British Prime Minister Boris Johnson has declared as of January 5th a set of new national limits for England until March during Lockdown.
Still, it has been confirmed that you can still purchase and even move to a new house during Lockdown under some circumstances.
On 4 January 2021, the UK will be once more going into a national lockdown. The next day, all changes would have an impact on the 5th, with certain sectors staying open during the next six weeks. Working like the November 2020 lockdown, the property market will continue to remain open for business as normal, meaning you will still have the opportunity to take up house viewings, or push on with your property purchase and put your home up for sale.
It is important to emphasize that you may continue to encounter delays with some businesses. Solicitors and Surveyors are once more in need of tougher restrictions, leading their services to take a little longer and will need your cooperation and patience. There is also expected to be a mad dash of customers attempting to take full advantage of the Stamp Duty Cut before that eventually comes to an end.
We want to advise everyone looking at moving home, to stay safe during the process and to ensure you are following all the right guidelines. For more information please consult the latest government guidance about how you can protect yourself and others whilst in the process.
We are delighted to verify that yes, 90% mortgages are still accessible. We see signs more often that lenders are more confident in the UK property market as time goes on. The request for properties is still very much there, and that people will begin to come back when they get convinced that they can get a deal with a 5-10% deposit.
You may also be able to access a 90% mortgage through something like the Help to Buy Equity Loan scheme or the Help to Buy Shared Ownership scheme. Your mortgage advisor will explain how these methods could help you obtain a mortgage with only a 5-10% deposit.
Mortgage Payments Holidays (a means of temporarily postponing finances that could leave you struggling during the pandemic) were due to end on 31 October 2020. Thankfully for several, this option has now been extended to 31 March 2021.
If you are yet to utilise a Mortgage Payment Holiday, you will be able to request a break of up to 6 months. If you have already taken a Mortgage Payment Holiday of less than 6 months, you will be able to extend your existing holiday up until the 6-month mark.
Our open and honest mortgage advice service in Sheffield is still running, and we will be happy to help in any way we can. We have a team of devoted mortgage advisors available from 8 am – 10 pm, 7 days a week, during the year to assist you with your mortgage enquiries. This past year has been painful enough for many, we would love to take as much strain out of your mortgage process as possible.
All customers will still benefit from a free initial mortgage consultation, no matter the situation.
For a brief rundown of the property and mortgage market’s current situation, please check out our video where our company director Malcolm Davidson, recorded the following day after Boris announced lockdown.