Are you really ready to sell...?
Quite often we pose the question to buyers to see if they are pre-approved and ready to buy, but something that is almost always overlooked by the vendors or sellers is whether they are in a position to buy again.
Just because you currently have a mortgage does not guarantee that your bank will lend to you again for your new home. So, what would happen to you if you agreed to sell your home, sign the contract and then find out you are stuck having to rent again? It would certainly turn what should be a very happy moment for you into a disaster!
That is why it is an important part of selling your home that you speak with your mortgage broker to ensure that you will not be caught out once your home is on the market. Common situations we see that catch people out are:
- One of the borrowers being off on maternity leave,
- Increased living expenses now that you have another child in the family,
- Recently changed jobs or become self-employed,
- The new car loan or credit card you recently took out
Whilst these things don’t necessarily mean that you won’t get loan approval, it may mean looking at someone other than your existing lender. This is where a mortgage broker can really help you.
At Loan Market, we have a panel of over 30 different lenders on our panel, so we can usually find a solution for you to help give you peace of mind.
Don’t hesitate to contact us prior to listing your home to make sure you can lend for your next home.