Home Horizons and Mortgage Solutions: Part Two
Welcome to part two of our property and mortgage series where, in each instalment, we will delve into some fictitious, but realistic scenarios featuring our diverse range of homes and imagined potential buyers. We will be highlighting a range of different financial situations, so whether you're a first-time buyer, looking to upgrade, or simply curious about the process, this series aims to explore the relationships between the housing market and mortgage options and provide some inspiration for your next home buying venture.
We know that navigating the world of property and mortgages can be a daunting prospect, especially when it is coupled with the stresses of moving home. So we’ve teamed up with our partners at Cooper Associates Mortgages, who are local mortgage advisors. In this series we hope to spotlight some potential scenarios by exploring a range of properties as well as some corresponding example mortgage and financial situations*.
The Millers are hoping to remain in this home for a long time while their family grows. They are also seeking consistency and stability in their monthly mortgage payments as budgeting is very important to them at this stage of their life. After considering their options they decided that a 5-year fixed term was the best choice.
If you are contemplating your own property sale or purchase, our friendly, local property experts are here to help provide independent advice and also offer free, no obligation market appraisals. Get in touch with your local office today or book a valuation online.
We know that navigating the world of property and mortgages can be a daunting prospect, especially when it is coupled with the stresses of moving home. So we’ve teamed up with our partners at Cooper Associates Mortgages, who are local mortgage advisors. In this series we hope to spotlight some potential scenarios by exploring a range of properties as well as some corresponding example mortgage and financial situations*.
Upsizing Dreams: A Growing Family’s Big Move
Moving to a new home is always an exciting experience, but for families with young children, it can be a particularly momentous occasion. Such is the case for the Miller family, who have recently decided to upsize.
With their two young children rapidly outgrowing their current space, the Millers felt it was time to find a home that could comfortably accommodate their growing family. After much consideration, the family set their sights on Kings Nympton, a charming village nestled in the heart of the Devonshire countryside.
What attracted them to this location was that the village boasts a welcoming sense of community, a reputable primary school and nearby towns with additional amenities within easy reach. Having visited the area and researched properties for sale, they managed to find the ideal spacious, modern detached family home.
With their two young children rapidly outgrowing their current space, the Millers felt it was time to find a home that could comfortably accommodate their growing family. After much consideration, the family set their sights on Kings Nympton, a charming village nestled in the heart of the Devonshire countryside.
What attracted them to this location was that the village boasts a welcoming sense of community, a reputable primary school and nearby towns with additional amenities within easy reach. Having visited the area and researched properties for sale, they managed to find the ideal spacious, modern detached family home.
Having found their dream family home, the Millers sat down with their mortgage adviser to discuss their options.
Following the sale of their previous property, the Millers were able to place down a £150,000 (31.5%) deposit on their new home, meaning that the loan amount for their mortgage is £325,000.
The allure of village life, with its tranquil surroundings and opportunities for outdoor adventures, was a major selling point for the Millers. The decision to move home with a young family was not simply about gaining more living space; it was about embracing a lifestyle that would enrich their children's formative years.
Following the sale of their previous property, the Millers were able to place down a £150,000 (31.5%) deposit on their new home, meaning that the loan amount for their mortgage is £325,000.
The allure of village life, with its tranquil surroundings and opportunities for outdoor adventures, was a major selling point for the Millers. The decision to move home with a young family was not simply about gaining more living space; it was about embracing a lifestyle that would enrich their children's formative years.
The Millers are hoping to remain in this home for a long time while their family grows. They are also seeking consistency and stability in their monthly mortgage payments as budgeting is very important to them at this stage of their life. After considering their options they decided that a 5-year fixed term was the best choice.
Hoping to be mortgage free by the time they retire, the Millers chose to take their mortgage out over a 30-year period. This will allow the Millers to reach their repayment goal while keeping their monthly payments manageable.
Based on the above, the Millers secured a mortgage at a 3.85% interest rate, which resulted in a £1527.84 monthly payment.
As they prepare for their upcoming move, the Millers are filled with a mixture of excitement and anticipation. While there are bound to be challenges associated with relocating, they are confident that the benefits of settling into a new, larger home in a village that offers so much for their family will far outweigh any initial hurdles. With a fresh chapter on the horizon, the Miller family eagerly looks forward to the adventures that await them in their new home in Kings Nympton.
If you are contemplating your own property sale or purchase, our friendly, local property experts are here to help provide independent advice and also offer free, no obligation market appraisals. Get in touch with your local office today or book a valuation online.
If you are looking for advice surrounding your mortgage options Cooper Associates Mortgages have a team of experts ready to help you find the right mortgage for you. Find out more and submit a mortgage enquiry or visit their website Cooper Associates Mortgages - Award Winning Mortgage Advisors.
View this perfect family property in Kings Nympton, Umberleigh – Sold STC**
Disclaimer:
Greenslade Taylor Hunt does not offer any financial or legal advice. Please always speak to a financial advisor and/or solicitor when enquiring about mortgages and contracts. Greenslade Taylor Hunt works in partnership with Cooper Associates Mortgages but does not provide mortgage advice directly. Completed enquiry forms will be shared with Cooper Associates Mortgages for the purposes of contacting you about mortgage products. Your personal details will not be shared with any other third parties, other than Cooper Associates Mortgages.
Greenslade Taylor Hunt does not offer any financial or legal advice. Please always speak to a financial advisor and/or solicitor when enquiring about mortgages and contracts. Greenslade Taylor Hunt works in partnership with Cooper Associates Mortgages but does not provide mortgage advice directly. Completed enquiry forms will be shared with Cooper Associates Mortgages for the purposes of contacting you about mortgage products. Your personal details will not be shared with any other third parties, other than Cooper Associates Mortgages.
Please Note:
*Your property may be repossessed if you do not keep up repayments on your mortgage. The above figures are an example only and are correct as of 14/10/24, they are also subject to affordability checks, credit scores and lender approval.
**Property statuses and guide prices are correct at the time of posting. For up-to-date property status please see the listings on our website via the links shown above.
***These articles are based on scenarios that could be realistic, however they do not feature real life clients and the mortgage figures are an example only.
*Your property may be repossessed if you do not keep up repayments on your mortgage. The above figures are an example only and are correct as of 14/10/24, they are also subject to affordability checks, credit scores and lender approval.
**Property statuses and guide prices are correct at the time of posting. For up-to-date property status please see the listings on our website via the links shown above.
***These articles are based on scenarios that could be realistic, however they do not feature real life clients and the mortgage figures are an example only.