Following on from the recent announcement made by British Prime Minister Boris Johnson, we felt it appropriate to share some positive news that came with the new lockdown rules.
Much like during the November 2020 lockdown, the property market is still open for business as usual. You are still able to take up house viewings, continue your purchase and put your home up for sale.
Below, we have a mortgage market update from the ‘moneyman’ himself, Malcolm Davidson:
Throughout the last lockdown, back during November 2020, there was a significant increase in the amount of mortgage enquiries banks and brokers were receiving. The boom in purchase approvals for homes reached an outstanding 105,000 in November, which was the highest recorded figure since August 2007.
In October 2020, purchase approvals were at 98,300. This increase of 6,700 is impressive when you think about where we were, working through the middle of a nationwide lockdown.
In terms of the property market, the January 2021 lockdown is currently working on a similar level to the previous one we experienced back in November 2020. You are still very much able to start your mortgage journey in 2021. How you start this is completely your call.
Whilst some take the route to do this themselves, accepting the help of a dedicated and experienced mortgage broker in London can reduce stress, time and the possible cost of the matter, depending on what you’re looking to do.
January is always a popular time of year for First Time Buyers, Home Movers, landlords and so on, with more mortgage products becoming available again as time progresses. This is allowing for more mortgage options to those looking to invest in the property market.
Yes, thankfully 90% mortgages are still available and lenders are getting more and more confident in the UK property market over time. They know that the demand for properties and mortgages is still alive and well, and that people will only start coming back when they are confident that they can get a deal with a 5-10% deposit.
There are also other ways to access a 90% mortgage, through something like the Help to Buy Equity Loan scheme or the Help to Buy Shared Ownership scheme. If you want a Help to Buy Specialist to walk you through the process, explaining how these methods could help you obtain a mortgage with only a 5-10% deposit, make sure to get in touch and a mortgage advisor in London will assist you how in any way they can.
The property market is still open, which means Londonmoneyman is ready for business as usual! We have a team of dedicated Mortgage Advisors in London available from 8am – 10pm, 7 days a week, all throughout the year to help you along your property owning path to a mortgage.
Don’t worry, we still offer a free initial mortgage consultation to all customers who get in touch, no matter the situation.