During the Coronavirus pandemic, many questions have been raised regarding the house buying process. Harron Homes has teamed up with Independent Financial Advisers, Evolve Financial Solutions, to offer some top mortgage tips to potential house purchasers.
Having supported many people making a move during this period, Financial Adviser, Jason Blunden had the following advice:
- Deposit
New build properties are available up to 85% loan to value at the moment without Help to Buy, and now all banks are back at 75% loan to value using the Help to Buy scheme, so you likely don’t need as large a deposit as you might think.
- Best Rates
There’s likely to be a ‘price war’ between banks on rates to try and regain some market share once they’ve gotten through their backlog of valuations.
- Furlough
If you’re currently furloughed, it is possible to get a mortgage, but it will be capped at the income you’re being paid on so be sure to calculate what you can afford based on your current figure and not your contracted salary.
- Existing Help to Buy
You can still move if you have a Help to Buy loan on your current property. The Royal Institution of Chartered Surveyors (RICS) has developed a desktop valuation, through which you can repay Help to Buy.
- Low Base Rate
The Bank of England’s base rate is currently 0.10%. That’s exceptionally low, and it will benefit those with tracker rate mortgages most.
Natalie Griffiths, Marketing and Sales Director at Harron Homes North Midlands said, “Between the historically low Bank of England base rate and elimination of Stamp Duty up to £500k, there’s no better time for many to get on the property ladder or move up a rung.
“I’d urge anyone interested in a luxury Harron home to get in touch soon for an individual appointment to tour a showhome, and discuss their needs with our knowledgeable sales team.”
Harron Homes is operating on an appointment basis only to ensure the safety of its employees and customers. Exclusive appointments are easily made via the webchat service on the Harron website or by phoning the development.