Mortgage rates dropped as the UK mortgage market returns to pre-pandemic activity

The pandemic and the constant lockdowns were brutal on most people, but few were affected quite as severely as the self-employed. While many people could rely on furlough schemes and work from home, self-employed people were often left on the edge of their seat, wondering when they would be able to get back to work.

However, there is good news on the horizon. The UK mortgage market has altered its rates to help self-employed people to purchase properties.

Reports show that mortgage rates have dropped to below 1%, with Santander and HSBC - both banks expressing confidence in the UK economy and the future of the housing market. This has put mounting pressure on other mortgage lenders in the UK to follow suit.

New Buyers In The UK Mortgage Market

This gesture of confidence by these major UK mortgage lenders is excellent for anyone looking to purchase a new property or for anyone looking to sell one.

People are becoming sick and tired of waiting for news about the country's future economic plans, and for these banks to take the initiative and make a move proves that we are on the right track.

Santander has also said that they won't be assessing the 2020-2021 accounting period to help those who took a significant financial hit during the pandemic's peak. Instead, they will look at it two years prior to ensure that everyone gets a fair assessment.

If you want to assess what size mortgage you could receive, we highly recommend using a mortgage calculator. More often than not, we find that people are often shocked by how much they can potentially borrow, so make sure you check before you start looking at properties.

Even if you're not self-employed, now is the time to start inquiring about the sale or purchase of a property if it's something you've been thinking about.

Maximising On The Mortgage Rates Drop

Here at LambornHill, we're seeing more and more people coming to us each month to make enquiries about property sales to see how they can take advantage of these low mortgage rates. Whether it's people looking to purchase rental properties or those looking to relocate, it’s evident the property market is definitely on the rise.

In particular, we see huge interest in properties for sale in Sittingbourne, with more and more people looking to relocate to the idyllic Kentish town.

The town is just 72 km from London and has a direct train to St Pancras station for anyone looking for easy access.

If you'd like to know more about how you benefit from these reduced mortgage rates, or you'd like to know how much your property is worth. Call or email today, and we'll help you to assess your options.