Looking for a mortgage for a new home?

Home movers needing a mortgage for a new home might be wondering what the property market has in store for the rest of 2024. Last year there was a great deal of turbulence when it came to mortgage rates. Mortgage affordability was low, but this did improve at the end of 2023. The current view is that mortgage rates should fall during 2024.

Overall, there had been mixed opinions by analysts on how the property market would turn out in 2024. By the end of 2023, Boxing Day saw the highest number of property listings since 2011 (Rightmove). Buyer enquiries were up by 7% at the start of 2024. In the first six weeks of this year, 16% more sales were agreed, despite no changes in interest rates. People are buying property again and there are more properties on the market.

In February, the average price of a UK home was £260,420 (Nationwide), which is 0.7% higher than in January and a 1.2% annual increase. This is a clear indication that house prices are rising steadily. Although when compared to February 2022, house prices were still 3% lower, so there is still much room for improvement.

Pricing strategy for home movers

Although there has been some movement in the housing market, buyers are still very price sensitive. According to Tim Bannister, Rightmove’s Property Expert, there are “two speeds” of sellers. Some are putting property on the market with a high asking price that eventually has to be reduced. The other type of seller prices their home right at the very outset and are subsequently selling their homes very quickly. Getting the price right for your home is key.

If you want to sell your home in a timely manner, it needs to be listed at a reasonable price. If you price your home too high and it sells, this might also affect your buyer’s mortgage offer. Your buyer’s lender will need an accurate valuation of your home.

Likewise, this applies to the mortgage offer needed for your new home. Your lender is also likely to need an accurate valuation on the home you wish to buy. If you are considering making an offer on an overpriced property, this might affect your mortgage offer.

Finding a suitable mortgage for moving home

There are different types of mortgages available, and their availability will depend on your individual circumstances. Therefore, before you decide on a mortgage, it’s important to speak to an experienced adviser, so they can find a suitable deal and rate.

At Bubble Finance Hub, we have an approachable and knowledgeable team who will help you find the right mortgage for your situation. As we have whole of market access, we can source hundreds of mortgage deals, including many that are not available on the high street.

If you’re looking for a mortgage for a new home and need advice, get in touch to book an appointment.

Your home or property may be repossessed if you do not keep up the repayments on your mortgage.

Thank you for reading our blog, Looking for a mortgage for a new home?

Bubble Finance Hub