Homeowners are desperate to sell
The UK property market has slowed down in recent months, and property isn’t exchanging hands as quickly as in has been. Many homeowners are poised to move house, but haven’t found the right buyer. Now could be a time to snatch a bargain if you are a cash buyer, or have a mortgage arranged.
This does not constitute advice and advice should be sought in all instances before acting on it.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Looking to move home?
If you have been thinking about moving home, or are in the process, this period in the run up to Christmas could be a great time to snatch a bargain.
There are plenty of homeowners that have made offers on their next property and have visions of spending Christmas in their new home. However, they are unable to find a suitable buyer.
Some of these will have a fixed offer they will be willing to accept. But others will be more flexible to consider a discounted offer, for a speedy exchange.
Are you in the position to make an offer for lower than the asking price, if you can move quickly?
Looking to invest in another property?
The same applies to investment property. In fact, you may be in an even better position as you typically won’t have any chain.
If you are a cash-buyer then you will be in the best position.
However, even if you need to take a mortgage on the property, you could save money on the purchase price to compensate for the Stamp Duty Land Tax (SDLT) surcharge on second homes.
Want to move house, but haven’t sold yours yet?
If you haven’t sold your own property but still like the idea of grabbing a bargain over the festive season, then there could be grounds to own two properties for a short space of time, and still avoid the SDLT on second homes.
By making the new property your main residence, you have up to 18 months to sell your current property and claim a refund on the SDLT.
Read more – Can you avoid the extra Stamp Duty Land Tax?
In the meantime, you could rent your old property whilst you find the right buyer who is willing to pay the market rate. Mortgage terms may apply here.
In summary, your property purchase could be discounted, but your sale remains profitable. There are options to consider.
Agree your mortgage
Unless you are a cash buyer, then agreeing your mortgage in advance will put you in a much better position for making a solid offer below the asking price.
A mortgage adviser can assess your options and give you the best advice to suit your future plans.
Talk about your options with Chris
Chris is a specialist mortgage adviser for doctors, dentists and landlords. By talking with Chris, you can discuss your options and ideas and together work out the best plan financially. Call today:
Tel: 01403 780 770