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Why Now Is The Right Time To Move Forward With Your Mortgage

Why Now Is The Right Time To Move Forward With Your Mortgage

June 18th, 2020

Many industries are still recovering from the impact that the coronavirus has had on the economy, not least the housing market and the various businesses reliant on the housing sector. In the UK, most of the restrictions on moving to a new home have been lifted so interested buyers can resume with the formalities of viewing properties and applying for mortgages. With all of that being said, you may be wondering if now is the best time is to invest in a property. We’ve put together practical advice to explain why there are many positive reasons to move ahead with mortgage application at this time.

House prices are likely to fall

According to the Financial Times, UK surveyors are predicting that house prices will continue to fall over the coming months, partly due to the fluctuating economy and a fall in demand. This is good news for potential buyers as you will be able to get better value for money. You might be able to get a better location, a bigger outdoor space or extra rooms within your new home. The lockdown period has changed the priorities for many buyers, putting a focus on properties that have outdoor spaces as people realise that they will be spending more time at home. If you are looking to sell it may be a good time to spruce up your garden.

Mortgage prices have dropped because of the Bank of England base rate cut

During the early stages of the pandemic, the Bank of England dropped to a historic low of 0.1%. Some variable-rate mortgages use the base rate to calculate the charge of interest on mortgages (depending on your mortgage type), which meant that the saving was passed on immediately to existing borrowers. While that cut has not been passed on in full to new borrowers it has helped mortgage lenders to keep their products competitive. Long-term fixed options have become a key battleground amongst lenders, with many offering rates that provide considerable savings.

Date of base rate changeNew base rate
19 Mar 200.10
11 Mar 200.25
02 Aug 180.75
02 Nov 170.50
04 Aug 160.25
05 Mar 090.50
05 Feb 091.00
08 Jan 091.50
04 Dec 082.00
06 Nov 083.00
08 Oct 084.50
10 Apr 085.00
06 Dec 075.50
05 Jul 075.75
10 May 075.50
11 Jan 075.25
09 Nov 065.00
03 Aug 064.75
04 Aug 054.50
05 Aug 044.75
10 Jun 044.50
06 May 044.25
05 Feb 044.00
06 Nov 033.75
10 Jul 033.50
06 Feb 033.75
08 Nov 014.00
04 Oct 014.50
18 Sep 014.75
02 Aug 015.00
10 May 015.25
05 Apr 015.50
08 Feb 015.75
10 Feb 006.00
13 Jan 005.75
04 Nov 995.50
10 Jun 995.00
08 Apr 995.25
04 Feb 995.50
07 Jan 996.00
10 Dec 986.25
08 Oct 987.25
04 Jun 987.50

*Data Bank of England

Get advice and support from a mortgage broker 

CMME is proud to be a mortgage broker that specialises in helping the self-employed, contractors and freelancers. We can support you in your quest to find the best mortgage rates and deals. We have a team of dedicated, hardworking people who are ready to help you purchase your dream home. We can take a look at the market of lenders and advise you on the best options for your budget and personal situation. We aim to provide a truly unique experience and can create bespoke solutions for you and your loved ones.

You can also use a mortgage calculator to look at how much you can borrow

Securing your financial future

Purchasing a property is one of the best ways to invest your money and secure your financial future. The coronavirus pandemic has made a lot of people re-evaluate their financial situation. While property values fluctuate, you can be assured that you will have financial security and a safe place for your family to stay if you own your own home. Having this financial stability is vital in this period of uncertainty – particularly if you’re self-employed, a contractor or freelancer. CMME can give advice and support to self-employed people and offer bespoke advice on your individual situation. If you would like to know more, contact us today.

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