The pandemic has given prospective property buyers food for thought…
- Many people are reassessing their lives and some, making decisions to bring their future home plans forward, taking a positive step towards buying a home of their own.
- With so much uncertainty at the moment, many people are feeling a need for more security in their lives.
- During the lockdown, many of the stay-at-home workforce have saved vasts amount of money, without the need to commute to and from work, and are now deciding to use those savings to put down as a deposit on a home of their own.
- City workers, many who will now be working from home permanently, are looking for a more relaxing home environment to work from beyond the commuter belt.
- Employees working from home and realising that to continue, they’re going to need more room, realise they will need to expand.
- Families confined for many months (due to the pandemic) in small accommodations, many with no outdoor gardens, are grasping that things need to change, and are seriously contemplating that now is the time to upgrade their living conditions.
It’s time to make your move:
There couldn’t be a better time to consider becoming a homeowner. How much can you afford? Take a look at our Mortgage Calculator. Demand is strong and the housing market is robust. And the even better news is that choice and accessibility to mortgages, which had plummeted due to the pandemic, are now continually on the increase, with figures showing a steady rise, particularly over the last four months.
Loan-To-Value (LTV):
This is the amount of the mortgage that a lender will be prepared to offer you depending on the value of the property you’re intending to buy, and the money you can afford to lay down as a deposit. This could affect how much you can borrow, and the monthly payments you would have to make including the interest. There are different LTV bands, the maximum being up to eighty percent of the value of your home. Naturally, the bigger your mortgage, the more interest you’ll have to pay back. But the bigger your deposit, the lower the interest rate will be, and the better the chance that you will be given the go-ahead from a mortgage provider. Until now!!!
Loan-To-Value helping more people to get onto the property ladder:
If ever there was a time to take advantage of this offer, it’s now.
The current uncertainty with people’s finances, due to the pandemic, has seen competition rising in Loan-To-Value mortgage lenders, increasingly offering a gateway to those only able to pay a small deposit of ten to fifteen percent. Normally this high mortgage wouldn’t be so easy to obtain, as lenders are dubious about re-payment of such a vast sum. This is great news for those with only a small deposit to put down, and first-time buyers. In the present climate, more and more mortgage providers are jumping on the bandwagon, making it the right time to take advantage of this competitive offer. For help and advice please Contact Borehamwood Estate Agents