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How Does Conveyancing Work?

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How Does Conveyancing Work?

If you’re looking to buy or sell a property, it’s important to understand that the conveyancing process in Scotland has some unique elements that differ from the process in other parts of the UK. Conveyancing is the legal process of transferring ownership of a property from one person to another. It is typically carried out by a conveyancing solicitor or chartered conveyancer.

One of the key differences in Scotland is that estate agents often handle the conveyancing process, which means that conveyancers are more involved in the selling process than they are in other parts of the UK. The responsibility for providing the Home Report lies with the seller, not the buyer.

The documentation involved during conveyancing in Scotland

Instead of exchanging contracts, as is done in the rest of the UK, the process in Scotland involves a series of letters known as “missives” between the solicitors representing the relevant parties.

In Scotland, there is also a “Note of Interest”. This document notifies the selling agent of the buyer’s interest in the property, as well as the fact that Stamp Duty Land Tax has been replaced with Land Buildings and Transaction Tax.

Gazumping is when a seller accepts a higher offer for their property from a different buyer after already accepting an offer from another buyer. Essentially, it means that the original buyer has been “outbid” by a new buyer, even though their offer had already been accepted. This practice can be frustrating for the original buyer, as they may have already invested time and money in the conveyancing process, only to have the sale fall through due to the seller accepting a higher offer from someone else. In Scotland, guidelines from the Law Society aim to reduce the risk of gazumping, as once a conveyancer accepts an offer on behalf of the seller, they are not permitted to accept subsequent offers from other buyers. If another offer is made, and the seller wishes to accept it, their solicitor must withdraw from acting on their behalf, and they must find another conveyancing solicitor to complete the sale.

This can prolong the time it takes to buy or sell a house and potentially increase the cost of selling the property.

How do you begin the conveyancing process?

When find a home you would like to buy in Scotland, you must engage a solicitor to formally note your interest with the selling agent. This action does not obligate you to make a purchase, but it will enable you to remain informed about developments such as when an offer should be made. You will be notified of the closing date, which is the date when the seller stops accepting offers on the property. The seller will subsequently decide which offer to accept.

The seller needs to supply a Home Report when a potential buyer shows interest. This report is a legal requirement and provides crucial information about the property. Sellers must take the cost of producing a Home Report into account when preparing to sell their property. It’s important to note that the process is different in Scotland than in England, so individuals moving from England to Scotland should be aware of this.

What’s included in a home report?

The Home Report comprises two main parts: the Property Questionnaire and the Energy Report. The Property Questionnaire contains information about the property, including the council tax band, while the Energy Report rates the property’s energy efficiency and environmental impact. It also provides an estimated cost for heating, lighting, and hot water in the property. The Energy Report also includes details for seeking advice on how to make the property more energy-efficient and reduce fuel costs.

While the Home Report is available to potential buyers, they may still opt to arrange an individual survey at an additional cost. Missives, a series of letters exchanged between the buyer’s and seller’s solicitors, are used to negotiate and agree on the final terms of the sale. These letters include terms and conditions, and the seller formally accepts the buyer’s offer. The process is equivalent to the exchange of contracts in England and Wales.

The letters go back and forth between parties until a qualified acceptance is reached, known as “the conclusion of missives.” It’s essential to note that if a buyer wishes to pull out of the sale, it must be done before the conclusion of missives. Once missives are concluded, neither the buyer nor the seller can withdraw from the transaction.

While there is no exact time frame for conveyancing, the process in Scotland is generally quicker than in the rest of the UK.

How does Stamp Duty work in Scotland?

LBTT is the equivalent of Stamp Duty in Scotland, having replaced the previous Stamp Duty Land Tax in April 2015. Administered by Revenue Scotland with support from Registers of Scotland (RoS), LBTT is typically paid by the solicitor on behalf of the buyer. Like Stamp Duty and the Land Transaction Tax in Wales, LBTT applies to both residential and commercial land and building transactions above a certain value, with tax payable at varying rates for each portion of the purchase price within specific tax bands.

  • 0% on properties up to £145,000
  • 2% on properties between £145,001 and £250,000
  • 5% on properties between £250,001 and £325,000
  • 10% on properties between £325,001 and £750,000
  • 12% on properties over £750,000

For commercial properties, the LBTT rates are as follows:

  • 0% on properties up to £150,000
  • 1% on properties between £150,001 and £250,000
  • 5% on properties over £250,000

It’s important to note that these rates and bands can change over time with government budget announcements. Your solicitor will be able to provide you with up-to-date information on LBTT rates and how much you will be required to pay.

