Latest Government Guidelines on the Property Market

Getting the property market functioning again in Sunderland

The relaxation of lockdown has begun, although things are going to be a very different place for a long time. During the lockdown, we know for a fact that mortgage applications got held up. However, things are taking a positive turn, and we see some fantastic mortgage/ remortgage deals. Interest rates have never been this low in over 20 years.

Whether you are a first time buyer in Sunderland who was in the process of starting a mortgage or a current homeowner hallway through moving home in Sunderland, now is the perfect time to bring you guys up to speed.

The Government has announced new guidelines in regards to the property market to get it functioning again as we gradually come out of lockdown. This is positive news.

Property Market

To summarise this week’s position:

1. Surveyors are now permitted to go back to work. Fantastic news, as this has been a real sticking point for the past couple of months.
2. Viewing properties is now permitted, but estate agents are getting told to encourage virtual viewings online where possible.
3. Homeowners are permitted to prepare their properties for sale.
4. Removal companies can start work again.
5. Tradespeople can operate in homes again – good news if you are planning home improvements.

We would like to point out that all of the above relaxations are subject to additional specific health and safety guidelines and social distancing.

Mortgage Market

In terms of mortgages at the moment:

1. Surveyors have an enormous backlog of work to catch up on, so things will return to normal very slowly.
2. The availability of high loan to value mortgages is still limited compared to pre-Lockdown. Some Lenders have increased their maximum loan to values this week, though, which is positive.
3. Interest rates are meager, so many customers who can get a mortgage are locking in on 5-year deals.
4. Low loan to value mortgages still readily available – lenders are trying to lend where possible.
5. Rules on lending to furloughed workers have tightened, and some Lenders are pulling back on debt consolidation also.

We understand that things take time, we’re a long way before everything can get back to ‘normal,’ but rest assured you’re in a great opportunity if you are currently looking for a mortgage/ remortgage deal. Our Mortgage Advisors in Sunderland can help search thousands of deals tailored to your financial circumstances.

Mortgage Broker in Sunderland

Here at Sunderlandmoneyman we are seeing more customers interested in Remortgage for Home Improvements in Sunderland. They realise that it is easy to sort out and may increase your monthly mortgage payments by £100 – £200, this mainly applies to homeowners wanting to start a family or expand their current one.

Once you got in touch and got a few details from you, you will get put through to one of our fantastic Mortgage Advisors in Sunderland, who will provide nothing but help and support throughout the whole of the mortgage progress. Our goal is to find you an excellent mortgage deal!

Mortgage Advice in Sunderland