boydens.co.uk Finances 22 As demand began to soar, house prices began to increase as well. Furlough was well supported initially by the lenders, and I was working flat out at this time trying to assist all of my current clients looking to move as well as new clients looking for properties. Although it was tough going, personally, I was both pleased and very relieved to see the return of the housing market. First-time buyers As time went on, first-time buyers who were finding the new market tough also received some support in the way of higher loan to value products returning. Again Government-led, 95% loan to value schemes, which had been withdrawn for the best part of a year before returning, were re-introduced, so a lot of first-time buyers who had this deposit amount accumulated found that they were now in a position to start to look for properties again, which was a welcome relief to many. Self-employed Gradually, we did start to see support for furloughed workers fade away from lenders, with many insisting on clients having returned to work before they would enable them to borrow. The selfemployed and company directors have also seen big changes, with lenders taking opposing views on those who have been in receipt of grants, as well as looking at recent trading in ways that we had not seen prior to Covid. My advice for anyone who has been impacted, or continues to be impacted by the last 18 months, is to speak to an adviser early, as certain aspects are likely to impact the self-employed at least until the start of the tax year in 2022 and possibly beyond as income is accounted for annually in this sector. Levelling out After a bit of a roller-coaster ride during the last year and a half, the mortgage market seems to have settled, and although policy changes still exist, I feel that a lot of people now anticipate that things are different and understand where additional documentation is requested, or additional questions are being asked. It will be interesting to see what policy changes are brought in during the next year, and how the demand for housing changes. Although it has been a hugely demanding time to be a small business owner, and to work in a field that has seen so many changes like a lot of other industries out there, I’m very grateful for the way that the market has reacted and know that I have been very lucky to have been supported by some fantastic agents, and of course by some fantastic clients both in using my services and also recommending me to their friends and families. I’d like to take the opportunity to thank all of you out there for that and for enabling me to continue doing what I enjoy. Article by Christopher Pargin of Pargin Financial Solutions 01206 580185 [email protected] Your property may be repossessed if you do not keep up repayments on your mortgage.
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