First Time Buyer Straight Outta Lockdown? We Can Help!

 In Blog

It’s safe to say that everyone has been impacted by the worldwide pandemic that we are currently facing in one way or another! If you are a First Time Buyer, you might be left feeling like you don’t know where you stand when it comes to making a purchase on a property.

 

How can we help?

We were recently featured in Warrington Worldwide to offer our advice to First Time Buyers who are looking to make their first purchase but aren’t sure how the furlough scheme and other factors are going to impact their mortgage application.

In the article, we cover a range of factors that you need to keep in mind as a First Time Buyer in the current climate, such as Lending Products, the Furlough Scheme, Mortgage Applications, Down Valuations, and how you can stay ahead!

Lending Products

Prior to the UK being placed into a national lockdown, you typically only needed a 5% deposit towards the purchase of your first home. Now, there is a lot of uncertainty around the housing market. This means lenders may require you to have anywhere between 10% and 15% as your standard deposit.

Although the Bank of England base rate is at 0.1%*, the cost of mortgage borrowing is creeping up each week with many high-street lenders refreshing available products each week.

To give you an example; an 85% Loan to Value mortgage, with a 5-year fixed rate of interest in June, had an initial interest rate of around 1.99%. Now, you’re heading upwards from around 2.79%!**

Click here to read the full article.

Get in Touch

Whether you’re looking for remortgage advice, buy to let or you’re a First Time Buyer ready to speak to one of our mortgage advisors, feel free to give us a call on 01925 573 328 or email sam@wmc-mortgages.co.uk 

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