The coronavirus pandemic has created many hurdles for the property market.
We saw this play out in large parts throughout March and April where the initial lockdown meant the property sector was closed for business. The restrictions created a desperate situation for lenders who were understaffed and surveyors who needed to come up with safer ways to conduct property valuations.
Sadly Coronavirus cases across the UK, and indeed Europe, have continued to rise again prompting the Government to announce new national restrictions. Lockdown 2.0 comes into effect Thursday 5 October 2020.
And whilst many industries will once again have to close their doors, the property market is not one of them. The Minister for Housing, Robert Jenrick, confirmed that the industry would remain open under the current health and safety guidance.
This means that, unlike in March, mortgage and remortgage applications will be able to go ahead with physical property valuations now being allowed under guidelines set out in the “Government’s guidance for working in other people’s homes.”
Although we do not expect Lockdown 2.0 to have the same impact as previous restrictions, we do recommend you act now to secure property and submit mortgage applications. By ensuring you are first in the queue, you will be less impacted should there be any unexpected delays.
It is also worth noting that the stamp duty holiday comes to an end on the 31 March 2021, if you are keen to make the most of this you should get your applications in and guarantee completion before the deadline.
The team at Unique Property Finance will continue to support you throughout these challenging times. We are available to help you secure bridging loans, buy to let mortgages and other products quickly and cost-effectively. For further information visit our website on or call us on 020 3645 4322.