Latest Government Guidelines On The Property Market
Mortgage Advice in Durham
Coronavirus has put the world on a brief pause, even the mortgage market has been held up forcing everyone’s mortgage applications to come to a temporary halt. However, things are slowly starting to resume to their normal ways and the market is providing some great mortgage/remortgage deals. In fact, interest rates are at some of the lowest that we have seen them in over 20 years. Whether you are a First Time Buyer who was about to start the mortgage process or a current homeowner halfway through Moving Home, now is a perfect time to get the ball rolling again!
The government have just issued some new guidelines in regards to the property market to get it up and running again as we gradually phase out of lockdown. This is positive news.
To summarise this week’s position:
- Surveyors are now permitted to go back to work. This is brilliant news as this has been a real sticking point for the past couple of months
- Viewing properties is now permitted but estate agents are being told to encourage virtual viewings online where possible
- Homeowners are permitted to prepare their properties for sale
- Removals companies can start work again
- Trades people can operate in homes again – good news if you are planning home improvements
All of the above relaxations are subject to additional specific health and safety guidelines and social distancing.
In terms of mortgages at the moment:
- Surveyors have an enormous backlog of work to catch up on so things will return to normal very slowly
- Availability of high loan to value mortgages is still limited compared to pre-Lockdown. Some Lenders have increased their maximum loan to values this week though which is a positive Interest rates are very low so many customers who can get a mortgage are locking in on 5 year deals
- Low loan to value mortgages still readily available – lenders are trying to lend where possible
- Rules on lending to furloughed workers have tightened and some Lenders are pulling back on debt consolidation also
Things will take a while to go back to how they used to be but for now, we are heading in the right direction. The property market has already shown signs of improvement, for example, you can now buy a house, carry out property surveys, etc. If you are currently looking for a mortgage/remortgage deal, you are in a great position as there are thousands of amazing deals on offer.
Mortgage Broker in Durham
Your local Mortgage Broker in Durham is here to offer you a helping hand through these tough times for you and your mortgage. A Mortgage Advisor in Durham will go above and beyond for you in order to try and secure that 1/1000 mortgage deal that will benefit both your personal and financial situation. We have more than 38 lenders on panel that we can access in order to find you an amazing deal.
By popular demand, we just want to talk about remortgaging for home improvements. People are realising that Remortgaging in Durham is not as expensive as they originally thought, in fact, it could save you money down the line. You are basically rolling onto another mortgage deal; your monthly payments will go up, however, this could only be by £100-£200 extra a month, plus you’ll get a lovely extension/conversion out of it. Mostly, this applies to current homeowners who are thinking of starting a family or wat to expand their current one.
Are you approaching the end of your current mortgage deal? Do you need another great deal to roll onto? If so, then now the perfect time to approach a Mortgage Broker in Durham like Durhammoneyman. Once we have all of your details keyed in, we can pass you straight onto a Mortgage Advisor in Durham who will provide their full expert help and support throughout the whole of the mortgage process. Contact us today, we can’t wait to help you!