It is business as usual in the mortgage market, despite the third national lockdown. With the current global pandemic, like everybody, the whole property market has found itself in a complicated situation, quickly having to learn how to adapt to the changing environment. It is vital to the UK economy that the property market remains open to facilitate the unprecedented demand seen in the market in recent months.
Many property transactions are currently waiting to complete before the Stamp Duty holiday deadline ends on 31st March 2021. The whole industry is working towards making sure that all the aspirational homebuyers get their transactions over the line before the deadline.
The government continues to work closely with all parties to make sure there is a safe and robust system in place for everybody involved in the buying and selling process.
As we reported in June, many new regulations have been embraced and practices modified to make the home buying process safe and secure. The changes made to accommodate the COVID-19 pandemic continue to take extra time to facilitate and the industry has proven to be resilient and flexible.
RICS continues to revise guidelines for the property sector that outlines safe practices relevant to property agents, lenders, mortgage advisers, property lawyers/conveyancers, surveyors, energy assessors, property managers, home removal and associated professionals such as contractors involved in the property development, management and the home moving processes.
The whole market has been able to adapt and evolve to a more digitally enabled way of working, helping us operate above and beyond the government guidelines as the safety of our clients and staff is paramount. Understandably, physical viewings pose a concern although the industry remains well-positioned to carry out all elements of the transaction process in a safe and appropriate manner.
The impact on mortgages from the furlough scheme and the mortgage holiday scheme from 2020 are still not fully evident, but the industry is working hard to keep up to date with the changing landscape and act accordingly.
Henry Knight, Managing Director of Springtide Capital comments:
“Our key priority is to make sure we deliver positive customer outcomes, safely and comprehensively. We feel we have the right mix of experienced and knowledgeable colleagues to be able to meet the high expectations that the current situation demands. It serves no one’s interests if a borrower takes on an unaffordable mortgage and an understanding of all implications in the changing market is very important”
It has been reported that 81% of buyers and sellers are undeterred by a third lockdown.
We know the appetite to buy and sell or make home improvements is still strong and with the market remaining open for business, we can offer our customers the most comprehensive service possible by keeping up to date with all market aspects.
To discuss your mortgage requirements today contact Springtide Capital on 020 8154 7280.
Sources:
https://springtidecapital.com/2020/06/positive-steps/
Guidance for professionals (rics.org)
81% of buyers and sellers undeterred by third lockdown | Financial Reporter