What will lockdown mean for the property market?

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What will lockdown mean for the property market?

What a rollercoaster of a year we have all been on! Following the Government’s announcement on Saturday that the country is once again heading back into lockdown we wanted to update you on how the latest national restrictions stand with our business.

What will lockdown mean for the property market?

Whether you are thinking about moving house, remortgaging, in the process of moving or unsure how you’ll afford mortgage payments – we have answered the most popular FAQs to help put your mind at ease.

For many, the biggest question is around mortgage payment holidays. The good news, is that there will be an automatic extension applied on mortgage payment holidays, with payments being paused for six months and our dedicated phone lines will be open so you can call us for FREE advice or drop us a message and we will get back to you as soon as we can.

Will I still be able to list my home for sale?

Absolutely. You can still list your home for sale on the property market just like normal. Contact your local estate agent and they’ll be able to take care of the rest. This may be via an online or telephone appointment, but it’s business as usual with the Government having given permission to operate viewings and valuations during the November’s lockdown.

Is the process of searching and moving into a new home the same?

As stated by the government, the “process of searching for and moving into a new home is different because property agents, conveyancers and other professionals have modified how they work in order to reduce the risk from COVID-19”. Therefore, whilst people can still move home, the process may take a little bit longer than usual.

The Government have also confirmed that;

  • Renters and homeowners are still able to move
  • Removal firms and estate agents can still operate
  • Construction sites can still continue
  • Tradespeople will be able to enter homes

Can I still view a house?

Yes. House viewings can still be made. However, those looking to move are being encouraged to do their initial property searches online wherever possible. 

Can I still apply for a mortgage payment holiday?

Yes, you can. The government recently announced an extension to the mortgage payment holiday by up to six months. The scheme allows homeowners to take a break from making mortgage payments until they are able to do so once again. However, the length of time you can extend will be decided on a case by case basis by the lender. Unsure as to what a mortgage payment holiday is? Have a read of our blog post here.

What if I can now afford to make mortgage payments?

A mortgage is one of the largest monthly outgoings most people have. So, if you know you can  afford to start paying your mortgage again, you should. It is a critical outgoing which you don’t want to fall into arrears with as this can lead to challenges in obtaining credit in the future. Check your credit report for free here.

What if my financial situation hasn’t improved?

Lenders understand that these unprecedented times mean that for many, it may be difficult to keep regular payments up. If you’d like to discuss a possible extension for your mortgage payment holiday, get in touch with us today or call our dedicated helpline for advice on 01392 660219.

How long will it take for my mortgage application to be processed?

The lockdown period will undoubtedly present further challenges. Mortgage applications are expected to take slightly longer to process and the large increase in mortgage applications from those wanting to make use of the stamp duty holiday. However, we are business as usual and are working as hard as ever to get your mortgages in place so that things can contue to stay moving, as safely as possible.

In short, what will lockdown mean for the property market? Essentially, very little has changed as it currently stands. We are working hard to fufill all of our customer’s mortgage needs and really appreciate your support and patience during this busy time. We are available seven days week for help and advice so if you have any worries, please get in touch.

Together we are most definitely stronger. Stay safe.