When it comes to deciding whether moving is the right decision for you, there are a lot of different factors to consider. If you’d like some advice, you can always book a free 45-minute video or phone call with a Barclays Money Mentor, who will be more than happy to talk you through your financial position and discuss the home buying process.
During your session, your Money Mentor will give you the opportunity to ask any questions that you may have about the entire moving process. Take a look at these FAQs, which have been answered by a resident property expert at Barclays...
What will I be able to afford on my own vs with someone else and what if they are currently out of work, on maternity etc.?
If you buy with a friend or a partner it may increase the types and number of properties you can afford. That’s because by combing your income, you could have the potential to borrow more – however, it also means your monthly mortgage payments are likely to be higher.
It helps to prepare by planning for the future, which means factoring in any maternity leave or having a plan in case you experience an unexpected loss of income. The best way to get an idea how much this will affect how much we can lend is to use our affordability calculator.
Can I afford to move right now? What would be the impact of delaying a move?
If you move now, you will get a property you know you can afford now. It may not be the home of your dreams, but it will be your home! Delaying moving will give you time to save up and get pay rises to buy a bigger or better property, but you risk the property prices rising faster than you can save or increase your earnings.
What are the real costs of moving home and how much do I need to budget/save for?
You’ll normally need to have money for a deposit and to pay a solicitor. You may pay for a survey and/or valuation and depending on the price of your property, you may also have to pay government stamp duty when you buy. Moving costs and insurance are something you should also consider. If you have a Barclays savings account, you can set up a savings goal to buy your first home and use the calculator to help you get an idea of these costs.
What impact will my credit score have on my ability to buy a home and what can I do to improve it?
You’ll need a good credit score to get a mortgage, but it doesn’t have to be perfect. It helps to get organised, check your credit report and read tips on how to stay on top of your credit.
You should avoid missing any payments, applying for too many things and forgetting to update your address.
For more information about what all of this means, check out Barclays’s guide to improving credit.
What factors do I need to consider (e.g., schools, community, commute, space vs location, period vs new build)?
You should take all these factors into consideration and then decide which of them are more important to you. Most people will not be able to match all their preferences with their budget, so consider where you can compromise and what your top priorities are.
What impact will moving home have on my current lifestyle?
Owning your own home brings with it a great feeling of satisfaction, but it also means more responsibility and possible impacts on your disposable income. As well as your mortgage payments, you’ll also have to factor in upkeep costs, and anything you do or buy to make the house feel like your own. It will help to consider what you can afford and complete the Barclays budget planner now and then again once you plan to buy your home.
How can I finance any additional home move costs or home improvements?
You should consider this in advance as part of your savings plan, but it could also help talk to your family. You may find they’re able to contribute to your deposit or help with other things such as moving your furniture, so you don’t have to pay for a professional service.
What price can I realistically hope to achieve from the sale of my current property?
You should look online to see how much similar properties in your area have sold for recently as a starting point. Most people will then sell their property through an estate agent, either a local company or online. Shop around to compare the fees and service you’ll get before you commit to anything with them.
What kind of property will provide the best return on investment or help me to progress on the property ladder?
It’s very hard to predict future property prices either in an area or type of property, so you should focus on somewhere you’ll be happy for the foreseeable future. If you can, decide whether it matters more to you to have more disposable income to fund your current lifestyle, or whether you can afford to live more frugally and save up for your next move, or invest in a Buy to Let property.