Despite what you have heard - you can still buy your dream home...
YOU MAY BE FEELING A LITTLE UNCERTAIN ABOUT THE CURRENT SITUATION AND WHERE YOU STAND ON BUYING A NEW HOME. WE ARE HERE TO REASSURE YOU THAT ALTHOUGH IT MAY BE DELAYED OR TAKE A LITTLE LONGER, YOU CAN STILL GET A MORTGAGE AND YOU CAN STILL BUY A HOUSE. HERE ARE A FEW POINTS TO REMEMBER;
You may be feeling a little uncertain about the current situation and where you stand on buying a new home. We are here to reassure you that although it may be delayed or take a little longer, you can still get a mortgage and you can still buy a house. Here are a few points to remember;
Lenders, like any other business, are adapting their services to the current situation, they will currently be receiving lots of calls about mortgage holidays, something they won’t have expected. However, nothing has changed in terms of the money they have to lend.
Underwriting – a number of the lenders underwriters are in other countries, a lot of which have also gone into total lockdown, therefore the process will take longer. Lenders are also changing criteria in an effort to reduce the number of applications they are receiving to reduce the workload of underwriters.
Valuations – surveyors are unable to do face to face valuations at present so lenders need to find alternative ways of valuing properties.
From a new build perspective, there is no structure to value, they use the site plans, plot details and other properties which have sold in the area therefore they should be able to do this going forward
Therefore, if you were interested in purchasing a new home prior to lockdown, our financial advisors are more than happy to give you as much information as you need to help you make your decision. The starting point would be to find out the costs associated with moving and how much you can afford, then you are in an informed position to make the right choice when the time is right for you.
If you need require any further information, don’t hesitate to contact our team on 01670 528403.
