On Saturday 31st October 2020, the British Prime Minister Boris Johnson announced that England would enter a nationwide lockdown starting from Thursday 5th November to Wednesday 2nd December. These restrictions were put in place in order to try and reduce the spread of the coronavirus.
In comparison to the lockdown, this time around, the restrictions and guidelines are not as tight. This ease of restrictions has allowed more industries and educational systems to remain open. Now that we are a couple of weeks into the lockdown, as a Mortgage Broker in Newcastle, we think that it’s safe to say that the property market will stay open and carry on as normal.
When we say carry on as normal, you also have to factor in social distancing guidelines and the strict measures that come with taking property viewings etc. Despite the few restrictions, the market is still standing on two feet and we are still operating as usual at your mortgage Broker in Newcastle; here is what you are able to do over the lockdown:
In Newcastle, we have received questions about the lockdown and the property market from all different types of mortgage applicants, some First Time Buyers, some Home Movers. Since this is quite a hot topic at the moment, we thought that it would be best to answer the most frequently asked questions and break them down so that you can get a Mortgage Broker in Newcastle’s perspective on the property market.
As you know, during the last lockdown the restrictions were a little tighter; luckily in this lockdown, you are still able to move home. Home removal services, van hire, everything that you need to begin your Moving Home journey is available.
One of the most important thing that you need to remember when moving home during times like these, is to stick to the social distancing guidelines. It’s very important that you follow these rules, especially if you are taking regular house viewings.
The answer to this question is yes… that’s if your estate agents are open. Some estate agents have chosen to close their branches and have all of their employees working from home. This may not be the case for your estate agents though, so it’s probably best to check whether they are open or not first.
In this day and age, it’s not unusual to find a business that only transacts over the phone, it’s just the way things are now. If your estate agents are operating from home, don’t worry as you can still do everything and start your process over the phone/online. We advise that you take your time if you are doing everything online, and make sure that you clearly understand everything that is being communicated.
You are still allowed to take up house viewings yes, however, if it’s possible, you could try your estate agent’s virtual house viewing if the offer is on the table. Quite a lot of home buyers are scooping up this option; as a Mortgage Broker in Newcastle, we expect the number of people taking virtual house viewings to increase further too.
Even though a virtual viewing may be a homebuyers safest option, we do understand that nothing beats a house viewing in person. Choosing your home as First Time Buyer or a Home Mover in Hull is a huge life decision, so if you wanted to go down the normal route, it’s completely okay to do that too.
If you are taking up a house viewing in Newcastle, your estate agent will arrange a date and time for you to go and visit the property (or vice versa if you are selling a property). Depending on the time of day and the homeowner’s situation, they may want to go out for a bit so that there are as few people within the household as possible.
Since the property market hasn’t been put on pause like the first lockdown, you can still continue the home selling process as normal. You will need to factor in everything that comes with selling a property though, this will include choosing an estate agent, selecting a property valuation, getting pictures taken of the property, etc.
There may be a slight delay at some points of the home selling process and this is down to the new guidelines and restrictions that have been put in place. Estate agents are very busy at the moment and probably have their desks piled up with enquiries. With all of the current measures in place, things that are normally easy to process are taking a little longer.
Yes, conveyancers are still remaining open during lockdown 2.0. They will still be available to support your property sale. Furthermore, we advise that you be patient as most solicitors are working from home so it’s natural that things will probably come slower.
As a Mortgage Advisor in Newcastle, this is a question that we’ve received quite a lot during these last few weeks.
In this lockdown, even though it’s a lot shorter and less strict, you are still able to take out a mortgage payment holiday, but only if you absolutely need to. If you need to take out a mortgage payment holiday, you should get in contact with your Mortgage Broker in Newcastle or your lender, it’s your choice. You can also check out our mortgage payment holiday article for more useful information too.
If you took out a mortgage payment holiday during the last lockdown and are currently still on the scheme, you can extend your holiday so that it comes to a total of six months holiday. However, if you have already had a six month payment holiday, you have already reached the six month limit and therefore unlikely that you will be able to access this scheme again.
The property market is slowly catching back up to speed; with a little more time and the help from 2021, we are hoping that the market resumes back to normal sooner rather than later.
If you are wanting to start the mortgage/home buying process, you should get in touch with your expert Mortgage Advisor in Newcastle – Newcastlemoneyman. We have been delivering Mortgage Advice in Newcastle for over 20 years now and we know exactly what to do, even in times like these.
Despite the global situation, we are still determined to help secure you an amazing mortgage deal! We want the process to run as smoothly as you, get in touch for a free mortgage consultation.