For more advice on the home buying process, talk to us at The Mortgage Hub.

Confidence Returns to the Property Market

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Confidence Returns to the Property Market

The high property prices and the sharp rise in prices from 2021 to 2022 weren’t sustainable. With rising mortgage rates over the last 18 months, we expect a natural tip towards a more stable and realistic property market. We hope that as the market stabilises, many buyers will be encouraged to implement their moving plans. Although there may be a slight house price fall in some localised areas, it’s important to remember that many homeowners have seen a sharp rise in the value of their homes since the pandemic.

Despite the recent rise in the Bank of England base rate to 4.25%, mortgage rates are steadying. In addition, Zoopla has reported that there are currently 65% more homes for sale than in March 2022 – and this lack of demand was driving house prices to record high levels. With many more buyers and sellers active in the property market, 11% more sales are being agreed across the UK than in 2019.

Increased sales volumes

The mini-budget in October 2022 caused panic in the UK markets, and in the days following the budget, many lenders pulled their mortgage products, making buyers and sellers nervous to proceed with their plans. However, after the autumn statement, the market stabilised; since then, we have seen cautious improvements.

Sales volumes are increasing slowly in recent weeks at the same as in October. At present, agreed sales are 11% higher than in 2019, and demand from buyers is 16% higher. Homes are now selling faster in all regions of the UK.

This means that we are seeing more normal pre-pandemic market conditions after the post-pandemic property boom between 2020 and 2022.

Preferred property types

Those looking to move to a larger family home are in an ideal position because there is currently a high level of demand at the lower end of the property market. In addition, there’s more choice at the upper end, with many sellers pricing their properties much more realistically and a 4% drop in the asking price, which equates to £14,000. Homes at the bottom of the market are seeing 5% more sales than the upper end.

Those who are upsizing need to carefully consider the higher mortgage costs that will be inucrred. Until the economic outlook becomes more apparent and mortgage rates start to fall, there may be a slight fall in agreed sales this year.

On average, each estate agent lists 25 properties for sale – this is currently nine higher than last year.

Rental rates

There has been a spike in rental rates over the last year, with an 11% rise, continuing to support demand from first-time buyers. This group accounted for 1 in 3 sales last year.

Rental inflation further pushes first-time buyers to move to property ownership, despite the challenges of depositing and the higher mortgage rates.

This year, we expect rental growth to continue, with mortgage rates below rental costs in most regions of the UK, even with the recent rise in rates.

High property demand in Scotland

When looking at the property market in the UK, Scotland is one of the most affordable areas to buy a home. If you are considering moving and want to ensure you get the best deal, talk to our friendly team.

Understanding Your Energy Performance Certificate (EPC)

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Understanding Your Energy Performance Certificate (EPC)

 Over the last 18 months, we have seen our energy bills more than double. Following the pandemic and subsequent economic restrictions, life has returned to normal. As a result, demand for gas started to increase at a time when there was a shortage forcing prices to rise. This was made worse with renewable sources such as solar and wind power were producing less energy during the winter when demand spiked. The increase in gas prices meant that some energy suppliers across the UK went out of business. Add to this the invasion of Ukraine, supplies were threatened, and prices increased even higher. Russia is one of the world’s largest oil and gas suppliers, supplying Europe with 40% of its energy in 2021.

EPC ratings

An EPC is a legal requirement when you sell your property. a The most common EPC rating for homes in the UK is a D, so this is a good benchmark to aim for. If your home is newly built, it should have an EPC rating of A or B – only around 4% of existing homes reach this rating. If you have a rating of E, F or G, you’ll need to consider improving your rating to improve the value.

Although the EPC rating is important, it’s not the only thing the certificate will give a buyer. It shows your buyer how much energy your home uses and the cost, and recommendations of how to make the home more efficient – giving buyers an idea of how much they will need to spend to make the home energy efficient, which can lead to negotiations on price.

When you put your home on the market, you will need a valid EPC within seven days, and your estate agent will help you to organise this. If you don’t have a valid EPC, you risk a fine of up to £5,000. If you aren’t selling or renting your property, you don’t need a valid EPC, but it can give you information on how to improve your property and reduce your bills.

The EPC is valid for 10 years even if it changes hands in that time. However, if you make changes to the property in terms of insulation, windows, heating or lighting, it would be beneficial to get a new one as this will be beneficial to you when it comes to the value and price negotiations.

