We understand it's a worrying time at the moment and you've probably got lots of questions around buying a home and what your next steps should be. So we've worked closely with mortgage experts Metro Finance to answer some of your frequently asked questions around buying a home at this time.
Can I still get a mortgage?
Yes, it is still possible to get a mortgage, however some lenders are unable to carry out surveys so will park the application once it reaches this stage. It’s also worth noting most lenders have tightened criteria at the moment; for example most will not accept variable sources of income such as bonus or overtime.
Can I still talk to financial advisors?
Yes, our partner Mortgage Advice firm, Metro Finance, are open as usual.
“I was just about to reserve a house before lockdown, should I hold off until after lockdown?”
You can still reserve as normal. It may be that your mortgage lender needs to park the application and we understand that, so will wait for you.
Reserving a new home here at Space Homes remains the same. Whether it's an off plan reservation or not, you can still reserve your dream home even if other parts of the process have to be put on pause.
“I still want to buy a house when this is all over. Should I keep house searching online until after lockdown or would you recommend holding off my search for now?”
Keep looking, new build and resale properties are still being marketed as normal and you can still put down reservations in most cases. Now is the best time to do your research and narrow down exactly what you want in your new home. You never know, you might just find your dream home.
Has there been any changes to the Shared Ownership scheme?
No, everything is the same with Shared Ownership.
Can you predict any changes to Shared Ownership after covid-19?
Covid-19 has created an ‘Operational Crunch’ a temporary issue. Therefore, is unlikely to result in any changes to a product that has worked so well for many years. Prior to Corona the Government had a paper open on making Shared Ownership more flexible, particularly around buying more shares.
Can you predict any changes to the housing market after covid-19?
Predictions at this stage by anyone would be guesswork. Nobody has been through anything like this before, hence there is nothing to make comparisons. We do know mortgage lenders will likely be more cautious after Covid-19, like all of us, they will be concerned about job losses, affordability and sustainability.
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