Feel Good Friday: First Time Buyers & Covid-19
It’s not an easy task, buying your own home, but in recent months the global Coronavirus pandemic has certainly made things harder for first-time buyers.
Difficulties for First Time Buyers
In March the market was brought to a halt during lockdown, with people unable to view houses or move home. Banks had to cut a lot of the higher loan-to-value (LTV) mortgages, meaning first-time buyers were told to save for a higher deposit. Difficult news for those who spent years saving for a 5% – 10% deposit, only to find they now need 15% or more! Whilst others have been facing difficulties with their income changing because of pay cuts or furlough.
You might be thinking, this doesn’t sound very “Feel Good Friday” but we really do have some great news!
The Good News
Despite the difficult circumstances we have all faced in the last few months, our economy is reopening and rebuilding itself.
The Chancellor Rishi Sunak announced just several days ago about the temporary release of Stamp Duty until March 31st 2021 as a way to boost the economy following the coronavirus lockdown.
In addition to this, banks are beginning to lend again and even during the unprecedented circumstances, we are so happy to have been able to help several first-time buyers achieve their dreams.
Our team has access to over 90 lenders with 12,000 different products so there is often a solution for everybody. With such a huge panel of lenders, offering exclusive rates, we work as hard as we can do to solve your problems.
Making dreams come true
A first-time buyer came to talk to us during lockdown having been recently turned down by another local mortgage broker, who was unable to find them a suitable solution. Feeling disheartened, they were recommended by a friend to give us a call.
After an initial consultation and a thorough search through our large panel of lenders, we were chuffed to be able to find them a mortgage with a low deposit of 10%, allowing them to get their house dreams back on track.
Working in partnership with several local estate agents and solicitors, we aim to take the pressure and stress away from what can feel like a hard task.