Latest Government Guidelines on the Property Market

Property market Mortgage Advice in Manchester

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 Manchester who was in the process of starting a mortgage or a current homeowner halfway through Moving Home in Manchester, 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.

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.

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 Manchester can help they can search thousands of different deals and tailor them to your financial circumstances.

Mortgage Broker in Manchester

Here at Manchestermoneyman, 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 Manchester. 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 Manchester, 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 Advice in Manchester