Even though the country is in the midst of recovery while simultaneously powering through another lockdown, the housing market still remains relatively steady. The property market needed to adapt to the new ways of doing business, especially after the government introduced the stamp duty holiday, to ensure the interest in property buying remains stable.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
With the deadline for the Stamp Duty Land Tax Holiday on 31 March 2021 approaching, there’s never been a better time to buy your first home, add to your property portfolio, or consider remortgaging. But you’ll need to be ready to move fast once you find the right property, so preparation ahead of time is key.
How to get ready:
Start by using our Mortgage Finder Tool to set your expectations about what’s available on the mortgage market. Decide the terms you’re comfortable with and what you can feasibly pay each month in repayments so you can be targeted in your search.
Make sure you’ll pass the affordability tests from lenders and check frequently to see if they’ve changed at all as many providers have had to adapt criteria in light of the pandemic.
Luckily, lenders don’t just rely on affordability assessments. Make the process as smooth as possible and put your finances in order before meeting with the broker who will help you house hunt:
- Make sure you’re on top of your debt. Pay off anything you can and tighten those purse strings.
- Ensure you’re no longer paying for services you no longer require and aren’t making any other big purchases around the same time.
- Don’t forget to check your credit rating. If there are any issues, you should contact the bureaus to correct any errors before beginning any mortgage application.
Get started
The experts at Dental & Medical Financial Services will help you get ready for the mortgage and home buying process from start to finish.
Contact us when you’re ready to embark on your house hunt to benefit from our years of knowledge and experience in securing mortgages for dental and medical professionals.
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Dental & Medical Financial Services have been helping doctors and dentists with finding low-cost mortgages for your home and investment properties for over 25 years.
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