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Second Steppers Struggle With Home Move

Published: 26 August 2015

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Author: Carl Shave - CEO and co-founder
Last updated: 14Jul2024

The struggle for first time buyers looking for homes has it seems, always been well documented, with the first rung of the housing ladder proving to be an illusive goal for many. However, frustrations are also being felt by some home movers attempting to get onto the next rung and purchase their next home. Reports suggest that new and growing families are having to compete with rising costs and a limited number of available properties within their budget. Essentially many young families would have to encounter a sudden windfall or double their mortgage to be able move home to a bigger property. So what can second steppers do to make their move a reality?

Map Incomings & Outgoings

Managing your finances is very important to ensuring that you have the necessary capital to make the necessary mortgage deal a reality. Check your incomings and outgoings to make sure that the mortgage deal you need is within your reach. 

Cut Unnecessary Spending 

We all like our luxuries, but unnecessary spending may hinder your hopes of getting the mortgage that you require. Work out what you need and what you don’t and adjust the way you spend accordingly.

Overpay your Mortgage

When you own more of your home, it will free up equity ready for your new one. Start overpaying your mortgage, and make it easier for you to collect equity ready for your move. Alternatively, put this money aside so that you have ready funds available to bolster up the pot of savings to help with the potential move.

Stop Seeking Credit

Outstanding credit can be harmful to your borrowing potential, and will only add to reducing the maximum mortgage you can obtain when assessed for affordability. Don’t apply for credit that you don’t need, it can be one of the biggest negatives on your loan amount.

Pay Off Debt 

If you are in possession of high levels of debt then it could lead to mortgage applications being rejected if seen as already over indebted. Pay off debt where you can, and don’t allow it to build up.

Sell Online to Cut Costs

Selling your home online could be a sensible option. A growing number of sales are now conducted without traditional estate agencies. Selling online could save a considerable amount of money.

The Experts View

The continued press coverage of the lack of available housing shows the battle that still affects this country between the different sectors involved. Ultimately the buyer is the one that can struggle with this the most. The uphill journey for first time buyers is a well documented one but, for those looking to move this can be as difficult, if not worse. One of the common reasons that homeowners look to move is a growing family. However, with lenders having now moved to an approach of assessing maximum loan amounts on affordability, the number of children/dependants is having a much greater impact. With this approach it is perhaps to become more common place that first time buyers will simply cut out the typical route of buying their starter home and move up the ladder, to simply not taking the risks and buying the larger family home as their first purchase to ensure they can borrow what they need. If you are a second stepper looking to move home, then get in touch with the Just Mortgage Brokers team today.