Page 48 - ESPC Magazine - June 2021

MORTGAGE ADVICE

WHAT DOES A MORTGAGE ADVISER AND
DO I NEED ANOTHER DEPOSIT TO SOLICITOR DO IN THIS PROCESS AND
MOVE HOUSE? WHEN SHOULD I APPOINT THEM?
If you are taking on a new mortgage or Your independent mortgage adviser and
porting your existing mortgage when solicitor are crucial in the process of selling
purchasing a new home, you will still and moving home. Once you have decided to
require an element of deposit or equity move, you should reach out to both as early
as required by your mortgage lender. as possible.
This sum can come from the sale of your
existing property, savings or a combination Your independent mortgage adviser can help
of both. you work out the most suitable mortgage
options for you, which will help determine
Your mortgage adviser and solicitor can your budget for moving. At ESPC Mortgages,
help advise you on deposit payments and we have helped many clients navigate the
when these are required. moving process from start to finish and are
happy to help with any questions.
WHAT ARE THE COSTS OF SELLING
AND MOVING HOUSE? You also need a solicitor to sell and buy a
There are lots of different costs associated home in Scotland and they can offer expert
with selling and moving home, including, advice on the local market and the legal
but not limited to, property marketing process of buying and selling a house. All
costs, solicitor fees and removals. You ESPC agents are solicitor estate agents, so
may also need to pay Land and Building they can help with marketing a property as
Transaction Tax (LBTT) on your next well as advising you on the legal process.
property, depending on the purchase price.
CAN I BUY A NEW HOUSE BEFORE I SELL
In terms of mortgages, you should ensure MINE?
to factor in any early repayment charges Choosing whether to buy before selling a
and any arrangement fees for a new lower house or selling before buying will depend on
preferential rate if applicable when you your personal circumstances and the current
are budgeting for your house move. The market conditions as there are advantages
independent mortgage advisers at ESPC and disadvantages to both.
mortgages can help you work out how
much these will be if you do need to pay any.
If you buy subject to sale, you can be
confident you have found the right home for
you. However, some homeowners may prefer
to sell to someone who isn’t relying on selling
their house, which could make your property
search more difficult.

If you sell before you buy, you may find it
easier to get your offer on another property
accepted but might also struggle to find the
right new property for you once you have
sold.

48 ESPC.COM