BLOG – Mortgage – Adapting to Change

Fri 15th Dec, 2017 - 3:59 pm - 0 Comments

At this time in the year the mortgage market typically quietens down. It’s a good chance to reflect on the year gone by whilst planning for the year ahead and reflect on what really has been a year of change.

There’s been the start of Brexit proceedings taking place following on from last year’s referendum, Trump taking Office, the announcement of another royal wedding and another royal baby, Phillip Hammond’s First Budget, Harry Styles acting debut, and perhaps the biggest change – Channel 4 hosting Bake-Off!

The list goes on….

In the mortgage market and buying process there’s been some significant changes taken place both on the Buy-to-Let portfolio side and with the more recent changes on the scrapping of Stamp Duty for First Time Buyers up to £300,000 of a £500,000 purchase with 5% charged between £300,000 – £500,000.

Speaking from personal experience it’s also been a year of changes having become a First Time Buyer myself in 2017 and my attitude shifted dramatically after I stumbled upon this quote:

‘The Only Thing That Is Constant Is Change’ – Heraclitus

Change IS constant and the sooner we embrace it the better.

It’s something I’ve had to alter my mindset towards having probably put off buying a home for a while (not wanting to grow up and be an adult!) but in all honesty biting the bullet and purchasing my first home has been the best thing I’ve done with the benefits ranging from halving my monthly outgoings from that of my previous rental payments to putting down roots for my other half and I to settle properly in Lincolnshire – this coupled with my other half securing a new job which will push her totally out of her comfort zone is only scratching the surface on how we’ve experienced change in 2017.

With that in mind, how many of us are putting something off and not embracing change? Maybe waiting for the ‘New Year, New me’ of 2018 to come into play?  Whether this be buying a home, readdressing your life cover, seeking a career change or even just cleaning the garage!

Sometimes it’s better to just bite the bullet, dive in feet first and embrace the change.

Mortgage rates seem to be currently holding around 1.99%-2.4% typically for First Time Buyers putting down 10% – so it really is a better time than ever to be thinking about buying your first home or putting the wheels in motion for a purchase in 2018.

An Inter-Family Sale of Mum emigrating, Son buying off Mum and Son #2 buying off brother has rounded off the week with some challenges there in the form of gifted equity from the sale of each.

Another game of rugby this weekend scheduled (weather permitting!) and the works Xmas do to further reflect on the year gone and celebrate on our most successful year as a team to date!

Here’s hoping 2018 can match 2017!

Nick

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