The decision during the last national lockdown to suspend Stamp Duty Land Tax (SDLT) on house purchases up to £500,000 led to a spike in the housing market during last summer and early autumn.
With just two months to go until that scheme is due to end on March 31st the market is expecting another flurry of activity as people aim to complete purchases before the door closes.
The move to raise the threshold on SDLT was obviously intended to kickstart the market after the stringent social distancing restrictions last March effectively closed it down for nearly three months.
But it also served to accelerate decisions for those people who were thinking about a move in the longer term but who may not have been intending to go through the process until the spring of this year.
Similarly, there are those who may not have been in a position to move but have found their circumstances have changed and they are now trying to meet the Stamp Duty deadline.
For many non-first time buyers, the opportunity to add up to another £15,000 to their budget has been too good to miss.
Along with changing jobs, buying a house is generally considered to be one of the most stressful things anyone does during their lifetime – and it’s certainly one of the most expensive – so getting the help you need to ensure the process goes smoothly is critical.
Securing the mortgage you need to buy your next home can sometimes be tricky – especially in uncertain times like this.
Lenders are typically more cautious about who they lend to and how much they will lend.
The economic crisis of 2008 saw the introduction of greater regulation and increased scrutiny, and the current economic uncertainty around the pandemic has seen some lenders introduce their own additional policies and processes to mitigate their risk.
For some people, working with a professional mortgage adviser might represent the best chance of getting a transaction through without any hiccups.
Although the actual practicalities of securing a mortgage mean you can work with a mortgage broker located anywhere, some people like to work with an experienced local adviser who will be on hand immediately if there are any bumps in the road.
At Oportfolio, we’re an award-winning and established mortgage broker based in Putney, South West London.
We’ve recently moved our office back into Putney and it’s good to be home in a place we know so well – but after many years working near and far and with many hundreds of happy and satisfied clients, we know we can help you wherever you’re based now and wherever you’re planning to move to.
For us, our clients are always our priority and our small, friendly team will always work hard to give you advice that’s perfectly suited to your needs not just today, but also in the future as your circumstances change.
Even if you’re not ready to move just yet, but you want to explore your options and see what might be achievable based on your current personal circumstances, we’re always happy to have an informal, no-obligation chat to help you make the right choices when the right time comes.
And remember – we don’t just do mortgages. We also work with trusted partners to provide you with exceptional life, critical illness and income protection cover to make sure you and your family can enjoy life with the peace of mind of knowing you’re covered if the worst should happen.
We’re delighted to be able to come home to Putney. Now let us help you to do the same.
Oportfolio Limited Putney is an appointed representative of Primis Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority
Your property may be repossessed if you do not keep up repayments on your mortgage.
Oportfolio Ltd fees are payable on application. We charge a broker fee for property purchases of £495 and a remortgage/further advance fee of £395. Our product transfer fee is £295.