What’s putting you off moving? Setting aside a sluggish property market, it seems that, for many of us, it’s the thought that the process is just too stressful. The costs, finding a new mortgage, lack of certainty about a new area or a fear of the unknown has put off 60% of homeowners1 placing their current home on the market and looking for a new one.
It’s often said that moving home is more stressful than getting a divorce, having a baby, starting a new job or getting married. On the flip side, 62% say they are happier once they have actually made the move, so the key to a successful move is to identify the potential sources of stress and uncertainty and do all you can to eliminate them.
Some of us like change in our lives but for others who like familiarity it can be a source of anxiety. A new area, commute schools and healthcare can be enough to make you decide to stay where you are. So, in preparation, spend time in the new area, talk to potential neighbours, check out the local amenities and visit at different times of the day/week to check noise levels. Addressing each of these issues will hopefully make you feel in control and more positive.
Finding a new mortgage
The finances of a move may be your biggest worry. Whether you need to increase the size of your loan, transfer your existing mortgage or find a new provider, speaking to us early in the process, even before you have identified your next home, allows you to consider your options and review the likely repayment costs.
Yes, there are some unknowns involved in a move but remember that for many it’s a change for the better.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.