here we go again
things to bear in mind during the firebreak lockdown
During the upcoming ‘firebreak lockdown’, The Money Partnership office will be closing, however the team will be working from home. We understand you might feel anxious about what changes the next few weeks will bring to your life yet again, but please know we will do our best to keep you up to date on the property and financial market and as always, any questions or concerns you have about your personal or business finances we’ll be available to have a chat over the phone or via zoom.
Buying property
Looking to buy - You will not be able to view properties during the firebreak lockdown, however online viewings may be available for some properties you come across. You will need to speak to the Estate Agent listing the property.
Agreement in Principle - If you would like to find out how much you can borrow for a mortgage, we can still help you with this. However, if you’re hoping to apply soon, you should bear in mind lenders are currently playing it safe, so you’ll require a larger deposit and clean credit history to secure a mortgage deal.
Mortgage in progress - If your mortgage case is in progress, please understand it might take a little longer to complete. Applications have become more complicated, lenders have a back log and valuations can’t take place for now.
Re-mortgaging - So long as you have equity in your home, it’s still important to re-mortgage when your fixed rate period ends to see if you can obtain a lower interest rate. Again, applications are taking a little longer to go through than normal so you need to plan ahead.
Investing money
Property investment - Though you might find some great property deals you need to factor in the following risks
a) if you plan on flipping a property, building work and decorating will take longer because of the delay of ordering supplies and with workers having to stay at home at the moment and/or social distancing after the firebreak lockdown.
b) If you plan on renting out a property, you need to thoroughly screen your tenant to ensure they can afford your monthly payments. Since the last lockdown, there are some landlords still chasing tenants for rent because of job losses.
Pensions and investments - We would discourage you from making any reactive decisions because of the firebreak lockdown. Remember investing money is a long-term strategy, the market will recover.
Protecting family
Protecting your family should be a number 1 priority. If you don’t feel financially secure, we would encourage you to think about arranging protection for your family and finances. This could include having a valid Will, life insurance and potentially income protection.
Managing finances
During the firebreak lockdown, we encourage you to spend wisely, save plenty and get organised. If you have any spare time, you could sort through your financial paperwork, review your financial commitments, and get to know your figures. With this knowledge you can understand your current financial position and start thinking about ways to improve.
We hope you found this information useful. Any questions or concerns about your finances, please don’t hesitate to get in touch. Our team are more than happy to help.
