Despite the 0.25% rise in the Bank of England base rate in 2017 and the majority of the lenders following suit and increasing their rates, there are still some superb products available for buyers right across the market. Whether you are a first-time buyer and in need of a Help-To-Buy scheme, a home-mover with a good deposit, an investor looking at buy-to-let mortgages or are looking to re-mortgage to release capital for home improvements, you can still take advantage of some very good deals across the board.Interest rates are sure to rise again in the future but the exact timescales in which that will happen are uncertain.
A lot of people are still opting for tracker mortgages to take advantage of the low interest rates but when it comes to that largest purchase you can make; a lot of people quite rightly don’t like uncertainty and are opting to fix their mortgages for 3-5 years.
These decisions are not ones that can be made by reading an article or conducting an internet search. There are still many of the major banks that will give people a ‘rough idea’ of what they can borrow without ever going into the finer details and actually getting a definite figure or producing a Decision In Principle (DIP). This can be troublesome when it comes to making offers on properties, as you then don’t actually know whether you can definitely afford it or not.
Steve Ellis of WeLocate Finance says “With properties in the Manchester region moving so quickly and there being multiple offers on a lot of properties, it is advisable to have your proof of funds ready before you go viewing and certainly when you are putting any offer forward. WeLocate Finance do a full and thorough appointment to go through your full income and outgoings and we will search a comprehensive range of products from across the market to get you the most suitable mortgage for your circumstances. We can conduct the appointment either at our office or at your home – whichever is more convenient to you, this will give you a great chance of getting the property you want when it comes to the market.”
In these days of an ever-changing property market you should really look towards brokers who will negotiate with agents for you, chase surveyors and help you understand the whole process from start to finish. If you aren’t a first-time buyer you will need to factor in stamp duty payments, especially if it is on a 2nd home as you will pay an extra 3%. There are the conveyancing fees and surveys to add in to the cost and then you need to be honest about your spending in ‘real life’.
So, in summary, you may be someone that errs on the side of caution or you may be willing to move with the interest rates, but one thing is for certain whether you are buying or re-mortgaging – it is in your best interests to seek independent advice and ensure you get the best deals with someone who can help you through the process as smoothly as possible to get that house of your dreams!
You can contact Steve Ellis at WeLocate Finance on 0161 696 0777 (opt 3) or www.we-locatefinance.co.uk