Brexit feels like it has dragged on forever and the one topic everyone seems to ask me is about is buying during Brexit.
Whether it’s an existing homeowner looking to remortgage or move home, or a First Time Buyer, the answer is never simple. Everyone would like more certainty when deciding what to do with their mortgage. Unfortunately, if three Prime Ministers in three years tells us anything, it’s that there is no such thing as certainty around Brexit.
However, the mortgage market doesn’t show signs of slowing down. Recent figures from UK Finance show that over 14,000 more mortgages were approved by lenders in the first six months of 2019, compared to the same period of 2018.
This gives hope to potential buyers as conditions look good, though it should also be noted that Brexit does seem to have helped slow down the rise in house prices.
My answer as to whether you should think about buying a house during Brexit is always to ask what the long-term plans with a property are. If you are likely to be in the home for a few years then any short-term dip caused by Brexit or other factors will have a lesser impact when selling in future years.
If, however, you are looking to ‘flip’ a property – Buy and sell it in a short space of time – you may want to hold off.
As a prospective buyer, conditions certainly look favourable, despite the fact that the UK has not yet struck a Brexit deal. You can read more about getting ready from Brexit on the official government site.
Mortgage products are still looking extremely good value for those looking to buy. With the Bank of England’s base rate staying at 0.75%, rates are still cheaper than at any time before the 2008/2009 recession.
Speaking to your local mortgage broker should be your first step in the decision-making process. With access to exclusive deals, not only will you get expert advice, but you are likely to get a better deal than if you go direct to your own bank.
