Trading Up Mortgage

It is an extremely stressful time when you move house; in fact, many claim it to rank up there with having a new baby and divorce.

Whether that is true or not, it is still extremely stressful and most people could do with some help and advice, particularly when they are seeking a good trading up mortgage deal while at the same time dealing with the trials and tribulations of the move.

You could use building societies, banks or specialist lenders, but a mortgage broker is your best bet because they will do most of the work for you, allowing you to focus on the move itself. You will not only suffer less stress, but also save time and spend less money. Your current mortgage lender may not be offering you the best deal, and trading up mortgage makes sense at this time.

Moving Expenses and Costs

Before doing anything, you should establish exactly how much money is available to you in order for you choose the right price range to look at.

In addition to the cost of the home you have several other costs that will hit your budget, namely:

• Stamp Duty - not always applicable, but you have to find out.
• Legal costs - these depend on the house you are buying plus other factors.
• Fees charged by the real estate agent - again based on the price.
• Valuation fees - a valuation is essential if you are to get a mortgage.
• Structural survey - can be part of the valuation to save on cost.
• Home and Contents insurance, and life insurance.
• Perhaps mortgage protection insurance - to cover your repayments in the event of redundancy or illness.

Each of these has a cost implication and has to be considered, even if all might not apply to you. There is also the deposit, if your mortgage does not cover 100% of the cost of your new property.