As per the announcement made by British Prime Minister Boris Johnson on 4th 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 5th 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.
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.
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.
Mortgage Payment Holidays (the possibility of delaying finances that have a chance to leave you struggling during the pandemic) were slated to end on 31st October 2020. However and fortunately, an extension for the Mortgage Payment Holidays has been given until 31st 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 6th month.
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.