Housing Market Might Be Getting a Boost from Low Interest Rate Offerings

Housing Market Might Be Getting a Boost from Low Interest Rate Offerings

The housing market could be about to get a boost due to the low interest rate mortgage deals available to borrowers. It is expected that the low rates will contribute as well to the buy to let market as landlords seek both mortgages for new properties and remortgages to boost their portfolio. Another sign is that home buyers were busy doing searches for property in the past weeks and online searches reached over one million for the first time since the pandemic lockdown began according to a recent report.

Those looking for a low interest mortgage or remortgage will find that there are more products on the market than there were only weeks ago. Lending is still relaxed, and competitive, though it might not remain so through the rest of the year. Depending on how the pandemic continues to impact the economy will determine how lenders react. Even with low interest rates available, it could in the near future be more difficult to complete a deal. 

Not only could lending tighten, but should another lockdown or partial one be necessary, it could hamper the ability to complete the lending process for a mortgage or remortgage in a timely manner.

It would be a welcomed change in the market should buyers return. It has been a total shift in how buyers shop for property due to the pandemic with many resorting to digital tours.

Overall, it will likely be the ability to match with a home seller that is willing to offer an attractive price for the property in a slow market, as well as the availability of low interest rates attached to mortgages that will get home buyers back to the housing market during the pandemic.

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