In the last week (31st March) the BBC put out the following article:
Coronavirus: UK mortgage market goes into partial lockdown
This is at a time where there is confusion all around, nobody knows how long the social distancing restrictions will remain in place, we’re unsure when we can go back to some sort of normality in our everyday life and headlines like the above if anything confuse matters more.
Granted, if you’re a first-time buyer with a 10% deposit at present, you’re not going to be able to proceed. This isn’t an ideal situation however it’s our current reality. This isn’t to say though that you can’t use this time to prepare for when the market starts to open. Have you had conversations to see how much you can borrow? Are you aware of the other costs involved? This is the perfect time to ensure that you’re as prepared as possible.
Now where does that leave people with existing mortgages? Even if you don’t have large amounts of equity in your property does this mean you’ve got no options? Have you investigated the possibility of a rate switch? However, the loan to value limitations differ from lender to lender therefore without researching this how can you be sure you’re going down the best route?
Regardless of where we currently are in this pandemic, our everyday life still goes ahead, if your fixed rate is due to end in the near future you should still go about dealing with this as you normally would, things are changing on a daily basis and even if you’re unable to secure something today, this may change in the near future so by being on your advisers radar you will be well positioned to proceed as soon as possible.
Mortgage rates are still extremely competitive, how confident are you that your current mortgage is offering you the best? Are there any savings to be had? Why not dig the paperwork out that you’ve been putting off and have a look in a bit of detail?
We are here to help so please free to contact Jonathan or Mark at Ethos Financial Solutions, our Mortgage Advisers Tel: 01302 244977, Email: firstname.lastname@example.org email@example.com
The above article has been produced by a third party and the contents are for information purposes only and does not constitute advice. If you don't understand of the contents, please seek advice.
Note: A mortgage is secured against your home.Publish date: 8th April 2020