Blue Q Mortgage

With Summer coming many will be considering selling their home with a view to moving onto pastures new.

Late Spring and Summer is recognised as a great time to sell, largely because the weather is better, the days are longer, the garden looks brighter and we are all coming out of quasi hibernation, especially this year! As with all things, first impressions count and presenting your home well is so much easier on a sunny spring day.

Here are some other things to consider before placing your house on the market;

• Undertake a full spring clean! This has several benefits. First of all, it’s amazing how easily we get used to grubby door frames, piles of kids’ toys and broken blinds. Take a full inventory of what needs to be tidied, fixed or refreshed and get to it!
• Clean your carpets and curtains. This action is worthwhile anyway, but before you present your home to strangers why not give your home a thorough deep clean? If you have pets or smokers in your home then the improvement in odour alone is worthwhile.
• Make sure to clean all the windows inside and out. Clean windows make a huge difference to the appearance of a place, especially from inside on a sunny day.
• Tidy the garden, perhaps invest £30 – £50 in some attractive early flowering plants and make sure the lawn is well cut and trimmed. Clean all paths free of moss and make sure the front garden and pathway are tidy and well-presented.
• If the front door could benefit from a refresh or even redecoration, do it. And perhaps consider investing in an attractive door knocker (if you have a handsome front door).
• Make sure that oxidation on bathroom taps is no more. Nothing tarnishes a home more than that ‘grubby, lived-in look’.
• Make sure the kids keep their rooms tidy (OK, maybe that’s too big a task) or at least make sure they help tidy before viewings.
• The cliche of making bread, boiling coffee and fresh flowers in the entrance hall and living room are cliches for a reason. They help set the scene.
• Don’t redecorate entirely. Tastes vary too much. But do consider a refresh of doors, door frames and scuffed walls, where needed. Use neutral colours.

So there is a start for you. In addition, make sure to make ready the following;

• Evidence of the average energy bills – very important since the rise in energy prices
• The broadband connection speed available where you are
• The council tax bill
• Have evidence of what other homes locally have sold for. You might not mention it, but if a potential buyer starts down that route, at least you’re prepared.
• Get all your paperwork together for the conveyancer. This will include any warranties you might have for work done and for white goods you might be leaving. If you are likely to need a new mortgage then you should be collating all your PAYE information, etc.

If your home has particular features such as an open fire, a large kitchen or a spectacular garden, make sure to present them well. Let the features sell for you.

When they require quick access to funds, most people will consider taking out a loan. Loans can be useful for a number of reasons and there are lots of different ways you can borrow money these days. Typically loans will fall into one of two categories; secured loans and unsecured loans, and whilst each of these options have advantages, secured loans are often the first choice for homeowners when they need to borrow a considerable amount of money. 

Simply put, secured loans are loans that are secured on your property and they will essentially be a second mortgage. You may also hear secured loans referred to as second charges and this type of lending may be beneficial for several reasons. Below we have explored some of the reasons why people take out secured loans in more detail. 

Why do homeowners take out secured loans?

Usually, homeowners wishing to borrow further funds against their homes would either take a further advance from their existing lender or remortgage to a new lender who would offer more money. If for whatever reason this option is not available, or if they require funds quickly, they may be advised to go down the second charge route. 

Common reasons for 2nd charges include:

• To carry out home improvement projects, such as an extension 
• To purchase additional buy-to-let or holiday-let properties 
• To pay for a big life event, like a wedding
• To consolidate lots of other debt 

Generally speaking, homeowners take out secured loans when they require more than around £25,000. An unsecured loan would probably suffice for anything less. When you take out a secured loan, because this is a charge on your property just like your existing mortgage, the lender has the right to take possession of your property if you don’t make all required payments. 

What are the benefits of secured loans?

When compared to the other options available for people who require quick access to funds, secured loans are a very popular choice. Some of the biggest benefits of this particular type of loan include; 

Borrow more money 

It isn’t uncommon for the amount you can borrow with an unsecured loan to be quite low and you might not be able to get as much as you need through remortgaging with a mortgage lender. However, depending on the circumstances, the amount of money you can borrow with a secured loan is usually much greater. Generally, interest rates are more competitive than unsecured loans, reducing the amount you have to pay back to the lender. 

Longer loan period 

Due to the fact that the loan is secured on your property, lenders won’t be as apprehensive about offering you a longer loan period. Often, secured loans can be for a period of up to 30 years, or more in some cases, and you won’t have to worry about paying the amount you borrow back in a couple of years. This means your monthly repayments would be much less too, making this type of loan more affordable. 

Avoid early repayment charges 

You usually have to pay a significant early redemption fee to your existing lender if you choose to remortgage. A secured loan is a way of raising capital whilst avoiding those fees. You may still incur other costs, such as arrangement fees and legal fees, that you wouldn’t have to pay if you opted for an unsecured loan, but the benefits of taking out a second charge on a property often outweigh these additional costs. 

Taking out a secured loan 

If you’re looking for a way to raise funds and you would like to speak to someone about secured loans in more detail, get in touch with our team at Blue Q today. We are a local team of dedicated, independent mortgage experts and we will be happy to provide you with the advice and guidance you need. We pride ourselves on delivering first-class customer service and we can help you find the right mortgage lender and mortgage product, regardless of what your circumstances or needs may be. With experience in all aspects of the mortgage market, you can trust that we are the best team to turn to.