Moving Home Mortgage Advice in Leeds
As a mortgage broker in Leeds, we have helped numerous customers with varying motivations for moving home in Leeds. We have noticed that certain reasons tend to be more common than others. In this article, we will explore the most common reasons why people look to move home in Leeds.
More living space
Over the years, our experience as a mortgage broker in Leeds has shown us that many borrowers opt to move home for various reasons. One of the most common reasons is the need for more living space.
This is especially true for first time buyers in Leeds who often start with a smaller and more affordable property but later require more extensive living arrangements, such as starting a family.
That said, moving home in Leeds is not the only option available to those seeking more living space. A popular alternative is to raise capital through a remortgage and use the funds to build an extension or conversion.
This is an excellent choice for growing families who require extra space and wish to avoid the hassle and costs associated with moving home.
We have observed that some parents choose to convert their loft into an additional bedroom for their children, freeing up space in other areas of the home. The spare room can then be transformed into a gym, home office or any other space that meets their needs.
Additionally, some homeowners may choose to remortgage for home improvements to increase their property’s value when they decide to sell it in the future. Whatever the reason may be, we can help you find the best remortgage deal for your situation.
Change of scenery
At times, borrowers may also want to change their surroundings and explore different areas. This is especially true for first time buyers in Leeds who may have opted for a more affordable property in the past due to budget constraints.
As their financial situation improves, they may desire to live in a more upscale neighborhood. It’s common for people to overlook the importance of the availability of quality schools when purchasing their first home since they might not have considered starting a family yet.
Those who are planning to or have started a family are likely to prioritise the accessibility of good schools in the area when searching for a new home. This is because they want their children to have access to the best possible education.
Family & friends
As a mortgage broker in Leeds, we often come across home movers who express a desire to move closer to their friends and family. This situation often arises when couples start a family and require assistance with childcare.
Given that private nurseries can be expensive, some parents find it challenging to work around their child’s needs, especially if they are located at a significant distance from their family or friends.
In such cases, moving to a location that is closer to their loved ones can prove beneficial as it provides easy access to a support system that can help ease the burden of childcare.
This option can also provide peace of mind for parents who have to work long hours, knowing that their children are in the safe hands of trusted family members or friends.
Buying vs renting
Most first time buyers in Leeds are usually eager to become homeowners over renting. They see buying a property as an investment and an opportunity to build equity and increase their net worth. On the other hand, for people who are already homeowners, the decision to move can be more complex.
While owning a home comes with many benefits, such as stability, privacy, and the ability to make renovations and customisations, it also involves a significant amount of responsibility and financial commitment. This is why some homeowners may consider renting as an option when they move.
When comparing the monthly costs of renting versus owning a home, they can often be roughly the same. For example, whilst homeowners have to pay for mortgage payments, property taxes, and maintenance expenses, renters have to pay for rent, utilities, and renters’ insurance.
Renting typically involves less financial responsibility and allows for greater flexibility in terms of moving around if necessary.
It’s important to note that while renting may be a good option for some, it’s not always the best choice for everyone. For instance, homeownership may provide greater long-term financial benefits, such as building equity and increasing property value.
Additionally, owning a home may offer a greater sense of stability and security, especially for those who plan to stay in the same area for a long time. If a homeowner doesn’t want to move out but needs more living space, one option to consider taking out remortgage advice in Leeds.
They can provide guidance on finding a great deal to raise money for home improvements, such as building an extension or converting a loft into an extra room. This can allow homeowners to stay in their current home while also meeting their changing needs for more space.
Speak to a Mortgage Advisor in Leeds
Are you considering moving home in Leeds and wondering about the potential costs? If so, it’s a good idea to speak with a mortgage advisor in Leeds from Leedsmoneyman. Our team can help you calculate your maximum borrowing capacity and your monthly payments.
If you’re also considering remortgaging, our team can help connect you with a remortgage advisor in Leeds who can answer any questions you may have and guide you through the process. Whether you’re moving home or looking to remortgage, our team is here to help.
Date Last Edited: December 6, 2023
