#19 - Is now the right time to move home‪?‬ ReadytoBuyPodcast

It’s natural to follow your friends, family and colleagues when it comes to moving and we’ve all looked sideways at some point in our lives, yearning for what someone else has!
We also tend to get bombarded with lots of information and “advice”, whether from those close to us or even the news and social media - but how should we decide if now is the right time to move?
02:10-08:47
Things are outside of your controlA Recession – like we had with the Credit Crunch in 2008 Impact of BrexitCovid
We can’t second guess what’s going to happen or any impact on the Housing market prices drop – should you wait?
My advice is to base your decision on the info you have about yourself and family, your situation and goals and try not to worry what might happen
What if you wait?
You might still be waiting in 2 years, 3 years, 5 years and putting your life and your plans on hold!
Also, things that may not go to plan with you and your health – you can take steps to protect yourselves and your love ones again the financial impacts of this. No reason to delay if you’re ready now.
08:46-10:20
  Changing Jobs – within same firm or moving firmsUnderstand your options – a mortgage broker will help.
Many mortgage lenders won’t penalise you for changing jobs and often will take your new income into account if you’re starting the new role within 3 months – subject to seeing your new contract.
If your income is increasing, it may mean your mortgage options are greater than in your current role. Lenders tend to apply a sense of reasonability in terms of the job change being in a similar field and any income change being sustainable.
10:20-12:34
Maternity LeaveLenders don’t discriminate if you’re on maternity leave. If you intend to return to work after your leave – most lenders would want a letter from your employer confirming your return to work date, terms (hours per week and salary) and be happy to include your income in their affordability assessments.
Lenders will also want to understand any childcare costs going forward – to ensure they’ve taken into account
12:35-15:35
DEFINITELY NOT A SILLY QUESTION FeatureQ - My friend says it’s better to buy in the spring – is that right?
A – No, there’s no one “best” time of the year to buy. Our situations, requirements and dreams all unique and as explained throughout this episode – the right time to buy or move home is when it’s the right time for you. There are times of the year, Spring being one of those, where more homes go up for sale – but it doesn’t mean it will suit you or your family situation.
REMEMBER:
1)    Always SEEK ADVICE for your own circumstances, and;
2)   A mortgage is a loan secured on your home and may be REPOSSESSED if you don’t keep up mortgage payments
15:37-18:56
Need to save up for a bigger depositThe smallest deposit is 5%, so with any less, you’d need to continue saving, unless family may be able to assist with a gift to boost your deposit. Have you asked them?
Understand the numbers – a mortgage broker will help.
Don’t just assume a 10% deposit is needed (for example) if you don’t have this yet.
Your mortgage broker could compare buying now with a 5% deposit now (if feasible) with waiting to save a larger deposit and buying in the future.
If you’re renting, saving more may take quite some time if you don't have much spare income and house prices may have increased in this time, so takes you even longer to save your 10% deposit
Example of my clients in 2018...