For this reason, we suggest that you contact one of our mortgage brokers.
He/she will then conduct a free whole-of-market research in order to identify your most suitable lender. Sadly, many borrowers do not realise the vast difference in mortgage product costs from one lender to the next.
For speed, many borrowers acquire mortgages from lenders that they have experience with. This is often a costly mistake.
There are various costs that homeowners will encounter upon selling and purchasing a residential home that they may not have previously experienced. For example, as soon as you become a homeowner, your future purchases are liable to Stamp Duty Land Tax.
Whereas, as a first-time buyer, stamp duty is void for purchase prices up to £300,000 in England and Northern Ireland.
In addition, it is likely that you will require the services of an estate agent to market your current property.
Furthermore, legal fees will be payable for conveyancing. Lastly, if you are redeeming an existing mortgage, further costs may apply.
For example, if you are currently in a fixed interest rate period, an Early Repayment Charge is likely to be charged upon redemption.
This charge can be a significant sum often thousands of pounds.
However, it may be possible for our advisers to remove part, or all, of the early repayment charge by porting your existing mortgage to the new property.
These additional costs mentioned, among others, must be accounted for by the borrower.
We advise that you contact one of our advisers for further information on the upfront and on-completion costings when selling and buying a residential property.
If you are considering a sale and purchase, click the ‘Contact Us‘ button and submit an enquiry form.
You will receive a free consultation with one of our advisers to discuss your requirements in depth.
Authorised and regulated by the Financial Conduct Authority. No: 301141
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