It is said that the average homeowner will think about moving house for up to a year before they do anything about it. That is a whole year that you could feel unhappy with your current home. So, when you finally decide that the time is right to make a move, a decision that has not come lightly, it is understandable that you want to make it happen as quickly as possible.
You might have spent time online looking at properties, or even been to view some. Each property that you see sparks the imagination - could you see you and your family living there? Could you settle down in this property and be happy?
You could have even got as far as falling head over heels for your new dream home, making offers and the excitement of negotiating the deal. Your kids might have chosen which room will be theirs, and you have no doubt thought about memory-making things such as where the Christmas tree will look best and summer BBQs in the garden.
Imagine for a moment that you have been wrangling with this decision for months, only to find that you can't move after all. You will fall even further out of love with the property that is holding you to ransom.
This is a very real possibility. Many homeowners have a mortgage, and the majority of those mortgages are tied up within a fixed-rate term. If you were to try to end that deal early, you would likely be penalised with an early redemption fee. This would take much-needed equity out of the budget for your onward purchase.
Of course, you can still sell your property; you will not be held prisoner in your own home. Despite the potential costs, it's important to remember that you have the power to make this decision and move forward with your plans.
But it is not all bad news. There is often an option to port your current mortgage over to the new property. Your best bet is to speak to a mortgage advisor who can help you navigate this process. Their expertise can provide you with reassurance and confidence in your decisions. The guidance of a mortgage advisor can be invaluable in this process, ensuring you make the best decisions for your financial situation. Make sure that you check out new products on the market as well because the mortgage market changes as frequently as the property market, and it may be possible to secure a much better deal than you are currently on, making it sensible to actually pay the penalties and take out a new mortgage altogether.
Contact our team today for more information about selling your home or for a recommendation for an independent mortgage advisor.
