There are various different reasons why someone may want to move home, ranging from common to unique. For the purpose of this article, we are going to narrow them down to the most common reasons that we have come across throughout our time as a mortgage broker in London:
Over our years of service within the mortgage industry, we’ve heard of many borrowers that wanted to move home down the size of the property they currently live in.
This is something that we often foresee with customers, as first time buyers in London usually go for a smaller property to start with, only for circumstances change down the line and leave them needing a much bigger living space. An example of this is that they may be looking to start a family and are in need of some extra room. Alternatively they might just generally want a bigger home than they currently have.
Rather than moving home in London, some homeowners look to raise capital by taking out remortgage in order to fund home improvements, such as to build an extension/conversion. This is an increasingly popular option, especially with growing families and could give that extra bit of space you need, whilst retaining a place that no doubt has grown in sentiment over time.
It seems to be quite commonplace for parents to look at converting their loft into a bedroom for a child, leaving any available spare rooms free to be converted into something like a home gym or home office.
There are endless possibilities. People may also take out a remortgage for home improvements, in order to raise the value of the property, just in case they ever look to sell it. This creates opportunity for turning a larger profit from the sale.
In the occasional case, we hear that some homeowners simply wanted a change of scenery and were quite intrigued to try out completely different areas.
You’ll commonly find that this section of borrowers tend to once again be first-time buyers, who had a limited budget and stuck with a lower-end property for the time being, due to slightly more reasonable house prices. It’s likely that these borrowers now have a higher income than they used to and are wanting to live in a more affluent location.
People don’t really factor in the choice of schools on offer when moving into their first home, as at that point in time, the notion of starting a family might not have even been a thought. Homeowners who have started a family of their own or have definite plans to will always make sure they research accessible education within the area they’re interested in moving to.
When taking out their free initial mortgage consultation, some customers tell us that the reason they wanted to move is to be closer to both their friends and family. This sort of situation comes up when couples start their family.
If both parents have full time careers, then they will tend to ask their own parents to help them out with childcare, as a means of cutting costs. Private nurseries are rather expensive to factor into your regular outgoings, especially with a mortgage in tow, and sometimes parents find it hard to work around nurseries due to the travel times.
If you are thinking of moving home in London, you may be interested to know roughly how much moving home will cost. Get in touch with a mortgage advisor in London and they will help you calculate your maximum borrowing capacity, giving an estimated quote on what your monthly payments could be.
For those looking at remortgaging, potentially for home improvements, get in touch today and speak to a dedicated remortgage advisor in London.