Latest Government Guidelines On The Property Market
Mortgage Advice in Hull
Over the last few months, the mortgage market has been put on a brief pause meaning that everyone’s mortgage applications have been held up. Although, it is slowly beginning to make a comeback, and it is bringing in some amazing mortgage/remortgage deals with it. In fact, interest rates haven’t been this low 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 catch things back up to speed.
The government have announced new guidelines in regards to the property market to get it functioning 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
Everything will still need a lot of time in order to resume back to normal and there is no way of saying how long this could be. You are in a great position if you are currently looking for a mortgage/remortgage deal as there are thousands available with most of them having low interest rates.
Mortgage Broker in Hull
Your local Mortgage Broker in Hull is here to help you find an excellent deal that will benefit both your personal and financial situation. Here at Hullmoneyman, we have over 38 different lenders on panel each with unique deals that we can access for you.
At the moment we are seeing that lots of customers interested in remortgaging for home improvements. They are realising that it is very easy to sort out and may only raise your monthly mortgage payments by £100 – £200. This especially applies to homeowners wanting to start a family or expand their current one.
Is your current mortgage deal coming towards the end and you need a new deal to roll onto? If so, then it’s the perfect time to approach a Mortgage Broker in Hull like Hullmoneyman. Once we have all of your details, we can pass you straight onto a Mortgage Advisor in Hull who will provide their full expert help and support throughout the whole of the mortgage process. We can’t wait to help you find an amazing mortgage deal!