To find the EPC rating of your home, search for your address on the Scottish Energy Performance Certificate Register and download it as a PDF.

All EPCs must be carried out by someone who’s accredited. You can find one on the government’s register: Find an EPC assessor in Scotland

When you have an EPC rating of your property, a certified assessor will thoroughly review the interior and exterior of your property to evaluate how much energy is currently used and how much carbon dioxide it produces. This includes checking:

  • Walls and roof
  • Insulation
  • Age and size
  • Windows
  • Heating system
  • Lighting
  • Fireplaces or wood burner
  • Renewable energy sources

You can obtain a digital copy of your EPC once it has been completed.

 

Homes that don’t require an EPC

If your property is protected, listed or located in a conservation area you might not need an EPC. This is because the improvements required would alter the property, which may not be allowed. In addition, homes that are holiday lets for less than four months a year or let under a licence to occupy don’t need an EPC. Residential buildings not used over four months a year and buildings due to be demolished don’t need a certificate.

You may not need one if your home is listed, protected or in a conservation area. It’s because energy-efficient improvements could alter the property’s appearance too much.

 

EPC and rental properties

For rental properties, it’s required that it has a rating of E or above, or landlords could face a £5,000 penalty. New rules coming in mean that all new tenancies must have a rating of C or above by 2025 with a penalty of £30,000 if it doesn’t meet this target. And by 2028 all rental homes need to have a rating of EPC of C or above even if they have an existing tenancy.

Are Mortgage Rates Coming Down?

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On 15 December, it was announced the interest rates would rise by 0.5% to 3.5%; this is the highest level since 2008 and the ninth time that the Monetary Policy Committee (MPC) has increased the bank rate to tackle rising inflation.

In the UK today, there are around 850,000 people with a tracker mortgage and 1.1 million on the lender’s standard variable rate. Tracker rates move in line with the Bank of England Base Rate and the lenders set Standard Variable Rates.

This latest raise adds approximately £60 per month to the repayments for people with a £200,000 variable rate mortgage, and since December last year, it’s gone up by around £380 per month. However, despite this rate rise, there is some good news as the increase was lower than the November rate rise of 0.75%.

The MPC put up borrowing costs to try and bring inflation down. In November, the rate stood at 10.7%, which was down on the October figure of 11.1%, so the likelihood is that it has peaked.

The predictions from economists are that the rate will be between 4% to 4.25% next year, which is lower than the previous figure of 5% anticipated, and inflation will fall rapidly from next summer. Although the rate has gone up again, the good news is that fixed-rate mortgages have come down by 0.5%- 1% due to the reductions in the cost of government borrowing. This affects the rate at which lenders borrow for their fixed-rate mortgages. This is due to reductions in the cost of government borrowing – which influences the rate at which lenders borrow money for fixed-rate mortgages.

If you’re currently on a fixed-rate mortgage, you don’t need to do anything, and your repayments won’t change. If your deal is due to end by June, it’s worth securing it now, as some lenders enable you to book a new rate six months before your existing deal ends.

Mortgage rates are changing constantly so here at the mortgage hub we would secure a new deal and continue to review your options until the new deal is due to start to ensure you have the very best option available to you.

If you’re on a lenders standard variable rate, there are options to secure a lower rate that is still variable and would have no penalties to leave. This ensures you’re on a lower rate for now while monitoring the fixed rate options.

If you would like to discuss the mortgage market and your circumstances with a team member, please don’t hesitate to get in touch.

What’s Happening in the Property Market December 2022

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Demand and supply

This month we have seen that buyer demand has fallen to pre-Christmas levels earlier than in recent years, and sellers are starting to offer more significant discounts to secure a buyer for their home. However, according to Zoopla, there isn’t a significant reset in house prices as was anticipated after the mini-budget. Buyers are accepting offers at 3% below the asking price, but the market is transitioning from unsustainable demand to something much more balanced after the spike in mortgage rates in September.

Buyers appear to be waiting on the sidelines to see what will happen with house prices and mortgage rates and to see what the economic situation is regarding jobs and income.

Demand is half the level in November 2021, when mortgage rates were still historically low, and there was less pressure on household finances. This drop in demand has meant that sales volumes are down 28% and are level with pre-pandemic levels.

At the same time that demand levels are falling, sellers are offering more significant discounts to buyers to secure a sale. Figures from Hometrack show that the difference between the first asking price and the agreed sale price is widening. During the pandemic and in the year afterwards, sellers were achieving either the full asking price or offers over. Here in Scotland, this was sometimes as much as 25% in some cases.

