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Is it time for a bigger home?

Many people buy their first home, and within a few years, decide that it is time to move to a larger house. There are many reasons for buying a larger home, like starting a family, getting married or even getting a promotion, but what should you consider before you up sticks?

Your finances will usually be the main factor in whether or not to move up the property ladder. Moving to a larger home, or a property in a more desirable area, will generally mean that you need more money. Although you may be able to comfortably afford your current mortgage, you may want to consider whether a larger mortgage would stretch you financially, especially if interest rates were to increase.

If you need to borrow more money to buy a larger home, you may find that it is more difficult to obtain a mortgage than it was previously, which is where a CeMAP qualified mortgage advisor may be able to assist you. Lenders now have much tougher affordability rules, which may mean that you aren’t granted a mortgage.

Before you can buy a new home, you will probably have to sell your existing home, which will hopefully generate a sizeable profit. However, an unstable property market may result in you struggling to obtain a sale, or even having to reduce the sale price.

There are many factors to consider before deciding to move to a larger home, and a professional will be able to offer advice that may make it an easier process.

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