Whether you are looking to buy a home as a first-time buyer in York, are moving home in York, or are ready to remortgage in York, you’ll quickly begin to realise there are a lot of options out there for you when it comes to taking out your mortgage.
In this article we have put together a comprehensive list of the most popular types of mortgages available to customers on the mortgage market.
If you have any questions regarding any of the mortgage options that we talk about below, then please do not hesitate to get in touch with a dedicated mortgage advisor for expert, open & honest mortgage advice in York & surrounding areas.
A fixed-rate mortgage will mean that your monthly mortgage payments will remain unchanged for the duration of your mortgage term.
The length of which you want to fix your payments for is your choice, with typical choices being somewhere around 2, 3 or 5 years or longer.
No matter what happens with inflation, the interest rates or the nationwide economy, you know that your mortgage payment, which is usually a person’s single biggest outgoing, will always be routinely consistent.
A tracker mortgage will serve the purpose of providing you with a mortgage interest rate that basically mimics the Bank of England’s base rate.
This means that neither yourself or the mortgage lender will set the rate and it will change as and when the base rate does. If the base rate goes up, your interest rate goes up. If it goes down, yours will go down too. Of course, this happening is beneficial to you.
You will be paying back at a percentage that is above the Bank of England base rate. If we use this in an example; Let’s say the base rate is 1% and you are tracking at 1% above base rate, that means you will be paying back your interest a rate of 2%.
When you take out a repayment mortgage this means that each month you will be paying back a combination of both the interest and capital. This is the standard mortgage people think of when looking to buy a home.
Going off the basis that you are able to keep your payments going for the mortgage term duration, you will be guaranteed to have paid it off in full and own the home of your dreams by the end of it.
This is generally, across the industry and wider world, considered the most risk-free way to pay your capital back to the mortgage lender. Early on in your term, the amount you’ll be paying will be mostly the interest, with your balance reducing at a slower rate. This is especially the case if your term is 25, 30 or 35-years.
The process quickens up within the last ten years or so of your mortgage, where you will be paying back more capital than interest, with the balance reducing at a far quicker rate.
Whilst we do still regularly encounter many buy-to-let mortgages being set up on an interest-only basis (this is an option that works out much better for many landlords), it is increasingly more difficult these days to get a residential property on an interest-only mortgage.
The reason for this is because once you reach the end of your term, you will still have the full mortgage amount to pay off all in one go, with no additional income to fund the amount you’re required to pay.
That being said, there are various unique circumstances where this can be a suitable option for customers, including downsizing when you are older or if you happen to have other investments you are able to use to pay back the capital.
Lenders are often incredibly strict when it comes to offering these products now and the loan to values tend to be much lower than they were in previous years.
The way an offset mortgage works is that your mortgage lender will set you up a savings account that will work in tandem with your mortgage account.
To explain this using an example, let’s say that you have a mortgage balance of £100,000 and you deposit £20,000 is into your savings account, you will only be paying interest on the difference between those figures, which in this instance would work out at £80,000.
This can be a very efficient way of managing your finances, especially if you are wont to be paying higher rates of tax.
Nowadays, First-Time Buyers in York are becoming more attentive to their credit score than they used to be. The public seems to be more conscious of their credit score role in obtaining a mortgage, so most people who contact us for Mortgage Advice in York seem to have already checked their credit report.
Credit reporting agencies like Experian, Equifax, and many others have come in handy in helping people get their credit report. However, for first-time homeowners, we often recommend Check My File. They offer a 30-day free trial and monthly £14.99 subscription package, which you can cancel at any time. Check My File provides a detailed credit report arranged in color-codes for ease of reference and understanding.
When offering clients Mortgage advice in York, they always inquire to know if we will check their credit score. We understand that excessive credit search could reduce one’s credit score, so we do not do any search unless with their permission.
A hard credit search entails detailed scrutiny of your credit report. Financial institutions should seek a client’s permission before conducting a hard credit search. Lenders always want to get a more exact and in-depth knowledge of your financial history to know if you meet their requirements.
