Latest Government Guidelines on the Property Market

Latest Government Guidelines on the Property Market

Getting the property market functioning again in Leeds

The relaxation of lockdown has begun, we are aware that things are going to be very different for a long time. During the lockdown, we know that a lot of mortgage applications got postponed, however things are taking a positive turn, and we see some excellent mortgage/ remortgage deals. Especially with how low the interest rates are at the moment, we haven’t seen them this low in over 20 years.

Whether you are a First-Time Buyer in Leeds who was in the process of starting a mortgage or a current homeowner halfway through Moving Home in Leeds, now is the perfect time to bring you guys up to speed.

The Government has announced new guidelines in regards to the property market to get it functioning again as we gradually come out of lockdown. This is positive news.

The Property Market

To summarise this week’s position:

  1. Surveyors are now permitted to go back to work. Fantastic news, as this has been a real sticking point for the past couple of months.
  2. Viewing properties is now permitted, but estate agents are getting told to encourage virtual viewings online where possible.
  3. Homeowners are permitted to prepare their properties for sale.
  4. Removal companies can start work again.
  5. Tradespeople can operate in homes again – good news if you are planning home improvements.

We would like to point out that all of the above relaxations are subject to additional specific health and safety guidelines and social distancing.

The Mortgage Market

In terms of mortgages at the moment:

  1. Surveyors have an enormous backlog of work to catch up on, so things will return to normal very slowly.
  2. The 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 positive.
  3. Interest rates are meager, so many customers who can get a mortgage are locking in on 5-year deals.
  4. Low loan to value mortgages still readily available – lenders are trying to lend where possible.
  5. Rules on lending to furloughed workers have tightened, and some Lenders are pulling back on debt consolidation also.

We understand that things take time, we’re a long way before everything can get back to how they use to if that even is a possibility, but we can say for certain that if you are currently looking for a mortgage/ remortgage deal. Our fantastic team of Mortgage Advisors in Leeds can help they can search thousands of different deals and tailor them to your financial circumstances.

Mortgage Broker in Leeds

Here at Leedsmoneyman, we have a vast array lender on the panel that have different deals that we can access for you, during this time we are seeing more customers interested in Remortgage for Home Improvements in Leeds. It can be easy to sort and could increase your monthly mortgage payments by £100 – £200, this definitely applies to homeowners wanting to start a family or expand their current one.

After getting in touch and gathered a few details from you, we can put you through to one of our fantastic Mortgage Advisors in Leeds, who will provide nothing but help and support throughout the whole of the mortgage progress. It’s part of our 5-Star service we provide to all our new or existing customers.

mortgage guides

What Does Remortgage in Leeds Mean?

Taking a look at what remortgage in Leeds means, what defines a remortgage in Leeds & the reasons that people may remortgage in Leeds.

Do You Need a Deposit to Remortgage in Leeds?

A look at whether or not you need a deposit if you are looking to take out a remortgage in Leeds on your property and what to consider. & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
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