From Tuesday 5th January, it has been confirmed that you are still able to purchase or sell a home, as well as move home if you need to.
British Prime Minister Boris Johnson announced on 4th January 2021 that the UK would be once again going into a national lockdown. All changes would take effect the following day on the 5th, with certain sectors remaining active throughout the next 6 weeks. Working similar to the November 2020 lockdown, the property market will continue to be open for business as usual, meaning you are still able to take up house viewings, push on with your property purchase and put your home up for sale.
It is important to note that you may still experience delays with some businesses. Solicitors and Surveyors are once again in need of tighter restrictions, leading their services to take a little longer. There is also expected to be a mad dash of customers attempting to take advantage of the Stamp Duty Cut before that eventually ends.
We would like to urge everyone who is looking at moving home, to stay safe and ensure you’re following all the correct guidelines whilst doing this. Please see the latest government guidance on how you can protect yourself and others whilst moving home.
We are pleased to confirm that yes, 90% mortgages are still available. We are seeing signs more frequently that lenders are more and more confident in the UK property market as time passes. They are aware that the demand for properties is still very much there, and that people will only start coming back when they are confident that they can get a deal with a 5-10% deposit.
You may also be able to access a 90% mortgage through something like the Help to Buy Equity Loan scheme or the Help to Buy Shared Ownership scheme. Your mortgage advisor will explain how these methods could help you obtain a mortgage with only a 5-10% deposit.
Mortgage Payments Holidays (a means of temporarily delaying finances that could leave you struggling during the pandemic) were due to end on 31st October 2020. Thankfully for many, this option has now been extended to 31 March 2021.
If you are yet to utilise a Mortgage Payment Holiday, you’ll be able to request a break of up to 6 months. If you’ve already taken a Mortgage Payment Holiday of less than 6 months, you will be able to extend your existing holiday up until the 6 month mark.
Our trusted mortgage advice service is still running and we’re here to help in any way we can. We have a team of dedicated mortgage advisors available 7 days a week, all throughout the year to assist you with your mortgage needs. This past year has been stressful enough for many, we would like to take as much stress out of your mortgage process as possible.
All customers will still benefit from a free initial mortgage consultation, no matter the situation.
For a brief rundown of the current status of the property and mortgage market, please see our video from company director Malcolm Davidson, recorded the following day.