But the market is in a period of correction, with the average seller now offering a discount on their property to achieve a sale – especially as they can see interest rates continue to rise.

According to Zoopla, the supply and demand indicators show a rapid slowdown from the extreme market conditions since the pandemic’s start. However, even though higher mortgage rates are reducing, homes coming to the market are fewer, and it is becoming harder to negotiate and hold together over the buying cycle.

Fall-through rates are increasing, and data shows that around 6% of homes formerly sold are returning to the market after the original sale has fallen through.

Are house prices falling?

There is no evidence of an increase in forced sales or a requirement for a significant, double-digit reset in UK house prices next year. Data shows that buyers’ offers need to be between 5% and 7% below the asking price for it to be considered an annual price fall. The discount is expected to widen further as we move to a buyers’ market as opposed to the seller’s market of recent years. The prospects for next year will depend on how willing sellers are to reduce the asking prices in line with what buyers are prepared to pay.

Mortgage rates

The average cost of fixed-rate mortgages has fallen from 5.5% to 4.1% since early October – with actual mortgage rates higher than this. The average fixed-rate mortgage will likely settle between 4.5% and 5% by the middle of next year. In addition, the housing market’s reliance on high LTV value mortgage finance will continue to encourage people to move in 2023. The rise in mortgage rates since September has been the main reason the market has slowed down, but as we move towards 2023, the market looks more positive. A slight fall in house prices by up to 5%, more affordable mortgage rates and a buyer’s market will encourage more people to move next year.

If you are considering selling your home and would like advice on the property or mortgage market, The Mortgage Hub is here to help.

What the Rate Rise Means for Your Mortgage

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Recently, the Bank of England announced an interest rate rise of 0.75%, taking the current rate to 3%, the highest level since 2008. This rate rise was no surprise as inflation has remained high, and this is the course of action the Bank of England takes to try and bring inflation down.
 
The Bank of England must ensure that inflation is low and stable because high inflation means that our goods and services cost more and money is put into the economy. High-interest rates mean it’s more expensive to borrow money, and we all have less to spend. This results in money being drawn out of the economy with borrowing spent on borrowing such as mortgages. The Government has set the Bank of England an inflation target of 2%, but the current level is 10.1%.
 
Even though last week’s rise is the highest we have seen for many years, it is lower than the rise forecasted after the government’s mini-budget announcement. In fact, mortgage rates have fallen over the last few weeks. This reflected the view that interest rates would rise to 3% this month – and so most lenders have already factored this rate rise into their fixed-rate deals.
 
Immediately after the midi-budget, the financial markets were in turmoil, but we now see much more stability. There have been more mortgage deals made available in the last few weeks, and the cost of fixed-price mortgages has started to fall – and could fall further as we head into 2023.
Although it’s unlikely that the interest rate increase last week will result in higher fixed-rate mortgages, lenders have tightened their affordability criteria to ensure people can afford their mortgages.
 
First-time buyers who are already struggling to get onto the property ladder may find it difficult still to get a mortgage, so they must explore all the options available to them.
 
If you are on a tracker rate mortgage, you are likely to see your repayments increase as you will pay according to the current interest rate plus a set percentage. If you’re on a fixed rate, you won’t see your repayments change until you reach the end of your fixed rate term when you are automatically switched onto a Standard Variable Rate (SVR) (unless you lock in a new fixed rate deal). Lenders determine the SVR as it’s not directly linked to the BofE interest rate.
Talk to us at The Mortgage Hub if you would like help and advice whether you’re remortgaging, buying your first home or looking to invest in a buy-to-let property.

The Scottish Housing Market, Autumn 2022

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It has been a challenging year for people across the UK. Mortgage rates rose from 0.1% in December to 2.25% today, with another rise on the horizon. Meanwhile, the level of mortgage choice has fallen as the market adjusts to the higher interest rates.

This is against a backdrop of record high inflation and energy cap rises. However, the property market appears to remain strong as Scottish average house prices went up by 9.7% to a record average of £224,035 in the year to July, according to the Walker Fraser Steele Acadata House Price Index. This makes the average house price £18,600 higher than the same period in 2021. The monthly climb from June to July this year was £1,725, or 0.8%.

