It can be difficult enough to get on to the property ladder these days, but moving onwards and upwards can sometimes feel impossible. Even if you know you can pay a bigger mortgage it may be difficult and time consuming to sell your home and get approval from your mortgage lender. This can get very frustrating if you need to move home quickly, for example if you are moving for a new job or need a bigger house to welcome the new addition to your family. However, there might be other options available for you.
Banks are the obvious choice and the go to finance provider for most people. However, what do you do if you want to move quickly and don’t want to hang around waiting for mortgage approval. Bridging finance can be a solution for you. This means that you can buy a new property quickly without having to sell the old one first and a finance company will lend you the money to buy your new property which you can then pay back once you have sold the old one. Companies such as diversefunding.com.au can provide funding for you to ‘bridge’ that gap.
It may be that friends and family could offer you the money you need to move to a new house so it could be worth asking them directly. However, if they do not have the funds for this, a guarantor mortgage might be a good alternative option. This means that a close family member would be able to co-sign the mortgage and guarantee that it will be paid. It may be that your home move dream is not as distant as it seems if you have a willing family member around.
Broaden Your Search
You may have got to the stage where you think you know exactly what you are looking for in your new home. However, if you widen your search a little you may find a bargain property at the right price for you. For example, broadening the area you are looking in could help you to spot cheaper, up and coming areas that have the facilities you are looking for at a more affordable price. Do your research properly and you may be surprised how well within reach your next move might be.
Consider Whether You Need To Move
This may seem obvious to you, but it may be that you do not really move at all. True, you can’t alter the geographical location of your existing home but if you are looking to stay within your area but need more space, then an extension could be a great low cost option for you. Adding a room or two may need planning permission so make sure you check the building regulations first to avoid problems later on.
Don’t panic if you need to get home finance quickly as there are other ways to fund this than a traditional mortgage if you look around.