If you had plans to step onto the property ladder, you’re probably wondering what happens now that hundreds of businesses have closed. Many buyers are left stumped, wondering whether or not they can still apply for a mortgage. Well, the good news is that you can.
Can I view properties during the Coronavirus?
The Government has advised that all non-essential workers remain at home and work remotely meaning many businesses including letting agents, will have closed their physical stores.
That being said, many property portals offer virtual tours or extensive photography on their property listings, so despite not being able to see the physical property, you may be able to get a sense for the space.
If they are not immediately visible via the website listing, ask for further imagery and suggest a 360 tour. Even those taken on phones can be of high-quality and the seller and agent may be happy to provide if possible.
Things you can do now
If you’re in a position to begin the mortgage application process and you’re eager to proceed, there are some things that you can do to get the ball rolling:
Check your affordability for a mortgage
Finding an ideal property can be exciting but remember that before you can apply for a mortgage and put in an offer, you’ll need to know how much you're eligible to borrow and where to go for the most affordable rates. That's where the advice of a mortgage advisor can help.
Our team is operating from home and while they may not be suited and booted, they are still able to scour the market to find the most competitive mortgage deals for you. With remote access and close contact with lenders throughout the UK, finding the lowest interest rates and most attractive mortgage terms may still be achievable for you during the Covid-19 period.
Get your documents in order
To prevent any delays have the necessary documents ready for your mortgage application. These may include:
Passport / Driver’s license
Payslips
Tax returns
Bank statements
Proof of deposit
Search the market
Local research can prove to be a big influencer when it comes to finding the perfect property. If you’ve spoken to a mortgage broker and have an understanding on how much you may be eligible to apply for, it can be interesting to look at:
Sold property prices
Ofsted school reports
Transport links
Proximity to local amenities such as high streets, parks and gardens
Local hospital and doctor reviews
Are low interest rates good for buyers?
Rates are at all-time record lows right now, so if you want to refinance or buy a property, now could be a good time to do it. After all, who doesn’t want to pay less to borrow money?
That being said, it really is dependent on your own circumstances and while low interest rates can be appealing, there are plenty of factors to consider before you take the housing leap including:
The stability of your income. If you want to secure a mortgage, be prepared to provide evidence of job security, as this is something lenders focus on heavily, even more so now
Your debt-to-income ratio. Can you afford to pay for a mortgage on top of any other financial agreements you already have?
The type of mortgage you’re applying for i.e. buy-to-let, residential, remortgage.
Is The Mortgage Hut open during the coronavirus?
Yes, The Mortgage Hut are open as normal and on hand to provide advice & assistance to our clients. In order to do our part to prevent the spreading of the virus, we will be working remotely, rest assured this will not impact the high level of service we offer.
Many steps of the mortgage search and application process can be done online, with documents being scanned or emailed.
However, our brokers understand that it can be reassuring to speak face to face when discussing something so financially significant so it may be possible to arrange a Facetime or video chat. You can request this via our contact form.
You can also contact the team by the usual methods and our advisors are taking calls on 02380 980304.