This month there has been a fall in transactions, but this is typical for June and July as schools shut for the summer and people go on holiday. This year is the first time we have seen unrestricted overseas travel, which means that people have been delaying any plans of buying or selling homes until the autumn. In addition, the ‘race for space’ has eased as many people look toward returning to the office or working part-time from home to mitigate the cost of energy.

The Index reported that a third of all local authorities recorded average prices in July. Regionally, Argyll and Bute saw the highest annual growth rate at 18.1%, taking the average cost to £228,938.

The highest growth was seen in semi-detached properties, which went up in value by 10.5%; by contrast, semi-detached properties saw the second lowest growth rising by 9.1%. This represents lifestyle changes of people in the UK.

Meanwhile, according to ONS data based on Land Registry final sale prices, house prices in the UK went up at a rate not seen since 2003, a rise of 15.5% from July 2021 to July 2022. In June 2022, it was 7.7%.

The ONS data shows that average UK house prices went up by £6,000 between June and July this year compared with a fall of £13,000 between June and July in 2021. In July 2022, the average UK house price was £292,000 – this is £39,000 higher than the same month last year.

On a regional basis, average house prices increased over the year in England by 16.4%, in Wales by 17.6%, in Scotland by 9.9 and Northern Ireland by 9.6%.

We are now seeing pressure on homeowners from rising interest rates and a high cost of living. Purchases agreed upon in April would have been completed in July, and would not have known what was ahead. However, the house price growth at the same rate is unsustainable due to mortgage affordability. This could have a dampening effect on house prices.

If the Bank of England raises rates again in the coming weeks, property could be even more unaffordable. High employment levels are a crucial factor when looking at the property market, and at present, jobs are secure, which makes the property market stable.

First-time buyers struggle with rising property prices, rising rents and high living costs, making it even harder to save a deposit. Those who can’t rely on the Bank of Mum and Dad can still turn to guarantee mortgages or the First Homes Scheme. Getting advice from a mortgage broker should be the first step.

In July, there was a clear uplift in property viewings and people registering their interest with estate agents. With impending rate rises, people were perhaps looking to move sooner rather than later.

Rental growth

Looking at the rental sector, there has been a 12.3% rise in rent over the last year to an average of £1,051 a month, according to Zoopla, with tenants looking for smaller properties to save on running costs.

In the latest Rental Market Report, tenants are shifting their focus to two-bedroom flats from two and three-bedroom homes last year. The report says that the cost-of-living crisis significantly increasing energy bills is pushing tenants towards energy-efficient, smaller homes.

With a chronic undersupply of rental homes, there is no immediate sign that prices will change – at present, the stock of rentals is 46% below the 5-year average and 7% below the long-term average as people stay put to avoid rent increases. Landlords are increasingly selling stock to avoid tax and mortgage rises.

Rental growth is highest in urban areas such as Manchester at 15.5%, Glasgow at 14.4% and Bristol at 12.9%.

Will Mortgage Rates Rise Again?

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The Bank of England will make another announcement about interest rates on September 15th. This gives homeowners looking to remortgage or purchase a new home one month to apply.

Following inflation hitting 10.1% in July, it is expected that rates will rise again as the Bank of England tries to slow the UK economy and force inflation back down. The current rate of inflation is higher than previously predicted by economists and the Bank of England.

It is likely that the Bank’s Monetary Committee will put rates up by 0.5% as inflation remains high due to the Ukraine conflict, rising fuel prices, and the disruption to the supply chain following the pandemic. Ideally, inflation should stay at around 2%.

If you are a homeowner and on a fixed rate term, you don’t need to do anything as your monthly repayment won’t change. However, if you are close to the end of your mortgage term (with up to six months left on your current deal) we strongly advise that you should start looking for a new deal now. Here at The Mortgage Hub, we can help to find the best available deal before the rate rise and will ensure it is suitable for your circumstances. Lenders can start to reprice their mortgage deals ahead of the next Bank of England meeting following the latest inflation news so it’s important to act now.

If you are on a standard variable rate, your repayments will increase when the rates rise, so you should also consider remortgaging. At present, according to Zoopla, the average standard variable rate is currently 5.17%. The average two-year fixed rate is significantly lower.

It’s important to check whether you have any penalties to pay for moving from a variable rate or tracker mortgage to a fixed rate. If you have a high fee, it may not be worth switching.

If you are considering a remortgage, we advise that you do this as soon as possible as mortgage deals are typically available for around 2-3 weeks before they are withdrawn.

Talk to us at The Mortgage Hub for advice on the best mortgage for your circumstances.

