The ongoing global coronavirus pandemic has had a major effect on many aspects of everyday life, and the property sector is no exception.
However, it is not all doom and gloom, as online mortgage broker Mojo Mortgages has revealed an upturn in the number of inquiries from interested house hunters.
Richard Hayes, CEO and Co-Founder of online Mojo Mortgages, explains: “The market has quickly evolved in the past few days, however, as an online broker we’ve actually seen an increase in the number of queries we’ve received from those who are still looking to move to a new house in the next few months, as well as from those who need to remortgage.”
The online broker believes that “Many of their new customers don’t want to wait and see what happens if it means that they could potentially miss out on their dream home.”
As has become the norm for many professionals, working from home is now in place at Mojo.
Despite working from home causing disruption to many, Richard has assured that Mojo is: “well equipped to keep applications on track and expect more customers to reach out to us in order to help them in the next few months.”
As current homeowners are aware, the Chancellor has announced ‘mortgage holidays’ which will allow you to take a break from paying your mortgage in these troubling times.
However, despite being an appealing avenue for many, these ‘holidays’ do increase the amount you will need to pay – sadly, this is NOT free money!
In related news, the Bank of England recently cut the interest rate last week to 0.25% from 0.75%, meaning that those on a variable mortgage rate could see a reduction in their mortgage payments of roughly £25.