Moving Home During The Coronavirus Pandemic – What Do You Need To Know?
Following the recent government announcement, tougher coronavirus measures are now in place across the UK.
England will go into a third national lockdown from Monday 5th January with restriction rules to come under review on 15 February, Scotland's rules are to be reviewed at the end of January, and Wales have been in lockdown since 20 December... And it’s probably safe to say you have a lot of questions about what this all means for you.
Whether you’re thinking of moving house, in the process of moving, unsure how you’ll afford mortgage payments, or more – we’ve put together a list of a few commonly asked questions to help steer you in the right direction, and put your mind at ease.
The housing market is still open across the entire UK. If you'd like to speak to one of our advisers about how the recent lockdown announcement may affect your house move, get in touch here and we'll be happy to help.
Can I List My Home Sale?
Yes, you can still list your home on the property market just like normal.
Contact an estate agent as your normally would, and they’ll be able to take care of the rest.
You may need to book an appointment for any points of contact between you and the estate agency.
Is The Process Of Searching And Moving Into A New Home The Same?
The process of buying a home during the pandemic compared to buying a home under normal circumstances is a little different.
As noted by the government, the “process of searching for and moving into a new home is different because property agents, conveyancers and other professionals have modified how they work in order to reduce the risk from COVID-19”.
So, while people can still move home, the process may take a little bit longer and be a bit different from normal.
Housing Secretary Robert Jenrick confirmed in relation to the housing industry:
Renters and homeowners will still be able to move.
Removal firms and estate agents can still operate.
Construction sites can still continue.
Tradespeople will be able to enter homes.
If you want to know a bit more about the official government guidance on moving home, read more here.
Can I Still View A House?
Yes. House viewings can still be made by appointment only.
However, home movers are being encouraged to do their initial property searches online wherever possible.
How Can I Prepare If I Plan To Move House After The Lockdown?
While the housing market is still open, some people may prefer to wait until after the lockdown measures have been lifted.
If you're planning to move home after the lockdown, it's essential to get mortgage ready as soon as you can!
Could I Still Apply For A Mortgage Payment Holiday?
Yes, you can.
The government recently announced an extension to the mortgage payment holiday by up to six months.
The scheme allows homeowners to take a break from making mortgage payments, until they are able to do so once again.
However, the length of time you can extend will be decided on a case by case basis by the lender.
What If I Can Afford To Make Mortgage Payments?
If you can afford to start paying your mortgage again, you should.
It is a critical outgoing which you don’t want to fall into arrears with as this can lead to challenges in obtaining credit in the future.
It should be your priority to pay the mortgage, if you can.
After all, it is one of the largest monthly outgoings most people have.
How Long Will It Take For My Mortgage application To Be Processed?
The lockdown period will undoubtedly present further challenges.
Mortgage applications are expected to take longer to process with many staff working from home, and the large increase in mortgage applications from those wanting to make use of the stamp duty holiday.
We strongly encourage that when it comes to sending off your mortgage application, you have all the required paperwork signed, sealed and ready to go such as ID, bank statements and proof of address.
The sooner you share these things with your lender or mortgage adviser, the more chance they stand of processing the application efficiently.
I Submitted My Mortgage Application Recently, But The UK Has Now Went Into Lockdown. Will This Affect My Application's Ability To Be Accepted?
The government has confirmed the housing market will remain open meaning you can still move house and apply for a mortgage as normal.
However, we’d always recommend seeking mortgage advice as everyone’s individual circumstances are different and therefore, this will determine the options available to you.
I Recently Bought Some Protection In Relation To My Mortgage. Can I Apply For A Payment Holiday?
Many of our providers offer this.
Please speak to your adviser who can give you the full details, as they can vary with each provider.
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 upon your circumstances.
The fee is up to 1%, but a typical fee is £495.