Mortgages rates lowest ever as housing market reopens from coronavirus hold-up - The Solihull Observer

Mortgages rates lowest ever as housing market reopens from coronavirus hold-up

Solihull Editorial 15th May, 2020   0

SOLIHULL estate agents say they are able to let house-hunters into homes, as some lockdown restrictions are relaxed.

New figures show mortgages have never been cheaper, as the Bank of England’s base rate was slashed to its lowest ever point of 0.1 per cent.

Nearly 500,000 transactions were held up in lockdown, according to Government estimates, with many of those able to restart as of yesterday (May 13).

Strict guidance published by the Government should allow people to get moving again.

However, hopeful first-time buyers – who would have had a lot of mortgage options at the start of the year – now look set to pay more to borrow the same amount as mortgage providers slash product portfolios.

Low deposit mortgages are particularly scant, according to finance analysts Moneyfacts.

Solihull estate agent Phil Light said:“We are of course mindful of the additional complications involved and will be consulting closely with our clients on how they wish to proceed. We have clear guidelines in place for dealing with viewings and valuations to ensure our clients and suppliers are safe.”

“We are pleased to be able to offer a comprehensive service and ensure that clients can complete their sale and purchase and move into their new homes. This announcement is very good news for the housing market and the economy and we are keen to make a contribution to getting things moving again.”


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