Are you thinking of buying your first home, but want to know how coronavirus has changed the process? Below is a small guide from Mortgage Solutions Belfast on some things to be aware of:
Can I move house now?
Yes, you can still move home in Northern Ireland.
Estate agents are open, viewings are taking place in a socially distanced manner and conveyancers (a.k.a. solicitors) are busy processing transactions.
Is it a good idea to buy a house now?
Currently it is cheaper to buy than it is to rent, which is always a good indicator of a ‘good’ time to buy.
There is a special stamp duty offer, currently in place until the end of March, which benefits most people.
With demand outstripping supply, it’s definitely a “seller’s market” as newly listed homes are being snapped up. This puts sellers in a strong position to negotiate and pick from the best buyers who are able to find approval for their mortgage.
Do I need a huge deposit?
Not necessarily…some lenders are still offering mortgages for a 10% deposit.
If you do not have a deposit, don’t worry as shared ownership is still ‘business as usual’.
Come and see one of our advisors and we can assess your needs and choose the best option for you.
How long does it take?
Due to an increase in demand, the process is a bit longer than before, but everyone is working together on this and completions are taking place as quickly as we can make them happen.
There has never been a more important time for you to get proper advice, to ensure everything is tailored to suit your needs and the right lender is chosen.
At Mortgage Solutions Belfast, our advisors have 20+ years’ experience in this industry and have dealt with everything from credit crunches, to recessions and property booms.
With the amount of experience we have, we know how to tailor the best products to suit your needs.
If you’re looking for a mortgage advisor in Belfast, look no further than Mortgage Solutions Belfast!