Essentially Mortgages – Quarter One 2020

Last year, activity in certain areas of the property market was subdued, with political and economic uncertainty causing both buyers and vendors to hesitate. However, recent market sentiment indicates an expectation of a pick-up in sales and prices throughout 2020.

Being self-employed is an option for an increasing number of the population, for a whole host of reasons, including the pursuit of a better work-life balance and the appeal of being your own boss. Despite common misconceptions, being a ‘selfie’ does not need to be a barrier to getting on the property ladder. In many cases it simply requires a little organisation.

Most prospective homebuyers have a wish list of the features they’re looking for in an ideal property – but some characteristics are more sought after than others.

According to property website Zoopla, which analysed the most searched for terms among its users last year, parking was the top priority, with ‘garage’ and ‘parking’ taking first and third places, respectively. Many aspiring homeowners are also looking for a garden, ranking second on the list.

Failing to switch from a lender’s Standard Variable Rate (SVR) once a fixed, discount or tracker mortgage deal ends, can result in homeowners being penalised for their inertia.

Competition among lenders during the last quarter of 2019 was good news for anyone looking to remortgage. Latest figures show remortgage approvals were almost 13% higher in October 2019 than the same month of 2018.

Unexpected bills can add thousands of pounds to the cost of moving home, totalling on average £10,414 and most of these extras are required to be paid upfront. In London, the average cost is a massive £24,585.

Moving home is often cited as one of life’s most stressful events, alongside other major events including getting married, having a baby, starting a new job and getting divorced, so it’s easy to lose track of everything you need to take care of when you move home.