Is It Really The Best Time To Get a Mortgage In The UK?
Choosing a good time to get a mortgage may feel like a gamble, particularly in recent years when the UK’s economic situation has become so volatile due to Brexit and the General Election.
Is it a safe time to get a mortgage? Do we get any mortgage deals ? Now that Brexit is official and the general election is over?
Here are few things to think about before making your decision.
The Bank of England’s Term Financing Scheme has come to an end (TFS):
This programme offered low-cost financing to mortgage lenders exceeding £127 billion. As a result, businesses were able to pass on these benefits to their clients in the form of reduced interest rates.
We’ve seen best buy mortgage prices rise since the scheme ended, and we expect this trend to continue, so now might be a decent time to lock in a low rate before they go up again. If you wish to apply for a mortgage and want to benefit from the most suitable mortgage deal, you should contact a mortgage broker or advisor near your area.
Impact of Brexit and Covid-19:
Despite the fact that Brexit has already occurred, the UK is also in a time of transformation while we continue to negotiate a trade agreement with the EU. The negotiation can take longer than we thought as there are so many areas to discuss. Brexit may still continue to impact the economy negatively.
It has been more than 1 years since we first heard of Covid-19 and thousands of people lost their lives around the globe and continue to do so. The UK has already been to lockdown 3 times and still has some restrictions in place. It affected the economy the most after WW2 and especially the financial industry and housing market.
5% deposit Government back scheme for first time home buyer and home movers:
Government announced a new scheme for First time Buyers and home movers which will help them to purchase their new home with just a 5% deposit. A 5% deposit mortgage was also before Covid-19 but the lenders removed this deal during the first lock down in march 2020. The launch of this scheme will help thousands of home buyers and it will also boost the housing market.
This scheme is a bit similar to existing Help 2 Buy scheme in terms of deposit and restriction to loan amount but it is also available to home movers.
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The truth is that determining whether or not it’s a decent time to get a mortgage is always determined by your own personal circumstances. We always consider consulting with a mortgage specialist who can thoroughly evaluate what’s going on in the mortgage industry, as well can evaluate your circumstances and your mortgage needs.
Mountview Financial Solutions has helped hundreds of customers find the best mortgage deals , regardless of the political climate, so if you’re worried about having a mortgage or remortgaging, or want advice on mortgage we’d love to speak to you – whatever the circumstances, our mortgage advisor will get in touch with you as soon as possible. MVFS can help you choose the best mortgage deals. For more details contact us at 02080950120 or 07445390124 or give us an email at email@example.com with your requirements!