Why now is a great time to buy a new home
PUBLISHED: 16:58 07 June 2019
Despite ongoing political uncertainty, low interest rates and purchase incentives mean that now is still a great time to buy a new home, says Annette Hurst from David Wilson Homes.
Taking the plunge to purchase a new home can seem daunting, and it can be difficult to know if now is the right time to buy. However we're reassuring buyers that now is still a great time to buy.
Interest rates are still at a fantastic low rate and many lenders are offering the option to fix your interest rate for five years. It's a great time to be taking advantage of low interest rates and a competitive range of products out there for lenders - especially if you're stuck in a rental trap.
If you're looking for further comfort, income protection insurance can give you peace of mind. This means that if you are unable to work due to illness or injury you can still receive a regular income. Buyers who are worried about unfortunate circumstances rendering them unable to pay their mortgage can rest easy knowing that should you be unable to find work in the long or short term you will still be covered.
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Both first-time buyers and second- steppers should also look at buying sooner rather than later to take advantage of the Help to Buy scheme. Currently the initiative allows for house hunters to purchase their home with a 5pc deposit and 75pc mortgage, with the remaining 25pc made of an equity loan, which is interest-free for the first five years.
Currently you can use Help to Buy on any property up to the value of £600,000, however from 2021 the criteria is set to change, and the price cap is going to be lowered. It will also be restricted to first-time buyers, so those looking to use the scheme to have space for their family should look to benefit from the scheme sooner rather than later.
With all of this in mind, it's no question that now is a great time to move and, in addition to schemes such as Part Exchange or Movemaker, it's a good idea to take advantage of the current market.
For more information on our homes for sale, please call the sales information line on 0333 355 8489 or visit www.dwh.co.uk.
This column is sponsored by David Wilson Homes.
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