EXPERT EXPLAINS WHY NOW IS THE TIME TO BUY A NEW HOME

INCREASED finance options and stabilised interest rates are among the reasons why now is the time to buy a new home, according to a mortgage expert.

In an-ever changing market, Elan Homes has enlisted independent financial advisers RSC New Homes to share their expertise with buyers across the North West.

After a period of tightened lending criteria, mortgage availability has improved recently, giving buyers more choice and flexibility.

Amid political uncertainty – the UK’s on course for our seventh prime minister in 10 years – there may be a temptation to wait.

Andrew Mannion, group new build development director at RSC New Homes, said: “The Bank of England base rate has stabilised after a period of increases, and lenders continuing to offer a wide range of competitive mortgage products, conditions are increasingly favourable for homebuyers.

“Sir Keir Starmer’s resignation announcement is unlikely to have in instant impact on mortgages. Buyers may be tempted to wait and see what happens when a new prime minister takes office along with a new chancellor of the exchequer, but again it will take time for any changes to filter through into mortgage rates.”

For those thinking of buying a home, it’s important to be financially and practically prepared to apply for a mortgage by making sure they’re on the electoral role, reducing debts, paying bills on time and having essential documents such as proof of income.

The size of the deposit saved will affect the rate buyers can access. It’s also important to budget for other costs associated with buying a home including legal fees surveys and where applicable Stamp Duty.

Elan Homes is currently building and selling homes across the North West with sites including Brook Gardens in Leigh; Garrett Hall Fields in Tyldesley; Hazelfields in Poynton; Oak Grange in Congleton; Redwood Gardens in Marton Moss; St Marks Pavilion in Woodley and Tower Gardens in Darwen.

Between the various locations, the homebuilder offers a range of incentives on selected properties to meet buyers’ needs. These can include a deposit boost or Stamp Duty contribution.

Those with a house to sell could secure a buyer quickly through EasyMove or in some cases may be able to part exchange their current property towards the price of a new home, with Elan effectively acting as a cash buyer.

All of Elan’s new homes score the highest energy performance certificate ratings, meaning buyers could qualify for a green mortgage. These tend to offer better rates, the lender may offer cash back or buyers could find they’re able to borrow more because their bills are lower.

Elan regional sales and marketing director Marie Morris said: “It’s natural to be cautious when you’re thinking of buying a home – it’s an emotional purchase as well as a financial one and it’s important to think what’s right for you. There’s often a temptation to delay making that commitment, but as no one can predict the future that doesn’t always work out. A home is generally a long-term purchase immediate market conditions are less important than securing a property that meets your needs and is within your budget. Those who wait to see if rates or prices full could find that they’ve missed out.”

For more information about where Elan is building see http://www.elan-homes.co.uk.