The Effect Of January 2021 Lockdown On The Property & Mortgage Market

You can still carry on with the sale and purchase of homes/property after Tuesday 5^th January and even move home if the need arises.

As per the announcement made by British Prime Minister Boris Johnson on 4^th January 2021, the UK is now once again in a national lockdown. The implementation of this order took place the very next day, on the 5^th of January with only certain sectors maintaining their activity throughout the next 6 weeks.

Functioning in a similar manner as to the November-period of lockdown, the property market will remain functioning and open for business. This means that you can still take up house viewings, move further with your property purchase and put your property up for sale.

However, it must be noted that some businesses can be hindered due to certain delays. In lieu of the restrictions and lockdown, the services of Solicitors and Surveyors may take additional time. Furthermore, It is expected that the Stamp Duty Cut could bring in a vast crowd of customers before time runs out for it.

Safety Measures for Home Movers in Leeds

It is seriously urged to everybody who is looking to move to a different home or in the process of doing so, to stay safe and follow the correct safety guidelines. Please ensure your safety by following the latest government guidance on your maximum safety while undertaking this.

Buyers can still avail 90% Mortgages

It is our pleasure to let you know that 90% mortgages are still there for you to utilise. It is evident to us that lenders of the UK property market are confident as ever. This is due to the awareness that the demand for property is still very much present within the market and people will only reach back out when they are sure of getting a deal with 5-10% deposit.

You can also obtain a 90% mortgage through schemes such as the Help to Buy Equity Loan scheme or the Help to Buy Shared Ownership scheme. For further details, you can speak with your mortgage advisor, who will walk you through the details of how these methods can help you obtain a mortgage with only a 5-10% deposit.

An Extension on Mortgage Payment Holidays

Mortgage Payment Holidays (the possibility of delaying finances that have a chance to leave you struggling during the pandemic) were slated to end on 31^st October 2020. However and fortunately, an extension for the Mortgage Payment Holidays has been given until 31^st March 2021.

If you haven’t accessed a Mortgage Payment Holiday, You can request a break of up to 6 months. However, in the case that you have taken a Mortgage Payment Holiday of less than 6 months, You can extend your existing holiday up until the 6^thmonth.

Still Here, Still Open

Our trusted and friendly mortgage advice service is still operational and we’re available to help out in any way possible. We have a team of dedicated mortgage advisors on hand, who are free to answer your questions from 8am – 10pm, 7 days a week.

This past year has been a hard enough time for a lot of people. As such, we would like to take as much stress out of your mortgage process as we are able to.

All customers will still benefit from a free initial mortgage consultation, no matter their situation.

For a brief overview of the current status of the property and mortgage market, please watch our video from company director Malcolm Davidson, recorded the day after the Prime Ministers public speech.

Leedsmoneyman Christmas Message

We here at Leedsmoneyman would like to wish everyone out there a very Merry Christmas, and we hope for a prosperous and healthy 2021 for everyone.

The values of properties in the UK have surprisingly held themselves up high during the pandemic. This is down to stock shortage, undiminished consumer demand and the Stamp Duty Holiday (which is due to end in March of 2021).

If we have learnt anything about the property market in 2020, it’s that you’ll never stop a dedicated and hard working potential First-Time Buyer in Leeds from pushing through and doing whatever it takes to own their home!

Property Market Predictions

We predict that going forward into 2021, despite unemployment levels going on the rise, we here at Leedsmoneyman fully expect the consumer demand for buying property to continue to be on the rise. With people spending more and more time at home, it’s only natural that people will inevitably start looking for something bigger, better or with a nicer garden.

Also, around this time of year, we will also see lots of remortgage activity from customers who are happy with their current home, but would like to invest in their homes by expanding upon them or creating home offices, to name some examples. We have written some articles on topics like these, explaining why people choose to Remortgage For Home Improvements.

Interest rates are still relatively low and off the back of Brexit, the Government will definitely wanting the property sector to thrive, especially considering that it is one of the “wide multipliers”, e.g. it will uphold lots of jobs.

Once the vaccine is fully out there and life starts to feel a little normal again, we firmly believe there will be a lot of people who adopt a “life’s too short” approach to their lives, something that should be good for the economy as a whole, especially those with involvement in the property market.

If you need Mortgage Advice in Leeds or life insurance advice in 2021 please feel free to get in touch. Our dedicated mortgage advisors are available from early until late, 7 days a week to provide answers to your questions. Contact us to book your free mortgage consultation.