After the majority of the British public voted to leave the EU it has understandably sparked much discussion and concern over what will happen to house prices and the cost of mortgages in the UK.
Many of you looking to move house may be tempted to sit tight for now and wait and see what happens as political leaders are still in the midst of creating contingency plans. However, it is important to remember that the main reasons you wanted to move house still remain the same, regardless of the new and unknown territory we are in, and these are the things that will continue to drive the property market. Houses will still become available, families will still grow, and people will still want to get on the property ladder. So although people’s sentiments may have changed of late, ultimately there is still a supply and demand apparent in the market.
If interest rates fluctuate?
With no announcements yet as to what will happen to interest rates, for now, all we can do is prepare ourselves for what might happen further down the line.
What we do know right now is that banks and building societies are still in the business of lending and there are some very good deals in the market at the moment. At Mortgage Advice Bureau we currently have access to thousands of products from many lenders so by speaking to an adviser there’s a very good chance we can find a mortgage to suit your circumstances.
Remember: we survived the credit crunch when we thought the odds were against us, so we need to remain calm and keep a level head until further information comes to light over the next few weeks.
Life insurance
A mortgage is probably the biggest financial commitment you will ever have in your lifetime, so although it isn’t a nice subject to talk about, it’s advisable that you prepare yourself for all eventualities and protect your home, and your family, with life insurance.
Even during times of stability, it is advisable to look into taking out protection for your mortgage to give yourself financial security and peace of mind. This way you are prepared for all of life’s eventualities and you don’t have to think about it again further down the line.
Speak to Mortgage Advice Bureau
If you’re looking to sell your house, or are in the middle of buying a house, our experienced mortgage advisers would be more than happy to speak with you. We can iron out your concerns and offer worthwhile advice in relation to your personal situation. We offer advice over the phone or face-to-face depending on your preferences, so please contact us today to arrange an appointment.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
You may have to pay an early repayment charge to your existing lender if you remortgage.