Meeting their credit criteria after a hard credit search highly improves your chances of getting your credit approved. You need to ensure that you can provide evidentiary support of the satisfactory documentation and ensure that there is no falsification or error in the details contained therein.
The downside of hard search is that it will be indicated in your credit report, which would be evident whenever someone performs a credit search on your account in the future. This isn’t such a bad thing, but when lenders see that you have multiple credit searches on your report within a short time, they could misinterpret it to mean that you’re applying for different credits concurrently.
They may not inquire to know the circumstances that led to these hard credit searches. Instead, they may conclude that other lenders performed these searches, and after their investigations, they threw away your application, so you had to move on to other lenders.
Soft credit search only assesses your finances to know what you can afford with your available credit. It basically applies to price comparison websites and identity verification.
In recent times, some lenders prefer to conduct a soft credit search, although it doesn’t provide them as much information about a client’s financial history as a hard credit search does. However, obtaining an Agreement in Principle from the lenders is a strong pointer that your mortgage application will be approved.
The significant advantage of soft searches is that banks and other financial institutions will not see how many soft searches have been done on your account. However, the number of soft searches will be visible to only you- and you’d be amazed at how many have been carried out on your account. Since banks and lenders cannot see this information, you can apply for an Agreement in Principle for a mortgage- and it won’t damage your credit score irrespective of the outcome of the application.
Every aspiring homeowner wants to present themselves as financially responsible individuals. Therefore, it is pertinent to explore all legal routes of improving your chances of getting the property you desire at the lowest possible price.
This is the reason why the bulk of our mortgage advice in York revolves around helping people increase their credit score and keep their record in good standing to make them attractive for lenders and other financial institutions.
When applying for a mortgage, having a high credit score improves your chances of being successful. But then, a high credit score alone doesn’t guarantee that the financial institution will approve your mortgage because different lenders have their internal grading system that determines the approval of mortgage applications.
Because each lender has its unique set of criteria for approving a mortgage, another could accept you if one lender rejects your application. This trial and error kind of occurrence is the reason why you need a Mortgage Advisor that can direct you to the right lender that will approve your application. A good mortgage advisor will also help you assess your chances with the different lenders and help you get the best deal.
If you want to get an explicit knowledge of your credit score, you can contact lots of credit reference agencies to know your credit scores. For people seeking mortgage advice in York, we always recommend consulting Equifax, Experian, and several other credit reporting agencies to get your credit report. It is necessary to consult more than one, just if any of these agencies make an error in your credit report.
To get a higher credit score, below are some recommendations we have for people seeking mortgage advice in York:
If you’re always searching for credit multiple times, you could ruin your credit score and chances of having your mortgage application approved. Instead of damaging your credit score with repeated searches, it is best to use approved price comparison websites to get the best prices and know what’s available for you.
The truth is, if you’d be applying for a mortgage soon, it may not be wise to do credit searches within that period. Although lenders know that you will repay your credit, they do not want you to have debts when applying for your mortgage.
People on the voters’ roll are considered more stable and organized than people who are not, and it reflects positively on their credit score. To improve your credit score, you may need to update your current address and provide correctly every necessary information to enlist yourself on the electoral roll. This enlistment will improve your credit score, and lenders will rank you higher.
Another way to improve your credit score is to know your maximum credit limit and make sure you don’t get there. Maxing out your credit limits your credit score and makes lenders regard you as one who can’t manage their resources. Lenders want only to do business with financially responsible people, so exceeding a card limit or overdraft is considered a red flag.
It is necessary to update your address history to ensure that your provider knows where exactly you live at a given time. Ensure that the details are correct, especially if you live in a flat- which could be quite tricky due to different address formatting.
If you have old credit accounts that you no longer use, contact the providers to close the accounts. At first, lenders may be skeptical in the bid to determine if you requested for the termination or if the providers closed it themselves. However, it will be beneficial in the long run as it streamlines your credit score and protects you from fraud.
