With house prices booming as they have in recent years, people have been very keen to get on the property ladder sooner rather than later. Many will have made a sound investment and be perfectly happy staying where they are. Others may already be thinking of moving onwards to something bigger and better.
After all, everyone’s circumstances change – you may have had a promotion or two, or you could be a couple thinking of starting a family.
So before you get that second mortgage, here are a few things to think about:
Do some investigating to see how much your property might now be worth. Check with local estate agents for similar properties or look on Nethouseprices – this website tells you how much properties in your area sold for, based on data from the Land Registry.
Use this to work out roughly how much equity you might have in your home – this will give you an indication of how much deposit you will have for your next property (as well as covering those necessary legal and moving fees).
Start looking for somewhere new. But make sure you take your time.
When you have found something you absolutely ‘must have’ and you want that second mortgage, why not check out the great rates on discount trackers and fixed rate mortgages from Direct Line. Our mortgage calculator can work out how much your monthly payments would be, and you can even apply online.
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