What support is there to buy a house in lockdown 3?

January 5, 2021

2021 so far as not been the year many of us were hoping for. Another lockdown has meant that the majority of us are working remotely, most children are receiving homeschooling and we are all having to protect the NHS from being overwhelmed whilst we, experienced IFAs at Enable in Bishops Stortford, like others up and down the country wait for a vaccination.

But despite the current Covid-19 situation the property market has been buoyant since it reopened in May last year, with a combination of pent up demand from the initial lockdown period further fuelled by the stamp duty holiday. This could continue till the stamp duty deadline at the end of Mach. When it comes to buying a home there are still plenty of restrictions in place and lots of questions. But the good news is that the property market remains open. 

This is a big difference to the initial lockdown of last March. This time the Government has confirmed that the property market can remain open as long as social distancing is maintained and all guidance for the sector is followed by estate agents and construction sites. It has also been confirmed that you can still move home, the one change being that you should not enlist assistance from people outside your household or bubble to help ‘unless absolutely necessary’. However, removal firms can continue to work as normal.

To support buying homes the mortgage market has also managed to remain open. Many mortgage lenders have worked hard to ensure they are operating as efficiently as possible in the current conditions and IFAs like Enable’s experienced financial consultants can assist you with finding the right mortgage requirements for your circumstances. We are here to help navigate the impact of delays as mortgage lenders with higher-than-normal numbers of applications. Inevitably much of the normal process of buying a property in Lockdown 3 is slower than it was pre-pandemic but you can still more home.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

https://www.whatmortgage.co.uk/news/first-time-buyers/a-brokers-view-buying-a-home-during-lockdown-3/

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