If you have family, an ex-wife or husband, or any other person connected to the spending of your finances, you need to remove those links. The truth is, those links weaken your credit score without making it obvious. Reach out to reference agencies and request to terminate the connections between you and these persons. Doing this will surely improve your credit score.
Whether you’re a First-Time Buyer in York, looking to Remortgage in York, Moving House in York or any other kind of mortgage scenario, your credit score should always be one of your top priorities. Get in Touch with a Mortgage Broker in York and a dedicated advisor will talk you through any necessary steps for you to take.
Regardless of whether you are a potential First-Time Buyer in York actively seeking out your first home or a Home Mover in York with your house on the property market, you may have noticed that some of the larger estate agents and builders would prefer that you use their in-house mortgage advisor and conveyancing services.
We have spent many years working as a dedicated and individual mortgage broker in York. We don’t work with banks, building societies or estate agents, we work solely for the customer. As such, we do often find ourselves speaking with customers who have been pressured by some estate agents to use their own in-house financial services. Some of the stories we have heard include;
Many estate agents out there have track records of refusing to put an offer forward if you choose to use a different mortgage advisor instead of their own. At times they have also refused to put offers forward to the vendor, because someone who has used their in-house mortgage advice service has also made an offer that they’d rather show favouritism towards, even if it’s lower.
Another sales tactic we see often, is the estate agents quoting immensely overpriced conveyancing fees. In the past we have had clients who have unfortunately had this happen to them. One was quoted more than £1,500 for a regular purchase.
With our dedicated mortgage advisors helping out, we got this cost down. Following this, we suggested that the client use another conveyancer in the nearby area and were able to get this down to £750. That’s exactly half of the quoted price.
Once you’ve made an offer, you might then expect a phone call detailing whether or not you’ve been accepted. It seems like the next logical step right? However, what tends to happen with some cases, is the estate agent will call up and demand to know which conveyancer you have used.
What follows is the estate agent refusing to take the property off the market, unless you agree that you will use their own in-house service. As you might imagine, their quotations will be extortionately overpriced and completely unfair to the customers, but they will put you on the spot and make you feel like you have no choice to take enlist their services. This is something a mortgage broker in York can absolutely help you be prepared for. So the questions that need answering then are…
Absolutely not, they are highly illegal. You have the freedom to go wherever you wish when it comes to your mortgage process. You can use any broker, any conveyancing or any other financial service. It’s all down to what you would personally prefer. You are under no obligation to use the services on offer from the estate agent, as their job is simply to foresee the sale between yourself and the vendor.
Always remember, when negotiating a purchase price… Is it really within your best interests for the person selling the property you’re interested in buying, to know your personal financial situation and potentially know how much you’re able to borrow in order to pay for that property? Something which they can then use against you to convince you to use their own financial services?
Stay vigilant and make sure that if you don’t want to use it, they know this and do not guilt you into a trap. It’s your mortgage, your offer, your potential home. Getting in touch with a trusted mortgage advisor in York will help you be as prepared as possible, in advance of encountering these tactics.
Your income, expenditure and the lenders’ affordability calculations determine the amount you can borrow for a mortgage. Over the years, the amount that Banks have been prepared to lend for mortgages has ebbed and flowed. This can be linked to the market conditions and appetite for risk at that time.
There was a time in the mid-2000’s when more than seven times annual income may have been acceptable. However, it has also been as low as three times annual salary in the past.
Since the Mortgage Market Review of 2014, it is seldom that they apply this “multiple of salary” rule. The Lenders now look much more deeply into your personal finances before deciding how much you can borrow. Thus, the factors you need to consider are:
As mentioned above, the way lenders calculate your borrowing capacity (affordability) is now generally much more sophisticated. Lenders used to work off simple income multiples of, say three times your gross annual salary. However, nowadays they all have affordability calculators which are often quite different from lender to lender.
