Save Time and Stress with a Mortgage Broker
Buying a new home while selling your current one is one of the most stressful things that you can go through as a property owner. Both selling and buying come with their own unique challenges, and trying to juggle both can be daunting. With proper planning and sound mortgage advice from a broker, though, you can keep any hiccups to a minimum.
Why is Buying and Selling at the Same Time Hard?
Selling and buying a home at the same time requires perfect timing. You’ll need the proceeds from your current home to fund the deposit on your new one, but you can’t move into your new property until the old one is sold. This creates what’s known as a property chain, and all of these sales need to go through if your move is to be successful. Delays and buyers pulling out can lead to the collapse of a property chain – and more stress for you!
How a Mortgage Broker Can Help
One of the best things you can do if you are trying to sell your home and buy a new one is to work with a mortgage broker.
Coordinated Mortgage Advice
When you’re both selling and buying, you may need to settle your current mortgage and secure a new one, or port your existing mortgage to the new property. A broker can look at all of your options for you and advise you on what the best course of action is for your circumstances. If you choose to port your mortgage, they will be able to liaise with your lender. If you are opting for a new mortgage, they will hunt around for the best possible deals for you.
Saving You Time and Stress
Coordinating the sale of your current home and the purchase of your next means lots of paperwork and phone calls. A mortgage broker can do so much of this on your behalf. By working with someone who understands the entire process and can predict any issues before they arise, you can avoid some of the most common pitfalls and spend your time on all the other preparations that come with moving home.
Top Tips for Moving Home
Alongside all that your broker can do for you, there are steps that you can take yourself to help move the process along.
Get Your Property Ready to Sell Early
It’s a good idea to start preparing your current home for sale as soon as possible. Declutter and carry out any repairs, and work with a local estate agent to present it in the best possible light. The faster you secure a buyer, the easier it is to make an offer on a new property with total confidence.
Get an Agreement in Principle
An Agreement in Principle from a mortgage lender, which can be arranged by your broker, shows sellers and estate agents that you’re a serious buyer. This can give you an edge in areas where properties are in high demand.
Be Flexible
Sometimes, it’s not possible to line everything up perfectly. Be prepared for temporary solutions, such as staying with family or renting for a short while. These aren’t ideal but can help you to secure your dream home in the long run.
What Next?
Buying and selling at the same time is never going to be completely stress-free, but working with a broker can really help! So why not get in touch with a trusted team today?