By Philip H Yates, Consultant: Mortgages & Equity Release

The English housing market has remained open during this second lockdown allowing renters and buyers to move to a new house. Hardware stores and builders’ merchants also remain open as well as construction sites.

In addition, mortgage holidays will also continue, however you should only consider this if it is absolutely necessary.

If you are buying a home in England the current Stamp Duty Land Tax (SDLT) relief will end on 31 March 2021, if you are hoping to benefit from this tax holiday you really need to make progress and set the wheels in motion. You should consult your solicitor for advice on how the stamp duty rules apply to your own property purchase.

Mortgage lenders are continuing to accept and process applications but in these strange times it is a really good idea to seek independent mortgage advice as many lenders are regularly adjusting their lending criteria. This could mean that products which may have been available very recently may no longer be an option. 

We can research the best lender for you and your circumstances and guide you through the process from application to completion. We will liaise with your mortgage lender, solicitor and estate agent to ensure everything goes as smoothly as possible. 

Property valuers and surveyors continue to conduct inspections and valuations. If a property visit is not possible it may be suitable for a remote valuation to be done instead, this means that a mortgage offer can still be issued. 

If you are thinking of buying a new home in England, you may be able to take advantage of the current Help to Buy scheme which has been extended to 2023. At present, first- and second-time buyers are eligible for this scheme, however from March 2020 it will only be available to first time buyers.

If you would like a free initial consultation to discuss your mortgage options please get in touch with our Independent Financial Services team on 01244 356 789 or email info@cullimoredutton.co.uk

Please note: This article is provided for information only and must not be considered as legal or financial advice. We always recommend that you seek independent advice before making any financial decisions.