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New search tool reveals true costs of properties

Tuesday, 28 June 2011 3:03 PM

Residential property specialist Move with Us has launched a property search engine it claims will offer homebuyers greater transparency on the purchasing process.

The new search system matches properties to homebuyers’ budgets and then calculates all the additional expenses associated with moving home, including stamp duty, conveyancing and moving costs.

The developers say the site is aimed at reducing the time and stress involved in making property choices as the calculator indicates which properties the buyer can afford, displaying approximate monthly mortgage payments and the shortfall in properties that are over budget.

The calculator tool takes into consideration factors such as income, loan-to-value and deposit size in the calculation and the sum is based on current lending practices, which generally require buyers to have a deposit of at least 15 per cent.

Robin King, director of Move with Us, said: “Since the credit crunch there has been concern about having more responsible lending practices and the tool is aimed at helping homebuyers find properties that are realistically within their means, based on current lending practices.

“By providing this information, we believe that we can reduce the amount of wasted hours spent by home movers during the property search and hopefully reduce the number of property sales that fall through due to unexpected costs.”

To use the Move with Us calculator tool, visit MoveWithUs.co.uk.

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