Just one thing brings leavers and remainers together on the topic of Brexit .. and that is that both sides of the debate are fed up with it.
For some, the idea of leaving or remaining isn’t too daunting (really, it isn’t). But for others – and by this we mean those who have potentially life-changing decisions to make in the near future – the uncertainty of the UK’s European future is more stressful than the leave/remain debate.
What effect will Brexit have on borrowers?
Very specifically we are talking about those looking for a mortgage. The latest news is the markets in the South East are stagnating, whilst markets in the regions are still active. Should mortgage seekers buy now and risk house prices falling? Or should they hold on and buy at lower prices? But in waiting – what might happen to interest rates?
Perhaps mortgage-seekers should buy now but hedge their bets and ensure that they aren’t tied into a fixed-rate for five years, just in case rates plummet. But what if rates rocket and they’ve missed the lower-rate boat?
So you see the dilemma. If the UK leaves the EU on 31st October without a deal (as is looking increasingly likely), the negotiations will have only just begun and the UK should bait its breath for several years’ worth of further deal-making, negotiations … and uncertainty!
Mortgage Advice during Brexit
There are no straightforward answers. It’s as simple as that, we’re afraid. But what we can tell you is that by using a whole-of-market broker, you’ll be accessing the very latest and broadest range of options and possibilities when it comes to mortgage borrowing.
Brexit shouldn’t stop First Time Buyers or movers finding their dream homes. And it shouldn’t stop those seeking to re-mortgage from doing so. But it does indicate that they should take a good look at what’s going on within the mortgage and property markets – and a whole-of-market broker is the best place to start.
Call 0844 69 333 60 or email us via our contact form today.