IMPARTIAL Financial Management say it’s been a real roller-coaster for the housing market over the past few months.
Managing director Paul Hart said, “As mortgage advisers working with all the main high street lenders and indeed some you won’t have heard of, we saw a range of reactions to the lockdown.
“People looking to buy their home had their plans put on hold, almost 1.8million mortgage holders chose to take a holiday from their monthly payments and a few lenders whose customers aren’t what you would call ‘run of the mill’ had to temporarily close their doors.
“Four months on and we now see a very different picture with the housing and mortgage market back open for business albeit still with a few hurdles still to overcome. Yes, its difficult to get a mortgage on a property if you only have a small deposit but if you have family to support you then there are options available. The drop in house prices many predicted hasn’t yet materialised, in their latest survey Nationwide has seen annual house price growth recovering to 1.5% in July with prices up 1.7% month-on-month, after taking account of seasonal factors. And the Chancellor’s announcement on a stamp duty holiday is only likely to provide further support to house prices in the near term.
“Lockdown has given many of us the time to look at our home, our finances and above all our lifestyle. The questions we find our customers asking is how do we afford a bigger home, can we raise finance to improve our garden or create a space to work from home, or even if illness were to impact on our ability to earn money, how could we cope financially? It’s been remarkable that when our lives slow down, our plans speed up.
“In our job to find the right borrowing solution we deal with over 70 different lenders and for the vast majority, it’s business as usual. If you are self employed then there will be extra paperwork to complete and if anyone who has been recently been furloughed is applying for a new mortgage, then we see a few lenders asking for letters from employers.
“As a result, it can take a little longer to complete the deal but interest rates are still at historic lows and that means some great deals for customers.
“Someone early in April asked me if we were entering the dark days of the financial crisis of twelve years ago and the answer was a definite no. The Lenders we work closely with definitely have the money to make people’s dreams of home ownership come true, alongside competitive deals that can really stop those already with a mortgage wasting money every month. The housing market, and especially the mortgage market, is definitely open for business and we hope it will be one of the leading lights as we plot our way out of the health crisis we found ourselves in.”
For more details contact Paul Hart on 01373 823374
