As the crisp autumn air settles in, many people begin thinking about their next home move. Whether you’re buying for the first time, relocating to a new area, or considering remortgaging, now is the time to start planning if you want to be settled in your new home by the end of the year.
Get Your Finances in Order
Before starting your search, take a moment to evaluate your budget. Beyond the price of the property, remember to factor in costs like stamp duty, legal fees, survey costs, and any moving expenses. Mortgage lenders typically offer loans of up to 4.5 times your annual income, but it’s vital to ensure your monthly payments are affordable based on your full financial picture. And there may be other lenders offering more borrowing if you’re in a new profession or are a high earner.
Consult a Mortgage Advisor Early
Speaking with a mortgage advisor early on can give you a clear view of what’s available. Independent experts have access to a wide range of lenders and can help you find the best deal, whether you’re looking for a fixed, tracker, or other types of mortgage. With a bit of luck, they can secure an Agreement in Principle, which can speed up your offer once you find the right property.
Considering Remortgaging?
If your current mortgage deal is coming to an end, or you’re looking to release some equity, it’s the perfect time to explore remortgaging options. With rates fluctuating, locking in a competitive deal now can save you money and provide peace of mind. Aim to start the process around 6 months before your current deal expires to ensure there’s no gap in your payments.
If you’re self-employed, lenders will want to use 2024–2025 income figures if you’re applying after Oct 2025.
Act Fast for a Smooth Move
The autumn months are a busy time for the property market, with many people keen to finalise their purchases before the year is out. If you’re hoping to move into a new home in the coming months, you’ll need to act quickly – the sale, purchase, and all the necessary paperwork can take time. The sooner you get the ball rolling, the smoother the process will be.
For advice tailored to the Brackley market, contact a local mortgage expert. With a little preparation, your move could be easier than you think.
Head to www.mortgagesmart.uk for further information and advice.