Posts tagged ‘mortgage’
This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.
Things can be a little tough at the moment, which is why we’ve just launched a new competition that gives you the chance to have your mortgage or rent paid for by us for a month.
It’s easy to enter – all you have to do is click through to the Happy Place and register. All the terms and conditions are there for you too.
Enter now and don’t forget to spread the word and tell your friends.
Our top tips on how to manage your finances to survive and thrive, even in a property market downturn.
1. Get on top of your mortgage payments
- With interest rates at historical lows, check that you are on the best deal.
- If your current deal is up, remortgage at a good rate. Get a free mortgage quote.
- If you get behind with payments, speak to your bank immediately.
2. Review your monthly expenses
- Do you really need that 3 pound gourmet coffee every morning?
- Eat in more often – and have fun and get healthy from cooking from scratch.
- Get a better deal on your home insurance by shopping around? Get quote.
- Reduce monthly electricity and gas bills by switching providers. Save money.
3. Consolidate or sort out your debts
- Try to create and stick to a schedule so you can pay debts off little and often.
- Avoid credit card – it’s usually very expensive compared with a bank loan.
- Consider an IVA or Debt management solution. Get free, no obligation advice.
4. Consider downsizing or equity release
- You could reduce your mortgage by selling and moving to a smaller home.
- Relocate to a great value area like Shropshire, Dorset or Norfolk.
- Consider releasing equity in your home through a secured loan. Get loan quote.
5. Be smart about renting or buying
- Rental activity has grown recently as people fear losing capital as prices fall.
- However, buying at the bottom, if you can time it right, can make you money.
- If buying in a down market, look for price reductions and don’t overpay.
- Search thousands of Zoopla homes to rent in England, Scotland or Wales.
Last week I asked whether it was time to start buying again. Among those who responded 65 per cent said no, the market has further to fall and 35 per cent said yes, we’re over the worst.
My own view is this: the market does have further to fall, but yes, we are over the worst (talk about having yer cake!) .
That might sound like lunacy, not least when you look at today’s report from the Royal Institution of Chartered Surveyors. But with the benefit of hindsight we will, I suspect, view this RICS report as marker of the market’s low point.
FindaProperty’s editor considers the property space-time continuum (while riding a bike)
Why? The problem in recent months has been mortgage availability, and yesterday’s announcements should make it easier for home buyers to get their hands on the money they need to move.
Not as easy to get hold of as it has been in the past, for sure, but easier.
That will boost transaction levels and as a consequence I expect the supply/demand imbalance, which currently favours buyers, to start edging back in the direction of sellers.
Prices do still have further to fall, but the pace of the falls will ease (that’s already happening) as confidence gradually returns.
Come next spring – if (big if, I know) the mortgage companies deliver – we could be looking at a very different situation. I don’t expect prices to have recovered by then, but I do expect things to have stabilised.
So for buyers sitting on the sidelines, the coming months could present a real window of opportunity.
It is, as I noted last week, always better to buy close to the bottom than to end up on the wrong side of the revival. We’re not quite there yet, but we’re definitely heading in the right direction.