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Housing Market Will Stay Open Despite Another Lockdown

LATEST NEWS | 05.11.2020

With a second lockdown here, it’s no surprise that the mortgage market will continue to be significantly affected. The pandemic has of course already had an impact. However, Housing Secretary Robert Jenrick has confirmed that even though we’re heading into another national lockdown, the market will remain open…

Confirmation that housing market will stay open

Over the weekend, the Prime Minister confirmed that England would indeed be heading into a new month-long lockdown, starting on the 5th November and finishing on 2nd December. However, any information on what would happen in regards to the housing market during this time was initially scarce.

Then the Housing Secretary tweeted over the weekend that the market will remain open, and confirmed that property moves would still be allowed and that tradespeople would still be able to enter properties.

Thanks to a confirmation from the Ministry of Housing, Communities & Local Government, the residential property surveying industry has also been given clearance for physical property inspections to continue to be provided. This is certainly different from the circumstances of the first full lockdown, when surveyors and mortgage valuers couldn’t visit properties, which effectively placed the market on hold.

Mortgage holidays extended

It was also confirmed by the Prime Minister that the mortgage payment holiday scheme would not be ending as it was supposed to on the 31st October. It’s now been confirmed that mortgage payment holidays are being extended for homeowners financially affected by the pandemic.

Borrowers who have not yet taken advantage of the repayment-holiday scheme can request from their lender a pause in payments, which can last up to 6 months. Any borrower who has already had payments deferred can now extend their mortgage holiday’s until they reach the 6 month limit. It’s still worth noting though that interest will still accrue on what is owed during this period.

This extension of the mortgage holiday scheme is part of a new package of financial support measures announced by the government as the country heads into another national lockdown due to the on-going pandemic.

Any homeowners who have already reached the 6 month limit and who are still facing difficulty making repayments, have been advised to speak to their lenders about any tailored support by the FCA. It’s clear that closing the housing market during this time would have only added to the pressure on the sector, and would have likely created another backlog of demand.

Don’t panic, we’re here to help

Despite another lockdown, it’s hugely important that homeowners don’t panic. Remember, you can still get in touch with our mortgage advisors at Taylormade, who can offer advice and guidance just when you need it the most.

From first-time buyers to those looking for a remortgage, speak to us and let us take away the hassle of the mortgage or remortgage process for you, while saving you time and money.

Get in touch with us today on 0345 305 2540, or info@taylormade-finance.co.uk.

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