With increasing complexities in the way people are paid, there have been changes in what income lenders do and don’t accept. For example, if you’re in a job where you earn a lot of overtime or bonus or commission, some lenders will take much more of this into account than others; some lenders will take certain benefit income such as child tax or working tax credits into account where others won’t.
Similarly, if you’re Self-Employed in York or own a limited company, lenders will assess your income in different ways. This can result in the same customer being assessed to have widely varying affordability levels from different lenders.
Finally, factors such as the product that you want to take and the term of years you want to borrow the money over can all impact upon the overall affordability. Lenders will also deduct regular outgoings such as personal loan payments, maintenance payments or credit card bills from your salary. Thus, whilst many lenders or brokers will have a “rule of thumb” this is just a quick guideline. Therefore, you should always check with your mortgage broker for more accurate figures based on your specific circumstances.
Lenders generally aren’t daft. They don’t want to be seen to be lending you more money than you can realistically afford which could put you under unnecessary financial strain. Therefore, if you pass a lender’s affordability calculator that’s a pretty good indicator that you should be OK.
That said, we’ve already seen that the assessment of affordability can vary significantly between lenders, so it’s always worth completing your own budget planner to ensure that you have the security of knowing that, whatever the lender may say, you’ve done your own assessment. Remember, owning your own home is not just about paying the mortgage.
Factor in associated costs such as council tax, utility bills and any other committed payments such as personal loans or insurance premiums and your regular food and drink bill at the supermarket. Be realistic and include everything that you’ll want to retain in order to maintain your chosen lifestyle.
Deduct your other outgoings from your monthly pay and, if what you have left is more than enough to meet your mortgage payments, then you should be OK. If it’s not, you have a choice; either make savings or sacrifices from your outgoings in order to help you buy the home you want, or look for something smaller!
The UK has seen an unprecedented period of interest rate stability in recent times. It is over seven years since the Bank of England has amended its Base Rate but with recent events many people fear the uncertainty that may come with future rate increases. If you complete a budget planner, you should be able to gain some idea of how much you can afford and you could, therefore, factor in possible increases to ensure your mortgage will be affordable both now and in the future.
If you’re in any doubt, the key to future stability can be found in fixed-rate mortgages. As the name implies, the rate you pay, and thus your monthly repayment, is fixed for a defined period of time. Generally speaking, the longer you fix for, the higher the rate (and monthly repayment) is likely to be, but you might consider that to be a price worth paying for the peace of mind it brings.
When it comes to Gifted Deposits, we often find that we are asked lots of questions. Below we will answer these questions in the simplest way we can, so you’re more up to speed when it comes to the mortgage process.
Your gifted deposit can be either the full amount or a portion of the deposit gifted by someone who is able to confirm, with an agreement that you do not need to pay the gifter back in the form of a loan.
Gifted Deposits are incredibly useful when customers have enough money for their monthly repayments but can’t afford the initial deposit for their home. You may also open yourself up to better rates if you are able to put down more deposit.
A Gifted Deposit can also be really helpful if you’re on a lower salary and can afford the monthly mortgage repayments but are unable to save your deposit upfront.
Generally speaking it is your parents who can gift you the deposit, though this can be extended beyond just birth parents, to adopted parents and legal guardians. You may see this mentioned online as the “bank of Mum & Dad”.
You do have the possibility of using other family members for a Gifted Deposit, though this completely depends on individual lenders, so would require care when trying to find the right mortgage lender.
We commonly find that clients aren’t aware that their parents can help with their mortgage, or don’t feel like they can approach them and ask for help. In truth, most parents are extremely willing to help their children get onto the property ladder.
Statistically, taking out a mortgage works out better than renting, due to you being able to potentially pay less per month on a property. Gifted Deposit can often come from inheritance, although parents have been known to gift it earlier on in life if they have saved enough already or have released a certain amount of equity from their own home.
