Posted on Friday, March 20, 2020
In the current climate, it isn’t very easy to focus on many things that aren’t related to how we deal with Coronavirus. Every aspect of modern life has been touched, including housing. At Aspire Sales and Lettings, we believe you should follow advice and guidance from experts when it comes to health and hygiene. However, if you are keen to stay up to date with how the housing market is affected by current circumstances, we will do what we can to ensure you are fully informed.
Chancellor Rishi Sunak spoke at a media briefing, on Tuesday 17th March, saying; “We have never, in peacetime, faced an economic fight like this one. I know that people are deeply worried. I know that people's anxiety about the disease itself is matched only by their anxiety about their livelihoods. This government will give you all the tools you need to get through this.”
Amongst a range of measures introduced by the Chancellor is a three-month mortgage holiday for those who face financial difficulty due to Coronavirus. With business loans, business rates holidays, cash grants and support on offer, there have been measures to minimise the impact of Coronavirus on people and businesses.
There will be debate as to whether these measures go far enough, but the mortgage holiday is a good starting point. Most people will have enough to worry about without also having to be concerned about retaining the roof over their head. Hopefully, this measure will be of benefit to homeowners who need additional help.
However, homeowners shouldn’t view this as free money. As with all aspects of a mortgage, a mortgage holiday is a serious and complicated matter. Rob Griffiths is the Director at the Mortgage Market Alliance, and he said; “Mortgage borrowers who wish to accept a mortgage holiday from their lender need to be fully aware of the detail of such an arrangement and what it actually means for their mortgage payments, the length of their term, and how this might appear on their credit file.”
Of course, right now, it is likely the Coronavirus will add a level of uncertainty to the property market. At this point, it is impossible to say with certainty what the impact will be, or indeed, how long the current measures will remain in place. At Aspire Sales and Lettings, we can only promise to do everything we can to ensure you receive the best standard of support and guidance in the property and lettings market.
With information updating and evolving all the time, we will do our best to provide you with news and support as and when we can.
When you are looking for specialist support in selling or letting, choose a local agent who listens to their clients carefully and who takes pride in providing the utmost in customer care. If you would like to obtain a property valuation from Aspire Sales and Lettings, please get in touch, and we will be happy to arrange this for you.