If you are thinking about buying a new property in 2023, now is the time to get your house in order (pun intended). In our December Mortgage Market Update Adam Nanson from Your Mortgage Expert talks about why its important to find out now what you can afford. So, when you come to looking for houses in 2023, you are ready to get moving.
“If you are thinking about buying a house in 2023, you might be planning to start the whole process next year. However, according to Right Move, the Christmas period is one of the busiest for house hunters. So, we would recommend you book an appointment with your mortgage adviser now, rather than leaving it to later.
“Whilst you might be thinking of waiting to see if rates come back down again before speaking to a mortgage adviser. Securing a mortgage rate now doesn’t close the door to reviewing your options again in the future.
“Added to this, mortgage rates have started to fall again following the spike from Liz Truss’ mini budget. In fact, according to latest research, the average of the lowest fixed rate mortgages has now dropped by more than 0.50% since the beginning of November*.
“If rates do fall again in 2023, your mortgage adviser will be able to secure you a new rate if and when you do decide to purchase.”
How can a Mortgage Adviser help
“A Mortgage Adviser will take the time to review your financial circumstances to see what you can afford to buy. We will research the mortgages available from across the market to find the deal for you. And we will provide you with a Decision in Principle from your preferred lender, which you can show to Estate Agents.
“Most estate agents will request that you secure a Decision in Principle from your preferred lender before you start the purchase process.
“They will ask you early in your buying process to provide proof of funds or affordability, such as the Decision in Principle, to make sure you aren’t wasting anyone’s time – including your own.
“So, if you are thinking of buying or moving in 2023, book an appointment with us in December. And ensure you are in the best position to proceed when you find your perfect property.”
If you have any questions after reading the December mortgage market update, please get in touch. We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
*Source: https://www.mpamag.com/uk/news/general/fixed-rates-fall-after-mini-budget-spike-lc-mortgages/429042
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