Find a mortgage before a home

We can you your best mortgage deal

The property market surfed into 2021 on a wave of high buyer demand, and the momentum is showing no signs of slowing down as we embark on the second half of the year. In the current market it pays to find a mortgage before a home.

The average selling price jumped by nearly £22,000 year-on-year in May1, likely due to the impending Stamp Duty holiday deadline of 30 June. This translates to a 9.5% yearly increase, broadly reiterating calculations from Nationwide2 that found house prices had risen by 10.9% in the past year.

Houses in high demand
Larger homes with outdoor space continue to command the highest interest, with three-bed houses the most desirable property type and one-bedroom flats languishing at the opposite end of the spectrum. Property market forecaster PropCast3 found that 73% of houses for sale across England are currently under offer or sold subject to contract, against just 43% of flats.

Government measures such as the extended Stamp Duty holiday and the 95% mortgage guarantee scheme have fueled the latest surge, in addition to a widespread desire for more space and a different lifestyle following the pandemic.

Dizzying heights
The first half of the year has already broken house price records, and it’s looking like 2021 is on course to have its busiest year since the financial crisis. According to Zoopla’s4 latest House Price Index, we are on course for one of the property market’s top ten busiest years since 1959, with 1.5 million homes predicted to change hands. If so, this would push transactions to their highest level in 14 years. Demand is particularly high in Yorkshire and the Humber, Wales, and the North West, with properties getting snapped up within ten to 15 days on average. Those who can find a mortgage before a home are in a better place to react faster, whether your a first time buyer or need a new mortgage.

Take the heat off
Moving house and getting a mortgage can be stressful, especially in periods of high demand. That’s why we are on hand to help you assess your available options – including your protection needs. We can help you find a mortgage before a home so you can snap up your perfect property!

Halifax, 2021, 2; Nationwide, 2021;  3PropCast;2021, 4Zoopla, 2021.