To say the last 18 months have been unsettled is an
understatement. I think it’s safe to say that every industry and business has
been affected in one way or another and the housing market didn’t escape
unscathed. Building work still carried on but it took longer to get supplies
and anyone wanting to purchase a house had to wait longer too.
When we were in lockdown, we were unable to go out on non-essential
journeys so anyone who wanted to buy a new house could only look online for
viewings as at the time these were classed as non-essential. Now things are
almost back to normal there is a backlog for some of the things that come with
buying a house, surveys, contracts, and mortgage applications are taking a
little longer at the minute due to this.It’s true that buying a house has never been a quick process
so it’s unlikely someone has purchased one on a whim or as an impulse buy but
that doesn’t mean they are buying at the right time or have the right reason
for moving. At the present time things are taking a little longer that is
perhaps a good thing. It gives buyers the chance to make sure that they have
considered everything before they commit to buying a house.
Do you need to move?
Is now the right time to buy a house? House prices are relatively high at the minute which is great if you are selling but not so good if you are looking to buy a house. What is the reason for you deciding to move in the first
place? Is it because you need the space, need to be closer to family, work or
you just fancy a change? Obviously, no one but you has the right to make the decision
about whether you move or not but please make sure you consider this before
committing to a new mortgage.
Can you afford it?
Affordability is one of the most important things to
consider before deciding to move. You can check if you’d be likely to get a
bigger or a new mortgage before applying (which will help keep your credit file
healthy) from most financial lenders. Before you start looking at new
properties and mortgages you can also look at your own finances by using an affordability calculator to see what you can comfortably afford. Should you fall on hard times
can you still pay your mortgage? If the answer is no or possibly, do you really
want to be adding more pressure on yourself.
Seeing what you can afford comfortably before applying also
means you will be more likely to be accepted rather than being rejected. If you
do find it hard to get accepted for a mortgage from your bank you can also look
at a broker who may be able to help you.
Look for offers
If you are buying for the first time or looking to buy a new
build look for offers that are available to you. Many developers offer
incentives such as free carpets and flooring or a small deposit rather than a
huge amount up front. You may even be eligible for help from the government. This could save you a lot of money if you are looking in
the right places.
Are you planning to buy a new house soon?
*This is a collaborative post*