The homes here
Off Allerton Road it’s mostly Victorian and Edwardian terraces. Towards Calderstones Park and Menlove Avenue the houses get bigger, with large semis and detached family homes. There are purpose-built blocks of flats too.
The terraces are often a couple’s first or second home. The bigger houses usually mean a bigger mortgage, and often a family moving up from somewhere smaller nearby.
Moving up
If you already own, the first question is what happens to the mortgage you’ve got. You might be able to port it, which means taking your current deal with you to the new house, and borrow the extra on top. Or it might make more sense to leave it, which can mean an early repayment charge: a fee some deals charge if you leave before the deal ends.
Which is better depends on your deal and your numbers, and I’ll lay both options out side by side. My moving home page explains porting in more detail.
If you run your own company
Lenders can work out a company director’s income in different ways. Some look at your salary and dividends. Some look at your salary and your share of the company’s profit, including the part you left in the business. On a bigger mortgage, that difference can decide which house you can buy. My self-employed page explains more.
Before you view
One of the things that breaks a chain is a buyer finding out late that they can’t borrow what they thought. My aim is to get you a decision in principle before you view. That’s a lender’s early indication of how much they’d be willing to lend you, based on a quick look at your income and credit file. You know your budget, and the agent knows you’re ready to proceed.
Protecting a bigger mortgage
The bigger the mortgage, the bigger the monthly payment you’d need to keep up if illness or injury stopped you working. That’s what protection is for: life cover, critical illness cover and income protection. It’s worth a conversation once you know what you’re borrowing, and whether you take any of it is your choice.
Meeting up
I can meet you face to face in Allerton, at home or somewhere local, or we can talk on Zoom or a WhatsApp call.
If you’re moving up, my guide Your Next Home walks through the whole move step by step.