British Prime Minister Boris Johnson has announced new national restrictions for England until March during Lockdown. Additionally, it came to be that you can still purchase and even move house during Lockdown under certain circumstances.
On 4 January 2021, the UK will be once again going into a national lockdown. The following day, all changes would affect the 5th, with specific sectors staying active during the next six weeks. Working similar to the November 2020 lockdown, the property market would continue to open for business as usual, which means you will still be able to take up house viewings, push on with your property purchase and put your home up for sale.
It is essential to point out that you may continue to experience delays with some businesses. Solicitors and Surveyors are once more in need of more stringent restrictions, leading their services to take a bit longer. We can foresee that will 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 in Birmingham, to stay safe during the process and ensure you’re following all the proper guidelines. If you find yourself needing a reminder, please consult the latest government guidance about protecting yourself and others whilst moving home.
We are delighted to confirm that yes, ‘90% mortgages’ are still accessible. We see signs more frequently that lenders are more optimistic in the UK property market as time goes on. They are concerned that 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’ll be able to request a break of up to 6 months. If you’ve 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 fast & friendly mortgage advice service in Birmingham is still running, and we will be happy to assist in any way we can. We have a team of devoted mortgage advisors available from early until late, 7 days a week, throughout the year to assist you with your mortgage enquiries. 2020 has been traumatic enough for many, and 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.