Lendning on UK property market CLOSED!  Or is it?

Talked to one of the most experienced mortgage brokers in the UK Midlands the other day.
Richard Ignatowicz told us that the lockdown due to Covid-19 has affected the loan market in many ways. It´s harder to get a loan nowadays.
There are fewer lenders to approach – in Scotland there is none who agree to a loan for the moment.

One reason to this is because no viewings are allowed - the inspectors have to do a “desktop evaluation” of the value of the property, which then is used as an estimated value and that is the base of the calculations for the loan.
Since the mortgage calculation is a best guess desktop product, the size of the mortgage is lower (normally 60-70 % LTV) and the interest is higher (normally 7,5-9 %).

Does this mean that the market is all dead and it´s better not to invest in the UK?

Oh no, even if the market is on hold, Richard shared a few tips for us property investors to take advantage of the situation:
• Follow the market, keep an eye how it develops
• There will be properties for sale, at low prices – when a good deal appears, go for it
• Most probably there will be a price drop of about 5-10 % post Covid-19, but the overall is that the property market will increase the coming years.
(This is backed up by Savills, a big property company, who predict an increase of about 15 % until 2024).

Keep calm, do your research, build your portfolio, be ready to act when the opportunity comes!

How does this affect your strategies?
What are your plans and strategies to move on and come out stronger post Covid-19?

 

About the author
Lotta Wesley
Author: Lotta WesleyWebsite: https://anncharlottewesley.se/Email:
ENTREPRENEUR • FREEDOM CREATOR • HEALTH COACH, TRAINER & COACH
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With a deep and fiery passion Lotta helps people to discover their inner most valuable qualities. She is vibrating with energy and commitment to assist and coach you, to discover all your inner resources, both physical and mental. With a big heart and compassion she is an enormously good listener, humble and easy to trust, you feel that she is a person you can confide in, a person that really want to help you to achieve what is best for you.

As in physical and mental health and seasonal holistic health, she works with a results-driven focus to assist you in becoming the best you can be, in your path to achieving your dreams and goals. As an entrepreneur and business woman, she has a unique ability to create report and build on relationships. She is a master in listening to people, not only to what is said, but she has also has the gift of observing and sensing what lies beneath.
With a fiery passion for people and their wellbeing, she will assist you in any way possible for you to achieve the freedom in health and success that you dream of. And with her skills and experience in human behavioral science and coaching, she will guide you all the way to excellence and mastery.
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