Why this could be a good time for First Time Buyers
15th of May, 2020
Why Now Could Be a Good Time for First Time Buyers to Take the Plunge
When times are uncertain, the number of mortgage applications tends to fall, especially among first-time homebuyers who may be understandably jittery about whether to go ahead with a house purchase. Worries about jobs, income and debts can put a brake on any significant decisions.
The middle of a pandemic crisis may not seem like the best time to be making the most important purchase of your life, but there are several reasons why you should get ahead of the curve and take the plunge into the mortgage market.
The Housing Market Has Reopened
While initially, an estimated 373 thousand house sales were stopped in their tracks during the coronavirus lockdown, the housing market has now reopened and it is now possible for valuations, viewings and house moves to go ahead, all with social distancing in place. If you’ve had time to think about just what you want in a house, and have even perhaps had the chance to look at some available properties online during the lockdown, then you may not want to lose momentum in your journey to a new home – and you may still be in a great position to go ahead with that exciting first home purchase.
Lenders are Still Lending
Mortgage interest rates are currently at a historic low and likely to stay that way for the foreseeable future. However, lenders are still keen to lend, and there are some great mortgage deals around at the moment at very competitive rates. Mortgage brokers are in the ideal position to help you make sense of the mortgage maze and to help you towards getting the best deal.
Worried about Being Furloughed?
The government has extended the furlough scheme to October in order to support the country as it gets back to normal working with an added caveat that employers will be asked to also contribute towards employee wages. So while this can cause some confusion for those trying to work out whether they can afford mortgage payments, it will undoubtedly bring some relief. First-time buyers will need to find out whether their employers are prepared to top up their salaries to give an accurate representation of income which means you will benefit from having 100% of your income available for mortgage calculations.
If you are lucky enough to still be receiving a full salary, then that makes the job of applying for a mortgage even easier.
Let Us Do the Hard Work
With the best will in the world, it can be difficult to negotiate a way through the confusing numbers of mortgage deals on offer. Not only that but to then have to deal with all the paperwork and officialdom involved can be time-consuming, to say the least, if not downright infuriating at times.
When you’re embarking on one of the most important financial decisions of your life you need to know that you’re making the right choices for your particular circumstances. As a mortgage broker with years of experience behind me, I want you to know that all the paperwork and communications with solicitors, estate agents, surveyors and all the rest can be taken care of by me. And I will keep you up to date every step of the way.
First-time buyers are the bedrock on which the housing market stands, and now is the time to take advantage of low-interest rates and a housing market that is just crying out for buyers. Why not contact us and take advantage of our extensive industry knowledge and the fairest advice to find the best mortgage deals for you.
My contact details are 07947 279 519 or email me at [email protected]
I look forward to helping you.