First things first, don’t panic Mr Mannering. We know how easy it is to read a headline here or there and start spiralling into a pit of existential despair. That’s why we’ve decided to round up some of the more common questions / cries for help we’ve heard since lockdown regarding your remortgaging options. As always, we recommend chatting with an expert or two before making any major decisions.
Not necessarily! Fortunately, the government has introduced a series of policies recently to help those with mortgages if they are to suffer financially as a result of coronavirus. Homeowners and landlords can apply for the three month mortgage payment break if it affects your income. For more information on how you can get financial help during lockdown, take a look at this handy article from Which (click me). Save your doomsaying for those Tiger King conspiracies. Wow. Yeah, we think so too…
Despite the current situation, existing homeowners will still need to switch deals at the end of their fixed terms. Thankfully it’s still possible to switch your mortgage and it’s likely you may even save money, you’ll just need to exercise a little patience while the banks face higher than usual demand. You know, like when you want to go and buy more cookie dough ice cream with your multipack of loo rolls, but Ronald from number 12 keeps grabbing the last tub. Patience, my friend, patience.
Whilst we can’t say anything for certain at this time, we can look at The Bank of England Base Rate which is the lowest it’s been for years, according to the Bank of England database website which means that you’d be wise to fix your mortgage rate at the moment. As always, we advise making sure you can afford your monthly repayments before blasting ahead, which is something we can help with and we can help you find you the best deal possible. Seriously, slice yourself some banana bread and drop us a line. We’ll be poring over the base rates with some sourdough and jam, gasping for a chinwag.
Again, we would encourage you to take a deep breath and channel your inner Mr Miyagi during these uncertain times. But patience is definitely a virtue whilst the banks are dealing with unmitigated pressure during the pandemic. We know that you will have a timeline to keep to, so we can help guide you towards which mortgage brokers and banks are responding the quickest and find you the best deal for your specific needs. We would also suggest kicking off the process as soon as possible to get a head start – the early bird catches the worm, or the fly in Mr Miyagi’s case.
Luckily, no! The best rates are still out there and readily available to snap up. The number of two-year fixes has dropped by 24% in a week and the number of five year deals has fallen by 15%, but the cheapest rates have remained mostly the same. Phew! We’re keeping a keen eye on all the fluctuating facts and figures over here at Davies & Davies, so if you want guidance on the best deals, give us a shout. After months of isolation we’re pretty keen for a chat, to be honest.
We’re here to do just that. We’re continuing to work round the clock to give much needed guidance and in-depth info on all things property based. It’s our job to keep on top of the new legislation, advice, stats and figures as things unfold during lockdown, so you don’t need to panic read the headlines and spiral yourself into a sweat ball on the floor. Before you start to worry or make any big decisions, give us a call or drop us a line at email@example.com.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. Davies & Davies cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Davies & Davies at 020 7272 0986Back to Useful Guides & Insights
Say goodbye to arrested development and long drawn out planning applications. Say hey there to permitted development and automatic ‘yes siree you can build a pretty kitchen extension’. The Government, Dua Lipa style, counted out some new rules earlier in the year, and consequently made a hit song about it with full dance routine choreographed by Rishi Sunak. You might have missed it while you were engrossed in the BoJo baby news and that particularly eye watering episode of Naked Attraction. But what do these new rules mean for you and what exactly are they? Well get your leotard and shades on and let’s get counting.Read More...
Reservations about renovations? Purchasing a fixer upper property might not be quite as romantic and fun filled as they make it seem on ‘Escape to the Chateau’, but it can still be a great investment and a rewarding experience. If your concerns are rooted in the idea of purchasing property during a pandemic (say that five times fast), now could be the perfect time to peruse the renovators. Here’s our guide to making a fixer upper work for you and what considerations to take on board first.Read More...
Well hello there handsome, how the devil are you? We must say you’re looking particularly attractive right now. Do take a seat and let us bend your ear a while on all things mortgage and land tax related. Although we are admittedly in the depths of a confusing-at-best global pandemic *breathe*, you are also in a pretty good place property market wise. While we do not wish to make light of the current situation, there is a light at the end of the tunnel if you are in the fortunate position to be able to buy a property at the moment.Read More...
020 7272 0986
85 Stroud Green Road
London, N4 3EG
Mon – Thurs: 0845 – 1815
Fri: 0845 – 1800
Sat: 1000 – 1600
Sun: Appointments by request