How to Help Your Children onto the Property Ladder

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Over the last few years, it has been increasingly difficult for first-time buyers to get onto the property ladder. Following the pandemic, demand for homes skyrocketed as people’s priorities changed. Instead of wanting to be close to public transport links and amenities, there has been increased demand for homes with more space inside to accommodate home working, and larger gardens or better access to green spaces. The lack of supply combined with the stamp duty (LBTT) holiday and historically low interest rates has continually pushed up prices.

Although low-deposit mortgages returned last year, banks are still wary of lending to those seen as higher risk especially with the current rise in living costs.

We now find ourselves in a situation where many first-time buyers have been priced out of the market and unable to secure borrowing. This is where the Bank of Mum & Dad can step in.

According to Legal & General, over 80% of parents have helped their children with a gift or a loan towards a deposit to purchase a property. However, banks have become increasingly aware that parents are unable to help their children or grandchildren to buy a first home with cash. There are other options as banks have made available schemes to help parents who wish to enable their children to buy their first home.

There are various schemes to help parents assist with a property purchase for their children – guarantor mortgage, family mortgage, joint mortgage, and joint borrower sole proprietor mortgage. All of these make it less risky for the lender and enlist the help of a family member to help a first-time buyer to purchase their first home. With these schemes, the bank will allow parents to provide collateral on the loan either by a charge over an existing property or by putting money into a specific savings account. There may be an age limit for a guarantor, which is usually 75 years old.

Parents will effectively loan their savings for a set period of time as collateral and will be able to access to the money at a later date with interest – this means that they aren’t left out of pocket by helping their children. In this case, parents will need to consider where else they would put their money and whether they’ll miss out on valuable interest. In addition, this type of lending can be more expensive than other standard loans, but in some instances having a guarantor can be enough to reassure lenders in offering high LTV mortgages. It’s also worth considering whether there will be any tax implications which is why we would strongly recommend getting independent financial advice (and something lenders will insist upon).

Some loans, such as joint mortgages, enable parents and children to buy a property together, but both parties will need to appear on the deeds of the property too. This can have tax consequences if the guarantor already owns a property such as their own home which is highly likely. This will mean that they will have to pay a stamp duty (LBTT) surcharge of 3%. To avoid this, you could opt for a joint borrower, sole proprietor mortgage. This names the guarantor on the mortgage but keeps their name off the property deed which then avoids additional capital gains tax and stamp duty liabilities.

If you are considering a specialist mortgage when helping your children onto the property ladder, then talk to The Mortgage Hub today. We can talk to you about the options.

Remortgaging Dominates the Market

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Last month was the second busiest month for mortgage searches since November 2019, with remortgaging dominating the market.

The latest report released by Twenty7Tec has found that the housing market has continued upwards despite the end of the stamp duty (LBTT in Scotland) holiday earlier this year.

Over the last two years, the only other month that has been busier than November this year was March 2021 as we all started to come out of the winter restrictions imposed on us following high Covid19 numbers in January and February. In fact, remortgages accounted for nearly half of the total mortgage searches in 2021 rising to nearly 57% when product transfers are taken into account. On November 4th, remortgage documents overtook purchase document volumes for the first time since November 2020.

In October there was much chatter in the industry about a rise in interest rates and mortgage companies putting their interest rates in anticipation of this move by the Bank of England. Due to this, there was a 7% increase in searches for fixed rate mortgages with other mortgage types falling in search numbers.

The busiest day was November 2nd with and that seventeen of the top 20 days this year for buy-to-let searches were in November.

House prices in 2022

According to Zoopla, the total value of British homes has risen by an incredible 20% over the last five years

This means that nearly 12 million homes have increased in value by the national average of £49,000 or more since 2016.

House price growth has been underpinned by historically low mortgage rates and with the pandemic resulting in a huge number of homeowners reassessing if their home meets their needs including new home working arrangements. Limited supply has only fuelled house price growth.

Looking to remortgage?

If you are seeking a mortgage on your property talk to us at The Mortgage Hub. You may be looking to move home, switch to a better mortgage deal on your existing home, release equity to consolidate debts or carry out home improvements. We can look at either remortgaging with your existing lender, or depending on your circumstances and current deal, move to another lender for a more competitive rate. Many mortgage deals come with a discounted rate for a set amount of time, so it’s common to find that you may be about to move onto your lenders Standard Variable Rate- if this is the case you may be able to remortgage several months before the end of your deal.

Contact us on 01698 200050 to find out more from one of our friendly mortgage specialists.