Most lenders won’t accept a loan as a method of paying for your deposit, as this is an additional credit commitment and leaves the lender with uncertainty that you’d have enough disposable income to pay back both the loan and the mortgage at the same time.
There is no maximum limit on the amount of gift you can receive, though there are lenders out there that will insist that you put in at least 5% deposit from your own savings.
The people who benefit the most from this tend to be First-Time Buyers in York and Home Movers in York. It can also be useful when in conjunction with the Help-to-Buy Scheme, as the required 5% deposit, depending on the lender, can be paid via a gifted deposit.
The majority of lenders will require a gifted deposit form. Depending on the lender, you may be asked to provide additional proof and ID (things like donor ID or bank statements).
There’s no doubt that buying a home can be an expensive business. It gets even more costly when you are buying and selling at the same time. In this article, we broke down for you some of the costs and further down the line which things become due for payment, this article will benefit First-Time Buyers in York let alone anyone interested in purchasing a property or looking to Remortgage in York to a new property.
You only need to pay for an Estate Agent if you are planning on selling a property. The fees vary widely from Agent to Agent. We tend to find that the cheapest agents tend to be online ones who don’t carry the expense of maintaining offices. If you are not as sensitive to fees and you would prefer a more personalised local service, then that might cost 1-2% of your selling price. The charges are usually negotiable, especially in a “seller’s market” – that means when Agents are fighting to get your instruction because there aren’t many houses on the market.
If you are taking out a mortgage, then the lender needs to know the property is worth what you re paying for it. Some Lenders offer this for free, although they may not send you a copy of the report. If the Lender is not offering a free valuation, then this could cost a few hundred pounds.
You can expect to pay roughly double that if you want to upgrade that to a more in-depth HomeBuyer’s Report. The top of the range survey is the most expensive option, and you can expect to pay a four-figure sum for one of those.
Your Mortgage Advisor in York can explain what each different survey consists of so you can make an informed choice. The older/worse condition the house is in, the more likely you should consider upgrading the survey. Whilst a useful review is indeed expensive, and it’s a fraction of the cost of buying a property blind and having to spend much money on repairs over the years.
By rule of thumb, the mortgages with the lowest interest rates tend to come with the highest fees. Fees to set up mortgages can range from zero to a few thousand pounds. Your Mortgage Advisor will recommend the cheapest product to meet your needs, calculating the total amount to pay over the product term, including all fees.
The higher the amount you are borrowing, the more likely it is that you will want to keep the interest rate as low as possible. If you are borrowing a small amount, then it’s usually cheaper to take out a mortgage without fees as a rule. Lender arrangement fees can often get added to your mortgage. If you elect to add a fee, then interest will be charged on the fee, and this can add up over the term of the mortgage. Being an expert Mortgage Broker in York, we compare mortgage deals with all prices added so we could compare on a like for like basis.
You’ll need to engage the services of a solicitor, the fees quoted by various firms can differ enormously. Estimation for a straightforward purchase with a local company is £600 for a low-value property. You will need to give the property address, whether it’s leasehold or freehold and the purchase price to obtain quotations. Again your Mortgage Advisor in York can help you decide whom to go for The key points to cover when asking for a quote are:
In addition to your Solicitor’s fees and disbursements, you’ll get required to pay this tax which the Solicitor collects on completion of the property purchase. Full details can get found here: – a residential purchase of £180000, the Stamp Duty would be £1100.
Most Mortgage Brokers charge fees for their work, the amount that you will pay will often depend on how much the Lender pays the Broker for the work they do on their behalf. Most Brokers will only charge a fee if they are successful in obtaining a formal mortgage offer for you. Check your Mortgage Brokers in York online reviews to see what other customers are saying about them.
The cost of moving your furniture can vary significantly and will depend on the level of service you are expecting. If you are quite happy to hire a van and roll your sleeves up, this can cost less than £200. On the other hand, if you are looking for a company that provides the full service, this can be £1,000 plus.
