There are several reasons why homeowners make the decision to move; one of the most common reasons is the need for a different size property.
Families often accumulate belongings over time, and as their children grow up and need more space, they find themselves in need of a larger home. On the other hand, retirees or separating couples may want to downsize to a smaller property.
If you already own a property, you may want to explore other options to create more space without moving.
For example, raising capital via a remortgage for home improvements to build an extension, converting a garage into a home office or gym, or even converting the loft. These types of improvements can add value to your home when you decide to sell it in the future.
Another reason homeowners move is to find a better area or more affluent neighbourhood. The quality of schools available in the area is also a major factor for families.
Lastly, some people choose to move closer to friends or family, especially when starting a family.
Leaving behind your first home can be an emotional decision, but we are here to help you explore the pros and cons of moving and taking out a new mortgage versus a remortgage for home improvements.
Our mortgage advisors can calculate your maximum borrowing capacity and provide a quote on monthly payments to help you make an informed decision.