Latest Government Guidelines on the Property Market

Mortgage Advice in Sheffield

Coronavirus has put the world on pause, even the mortgage market has been held up causing people’s mortgage applications to come to a temporary halt. However, things are slowly starting to resume to their normal ways and the market is providing some amazing mortgage/remortgage deals. In fact, interest rates are at the lowest that we have seen them in over 20 years. Whether you are a First Time Buyer in Sheffield who was about to start the mortgage process or a current homeowner halfway through Moving Home in Sheffield, now is a perfect time to catch things back up to speed.

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

Property market

To summarise this week’s position:

• Surveyors are now permitted to go back to work. This is brilliant news as this has been a real sticking point for the past couple of months
• Viewing properties is now permitted but estate agents are being told to encourage virtual viewings online where possible
• Homeowners are permitted to prepare their properties for sale
• Removals companies can start work again
• Trades people can operate in homes again – good news if you are planning home improvements
  

All of the above relaxations are subject to additional specific health and safety guidelines and social distancing.

Mortgage market

In terms of mortgages at the moment:

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

Things won’t immediately go back to how they used to be but we are on the right track. The property market has already shown signs of improvement, for example, you can now buy a house, carry out property surveys, etc. If you are currently looking for a mortgage/remortgage deal, you are in a great position as there are thousands of great deals available.

Mortgage Broker in Sheffield

Your Mortgage Broker in Sheffield is here to offer a helping hand through these uncertain times for you and your mortgage. A Mortgage Advisor in Sheffield will try and find that 1/1000 mortgage deal that will benefit both your personal and financial situation. We have over 38 lenders on panel that we can access in order to find you an amazing deal.

Due to popular demand, we just want to mention about remortgaging for home improvements. People are realising that Remortgaging in Sheffield is not as expensive as they originally thought. You are basically rolling onto another mortgage deal; your monthly payments will go up, however, this could only be by £100-£200 extra a month and you get a lovely extension/conversion out of it. This especially applies to homeowners wanting to start a family or expand their current one.

Is your current mortgage deal approaching its end? Do you need another deal to roll onto? If so, then now the perfect time to approach a Mortgage Broker in Sheffield like Sheffieldmoneyman. Once we have all of your details keyed in, we can pass you straight onto a Mortgage Advisor in Sheffield who will provide their full expert help and support throughout the whole of the mortgage process. Contact us today, we can’t wait to help you!