Like many other aspects of life, the housing market has been hit hard by the Coronavirus crisis.
Transactions have been put on hold, Estate Agents are closed, and viewings and valuations are unable to go ahead. So not much is moving. But it’s not all doom and gloom. This period of enforced inactivity (for many) is a great time to make sure you have your financial ducks in a row – whether that’s making sure you’re on the best mortgage deal available, reviewing your protection insurance or just getting everything in order so you can be first out of the starting blocks on buying your dream home when the restrictions are lifted.
Here’s some food for thought:
Want to re-mortgage?
We know we have at least another week or so of lockdown so plenty of time to make sure that you’re on the best mortgage deal for you. Particularly if your current deal is nearing its end. Remortgage offers are usually valid for between three and six months so even if yours has a way to go, now is a good time to see what’s available. Plus, the base rate has been cut by the Bank of England to its lowest level in history so remortgaging could be a way of bringing down your monthly outgoings. Or a good opportunity to review your long-term plan and organise to pay your mortgage off sooner.
And if your income and circumstances have been impacted by coronavirus then it’s definitely worth speaking to a mortgage adviser who can provide accurate and up to date advice regarding payment holidays and will be able to help you secure the best rate possible from your existing lender if your current deal is about to expire.
We’ll be looking at life insurance, critical illness insurance and income protection insurance in more detail next month. But given that we’re now in week six of lockdown and have all hopefully cancelled all those unnecessary or forgotten direct debits that were still leaving our accounts every month, maybe it’s a good time to take the next step and think about the financial payments that we should be making. Whether that’s putting these financial safety nets in place or just checking that any current insurances are still relevant to your circumstances.
Getting onto the property ladder
Perhaps this period of staying home has made you realise how ready you are to find a place of your own. Whether you are living at home with parents or in a house share – now is a brilliant time to lay all the groundwork for buying your first home. Our handy blog – First Time Buyers – Nine things you need to know but might not ask – is a great starting point if we say so ourselves! And then a mortgage adviser will be able to give you an idea of how much you can borrow and advise you of any additional steps you can take to improve your financial attractiveness to lenders. You’ll also able to do any form filling so that when the restrictions lift, you’ll be in a really good place to get your foot on that ladder.
Here at Mortgage Confidence, we’re still conducting video calls and offering the first consultation for free. So, if any of this strikes a chord then we’d love to chat. You can email or call Jo on 07742 228302.