Negative interest rates may not be as unthinkable a concept as may once have been the case. While the Bank of England held base rate at 0.1% at its last meeting, it has left the door open to setting negative rates for the first time. With the economy not in great shape, thanks to the pandemic, and the potential for soaring unemployment once the furlough scheme comes to an end, it may be necessary for the Bank to make its move sooner rather than later. But will a negative base rate mean lenders pay borrowers to have a mortgage?
The London property market remains a popular investment but with so much competition, you may need to move quickly to secure a deal. If you don’t have enough cash for the purchase and refurbishment work then you will need a mortgage but standard deals can take a long time to arrange. With so many delays among lenders, solicitors and local authorities over searches, bridging finance in London could be the answer. Bridging finance can be arranged quickly, ensuring you don’t miss any opportunities, with the loan repaid once the works are done and the property is sold, or remortgaged onto a buy-to-let loan. A whole-of-market broker based in London such as AWS can help. As we have access to a wide range of lenders.
With just over two months until the stamp duty holiday ends. If you haven’t got your mortgage organized yet you may miss out. But if you don’t want to lose out on up to £15,000, it may be worth looking at bridging finance. Bridging finance is a short-term solution until you can get a standard mortgage in place at which point. You pay back the bridging loan. It can be arranged in a matter of days rather than weeks. Ensuring you don’t miss out on the property you wish to buy, or the stamp duty saving. A number of specialist lenders offer bridging finance, with many of these products only accessible via a mortgage broker. A whole-of-market broker such as AWS, will be able to assist.