Mortgages - is now a good time to get one? What should I look for?
The state of the housing market
As we emerge from the worst (we hope) of the Coronavirus pandemic, and see the end of the stamp duty holiday (it officially ends 30th September), and furlough (also officially ends 30th September) what is likely to happen in the local (Rochdale and Greater Manchester wide) and national housing market?
According to *The Halifax, a search for extra space has pushed up the average price of a residential property by 7.1% over the past year. This house price growth looks set to last well into 2022 as lifestyle changes sparked by the coronavirus crisis sees buyers continue to look for more room and properties that better suit their lifestyle.
But - some people are hoping house prices will dip once both furlough and the stamp duty holiday end. There is no guarantee that will happen. While many housing experts predict a small fall in 2022, no one has a crystal ball.
So, buy now or wait until 2022?
If you can afford to buy a home now and you want to live in it for several years, you should bite the bullet and buy now rather than wait for something that may or may not happen. Hoping for a dip and therefore a potential bargain might mean you miss out on your dream home.
Top tips for getting the best mortgage deal
With mortgage rates quite low at the moment we would advise speaking to a specialist mortgage advisor. Whilst anyone can carry out an online search to see what deals are out there and/or speak to their bank or building society about offers, an advisor will often have access to special deals that aren't directly available to customers. This can really make a difference in monthly payments. Specialist mortgage advisors also have an overview of the entire mortgage market and know which lenders are most likely to lend to you, at the best rate, based on your own particular circumstances including your age, job, salary, savings, deposit etc. An initial and no obligation conversation with a mortgage advisor could really make the difference in making sure you secure your dream home.
Get in touch today to speak to one of our Barton Kendal mortgage advisors.
Source of Statistics: *https://www.halifax.co.uk/media-centre/house-price-index.html