As a Mortgage Broker in Newcastle, we have seen every reason under the sun to why someone may consider Moving Home. Although, when it comes to Moving Home in Newcastle, we see a lot of similar scenarios between our customers. Here are the main reasons why people may want to move home in Newcastle, you might find a similar situation to yours:
According to results made available by Dataloft, 37% of borrowers who wanted to move home said that it was because they wanted a bigger place to live. This makes sense as we usually see First Time Buyers starting their mortgage journey in a smaller place and then further down the line their circumstances change and want to move into somewhere with more living space.
People who are also thinking about starting a family soon may want to move into a larger house. Once you have children, a smaller house becomes even smaller. This can get complicated, especially when everyone starts arguing about who gets the bathroom first!
On the other hand, there are other ways to make more living space. Have you ever heard of raising capital to Remortgage your property for a home extension/conversion? This is a popular option for homeowners who don’t want to move out but want to invest in their current home. It allows you to continue building onto your dream home whilst making more space. It will also add property value which could help you out if you come around to selling it in the future.
Sometimes people just want a change of scenery and there is nothing wrong with that. In fact, studies show that 24% of borrowers said that this was the reason why they wanted to move home. As a Mortgage Broker in Newcastle, when we work with home movers they often say that they had a low budget as First Time Buyers and now they want to invest in a home in a different area with higher-end properties. Chances are that these borrowers now have a higher income and want to live in a more affluent neighbourhood.
People don’t really consider the choice of schools when moving into their first home as they may have not even thought about starting a family yet. People who have started a family or are planning to will always factor in local education when they are looking at where to move.
Another 17% of home movers said that they moved home to be closer to family and friends. Usually, this situation comes around when couples decide to start a family. If both parents are working full time, then it is more than likely that they will ask their own parents to help them out with childcare. Private nurseries can be expensive and sometimes parents find it hard to work around nurseries due to distance etc.
Most First Time Buyers will always choose to buy over renting, however, people Moving Home in Newcastle may consider the other side of the coin. Whether you’re renting or buying, the monthly payments are roughly the same anyway. Either way, moving home can be a tricky decision. Like we said before, if you don’t want to move out but want more living space, maybe it’s time to speak to one of our Remortgage Advisors in Newcastle who will help you find a great deal to raise money for home improvements.
If you are thinking of Moving Home in Newcastle and these situations are the same as yours, don’t hesitate to get in touch with your Moving Home Mortgage Advisor in Newcastle today. They will calculate your maximum borrowing capacity and give you a quote on your monthly payments.
Even if you are looking at remortgaging, you can get in touch today and we can pass you onto Remortgage Advisor in Newcastle and they will be able to answer all of your remortgage questions.