The latest mortgage news amid the coronavirus pandemic
Moving to the country?
At Fox Davidson, we have been super busy in June.
The property market has really taken off again and we are receiving many phone calls from clients who are looking at quite significant lifestyle changes.
The prime market at £1 million and above has seen a real increase in activity and we have clients making quick decisions, having to go to best and final offers and move very fast to secure property valued over £1 million.
This market, in particular, is very busy and there is a lot of competition out there for properties with some acreage or a large garden.
Working from home?
A change in commuting habits could be a huge factor in personal decisions made about property.
We may see a long term shift in part-time office work, home offices and an alteration in commuting distances and travel times.
Many clients are looking outside London for family homes and may look further afield as they need to commute less often going forwards.
Retaining a smaller property near work to reside in a few days a week while the main family home is located further afield could become common practice.
Historically low-interest rates
Most large loan lenders will currently lend up to around 85% on a purchase.
Rates are incredibly low and with the Bank of England announcing £100 billion of Quantitative Easing in June, we feel rates will remain low for the foreseeable future.
Lenders still have a good array of products available such as trackers with no early repayment charges, fixed rates ranging from 2-10 years and offset options.
Making the right move for you
We have always therefore been very active in helping clients relocate out of London, or take up second homes in locations all over the country.
We are experienced in financing property with acreage and more complex lending situations such as a secondary cottage or annex on the title, equestrian facilities and agricultural ties.
As always, if you would like to chat over your options please get in contact by email email@example.com or give us a call.