when viewing. So we have created a few reminders which should help put you on the right track.

  • Remember your property requirements and needs, why you are moving and the essential features your new property must have
  • Look at how suitable the property would be for your lifestyle
  • Take a friend or family member with you who will be able to give you another opinion and might see things you don’t
  • Don’t be embarrassed asking to look around certain areas of the property again if you wish
  • Try to ignore the decor as you’ll be putting your own stamp on the property if you were to buy it
  • Consider the outside of the property, both front and back gardens
  • Check what the sellers intend to leave behind or include in the price
  • Ask questions such as ‘what are the neighbours like?’ ‘Is it a quiet area?’ ‘What is the public transport like?’ ‘What are your average utility costs?’ You are also well within your rights to ask to see the energy performance certificate

When you have found a house you love, made an offer and your mortgage application has been accepted then it is time to arrange surveys and insurance for the property.

Home Buyers Report

  • This survey is designed for properties that are within a reasonable condition and usually under 100 years old
  • Surveyors will check visible issues and advise you on whether a further extensive report is required
  • If there are any faults in the property the surveyor will advise you on the repair costs but you won’t receive any specific details of the faults

Building Survey

  • This is a detailed property report that is usually carried out on older properties, or properties that have had major work done on them such as extensions or renovations
  • This survey will let you know the details of any major or minor property faults and provide you with estimates on how much it would cost to repair the identified faults
  • This survey is more expensive than the Home Buyers Report but will provide complete peace of mind for any buyer

Protection

You’ll need to organise some basic protection for your new home, but it is always wise to consider additional protection so you are covered whatever circumstances may arise.

Here we have listed some of the types of cover you should consider taking out to ensure you have comprehensive protection, should you have any further questions about insurance please contact one of our advisors for further details.

Buildings Insurance

This insurance will provide you with protection for any damage to your property, the extent of financial cover you receive for damage will depend on the level of policy you take out, so it’s always best to ask how much you are covered for before agreeing to a policy. This insurance is a necessity and most mortgage lenders won’t complete without some level of buildings insurance protection in place.

Content Insurance

Contents insurance can provide you with essential cover should any of your treasured items become lost or damaged in or outside of the home. Although usually considered just an extra expense, this protection is highly affordable and means that when the inevitable time comes where an item does become damaged or lost, you won’t find yourself facing a nasty bill to replace it.

Critical Illness

Should you become critically ill and unable to work this cover protects you by providing the finance to pay bills, mortgage repayments and even in some cases covers treatment of the illness as well. Remember to always check your level of financial cover to see exactly what eventualities you are protected against.

Life Assurance

If you were to become terminally ill or die unexpectedly, life assurance protection would provide a lump sum to your next of kin which will help them with any costs they might encounter in the future.

Income Protection

If you were to unfortunately become too ill to work then this insurance would provide you with a monthly lump sum.

There are lots of different options to consider when it comes to moving house, the most important thing to remember is to go in with your eyes open and have a clear idea of what you need from your new property, and we will help organise and provide guidance on the rest.

If you do have any further questions about moving house then please feel free to consult our other moving house guides, or contact one of our advisors who will be happy to help you further.

Company Registration Number: 08318842

Taylor Rose Financial Services Limited is an Appointed Representative of Intrinsic Financial Planning and Intrinsic Mortgage Planning who are authorised and regulated by the Financial Conduct Authority. Taylor Rose Financial Services Limited are registered in England and Wales.

Registration Number: 08318842 Registered Address: Northminster House, Northminster, Peterborough, PE1 1YN

© 2017 Taylor Rose Financial Services Limited. All rights reserved.

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