When lenders ask for your bank statements you can expect them to look for a variety of things. However, their one overriding objective is to assess whether you are the sort of First-Time Buyer in York who manages money responsibly and is, therefore, likely to maintain regular mortgage payments. In recent months, one trend, in particular, has come to the fore and that is the question of gambling transactions on bank statements.
Therefore, you need to consider what these, and other elements of your personal banking, can say about you. So, with regards to gambling, what questions do we need to answer in particular?
Whether you have an annual flutter on the Grand National or a regularly use internet betting sites, clearly there is nothing illegal about properly licensed gambling. With many of the bookmakers advertising on mainstream TV and radio, a lot of people see gambling simply as a mainstream hobby or pastime similar to many others.
However, it shouldn’t be forgotten that even the gambling advertisers urge customers to “please gamble responsibly” and this is the key to bear in mind when applying for a mortgage. Thus, whilst it is not a lender’s job to tell you how to live your life, how to spend your money or indeed to moralise on the ethical rights and wrongs of gambling, they do have a duty (underscored by mortgage regulation) to lend responsibly.
If lenders need to prove to the regulators that they are making prudent lending decisions, it isn’t entirely unreasonable of them therefore to expect the people to whom they lend to adopt a similar approach when it comes to their personal finances. Think about it. If you were lending your own money would you lend it to the applicant who gambles or the one who doesn’t?
As mentioned above, it is not illegal to gamble so just because you have the odd gambling transaction on your bank statements it doesn’t automatically mean you will be declined for a mortgage. However, the lender will consider whether these transactions are reasonable and responsible. Thus they will particularly look at the frequency of these transactions, the size of the transactions in relation to the person’s income and the impact upon the account balance.
If these transactions are infrequent small amounts that make no significant impact on a regular credit bank balance, then they are not likely to be regarded as important. However, if you bet most weeks or you are constantly overdrawn, the Lender is therefore likely to see that as being irresponsible and decline your application.
As we’ve seen, basically lenders are looking at your bank statements to show how you manage your money and to help them establish whether this gives them either the confidence that you are financially prudent or the evidence that you are not.
Remember, Lenders are financial institutions that, either directly or as part of a wider group, often sell current accounts, overdraft facilities credit cards and personal loans, so understand that these things can all play a part in prudent financial planning.
The key for a mortgage applicant is how these facilities are managed. For example, having an overdraft facility and occasionally using it, is not inherently a bad thing; regularly exceeding the overdraft limit – not so good. Thus, lenders will look for excess overdraft fees or returned direct debits because these would normally show that the account is not being well conducted.
Other things to look out for include credit transactions from pay-day loan companies; “undisclosed” loan repayments (i.e. if you said on the application that you have no other loans but there appear to be regular loan payments, this could be a problem); they would look out for any obvious missed payments; finally, they might also consider how much of a typical month is spent overdrawn – i.e. if you only just go into credit on pay day and for the rest of the month are overdrawn, how sustainable is this mortgage?
The simple answer is – be sensible and, if possible, plan ahead. Typically, a bank would ask for up to three months of your most recent bank statements that show your salary credits and all your regular bill payments. Thus, if you know you’re likely to want to apply for a mortgage in the not-too-distant future, try to make sure that you avoid any of the above pitfalls. Take a break from gambling for a short while and work on presenting your bank account in the best possible light.
Your Mortgage Broker in York can help you as there are some lenders who may ask for fewer bank statements than others or indeed some may not even ask for them at all. However even these lenders would reserve the right to request bank statements in certain circumstances, so your best chance is to be as prudent as possible in the run-up to any mortgage application. Remember, if you do gamble, please gamble responsibly!
COVID-19 has had a noticeable effect on the mortgage market thus far, but that won’t stop us from providing the same level of Mortgage Advice in York our customers know and love. At Yorkmoneyman, we are still working the same way we were before these hardships.
We still have hardworking Mortgage Advisors in York working remotely from their homes in order to answer all of your mortgage questions. Our number one aim is to ensure all customers have the option to speak to a Mortgage Advisor in York if they need to.
