As 2020 continues to upend the entire world in one way or another, the use of the word ‘usual’ has become – well, unusual.
In fact, there really hasn’t been anything usual about this year at all; whether it’s global pandemics or global politics, things have unquestionably been very different from what we’ve become used to.
However, despite the uncertainties caused by the current pandemic and the rules and regulations associated with the latest national lockdown, one thing is certain – the housing market remains open for business as usual.
According to Housing Secretary Robert Jenrick, homeowners are able to move and estate agents should continue operating. Of course, things will be different and, in the case of property viewings, virtual viewings are likely to increase, but the important point is that those looking to move should keep on looking, and those applying for a mortgage should keep on applying.
Realistically, ‘Is now a good time to move?’ and ‘Is now a good time to get a mortgage?’ are probably more pertinent questions for those thinking of buying a property.
As a Guildford mortgage broker, we saw first-hand how the first national lockdown caused a bottleneck effect when the housing sector temporarily closed. People still need to get a mortgage and move, after all.
This time around things are different, not only because the sector is open and government is actively encouraging people to move if they need to, but also because the Chancellor announced a stamp duty holiday on properties up to £500,000 (and therefore a potential property tax saving of up to £15,000), provided that completion takes place by 31st March 2021 *.
As a result, you have a housing sector that’s open as usual and the equivalent of a discount on the cost of moving available for the next few months.
So yes, now is a good time to move and apply for a mortgage. But let’s be honest, it’s more business as unusual than business as usual.
If you’re hoping to take advantage of the stamp duty holiday then contact the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk. Remember, we specialise in ALL mortgages from first time buyer mortgages and equity release mortgages, to adverse credit mortgages and commercial mortgages.
* https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates
If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.
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