You may be worried you’re unable to meet your monthly mortgage payments or you’ve reached the point where you are looking for a better deal when you choose to remortgage in York. We have noticed that these two situations have been mentioned by quite a few customers.
As a Mortgage Broker in York, we would highly recommend speaking with one of our advisors before you go directly to the bank or lender. We’re able to assess your personal and financial situation, in order to recommend the best route for you to take.
We’ll do our best to help all those who come to us for help with their mortgage during these difficult months. We’re all in this together and look forward to it if you choose to get in touch.
Our Mortgage Advisors in York are still working through various different situations every day, keeping our business at our Mortgage Broker in York flowing normal as usual. We won’t let anything get in the way of us providing expert Mortgage Advice in York.
Customers have still been leaving excellent reviews over the last few weeks, something we’re incredibly proud of. We take great pride in our work and it warms our hearts to know that as a Mortgage Broker in York, we’ve done right by our customers.
Here is what a few customers have recently said about our service here at Yorkmoneyman:
“Absolutely fantastic service from Chris setting up my application, to Kayleigh sorting out the right remortgage for me, nothing was too much trouble. Cannot recommend them enough for sorting this out in a timely manner and during this pandemic. Thank you to each and every one of you.” – Mandy H
“Brilliant service from Jonathan and Megan, very smooth process and they have secured me a great mortgage deal. Will highly recommend Yorkmoneyman. Thank you.” – Daniel D
Remember, our Mortgage Advisors in York are still available for you to get in touch from 8am until 10pm, all 7 days of the week. Sincerely from everyone here at Yorkmoneyman, we hope you’re safe and well and we look forward to hearing from you soon to help with all of your mortgage needs.
We won’t let anything get in our way, especially during the COVID-19 outbreak. It’s still our aim to help with all your mortgage problems, it wouldn’t be fair to just leave you confused and concerned. Our Mortgage Advisors in York will do their best to get you over these hurdles and through the mortgage process with ease so that you get the property that you have your sights set on.
With the October 31st Brexit deadline behind us, it begs the questions as what our next move is as a country. With everyone in despair and uncertain about the things they hear in the news, it can be hard to find reliable advice.
Many people have been pondering on what the right path is to go down in terms of the property market, potentially losing out on chances which may have benefitted them in the future.
By overviewing the property market for many years and seeing how external factors have influenced it over previous years such as politics, our Mortgage Advisors in York are projecting their own ideas on the potential outcomes for customers post-Brexit. It would seem that there is a lot of pent-up demand at the moment.
It is for this reason that we are advising our clients to make sure they get the full advantage of all the options available to them, especially if they’re just waiting for the right time which may not work out in their favour. If you are thinking of moving in 2020, then we would advise you to come in and have a chat with us at your earliest convenience. We’ll try and get your home valued whilst Estate Agents are quiet.
The process of making sure your home is prepared and getting it on the market can take a few weeks. This is including the 2 or 3 valuations providing a secured opinion, the adequate time for you to decide on an Estate Agent, finalise your agency agreement and get the photos finalised.
Furthermore, if many other people thinking in the same way as you, waiting may hold you back. By the time new year approaches and your home is on the market – so is theirs. The more houses that are available on the market, the more options there are for potential homebuyers, which has the possible effect of lowering house prices.
By staying ahead of the market and not waiting to get your home valued now will mean many things, to list a few:
When the decision of Brexit is finally announced you have all the information there available at your fingertips.
The decision to sell is all yours, it is not a means to an end but it’s giving you a head start.
If you do decide to sell you have the incentive to spruce up your property but if you choose not to, you already know the figures and the feedback to possibly get the figure higher by carrying out a remortgage for home improvements.
So if you’re thinking of moving home in 2020 or the near future, contact us to discuss your mortgage options and if you are after Mortgage Advice in York. We offer all customers a free no-obligation consultation.