Still thinking about buying a house?

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If you have been thinking about buying a house, you could be understandably worried about whether now is the right time. With mortgage rates at an all-time high, a lot of people are wary of signing up for a mortgage right now and worried about if they’ll even be able to get one. House prices have been climbing too, and the general cost of living is also on the rise. There may not be a clear answer, but considering expert insights from real estate professionals, such as Progressive Lets, can provide valuable guidance. So the big question is whether you should still buy a house now, or if you should try to wait it out and see if anything changes. There may not be a clear answer but there are some things to consider.

There Might Not Be a Perfect Time to Buy

Should you wait to see if the market changes? Perhaps house prices will drop or mortgage rates will be lower in a few months or a year. But the truth is that while things are uncertain, waiting might not benefit you any more than biting the bullet and buying now. There isn’t really a perfect time to buy a property, especially because we can’t predict what the housing market is going to do. So if you’re delaying your purchase because you’re waiting for the perfect time, it might be better to assess your ability to buy now or in the near future.

Get Mortgage Advice

If you’re contemplating a house purchase, it always makes sense to get good advice first. Speaking to a mortgage broker or advisor is one of the best things you can do if you want to find the best mortgage provider and select the right mortgage for your needs. Everyone’s circumstances are different and a broker can help you to find the mortgage that aligns with the position you’re in. Don’t assume that you’re not able to get a mortgage or limit yourself to looking at mortgages online. A whole-of-market broker can look at all available deals for you.


Consider Increasing Your Deposit

Increased mortgage rates might be worrying you, but one thing could help to make your chances of buying a little easier and more affordable. Increasing your deposit amount could help you to access better mortgage rates and bring down the cost of your monthly mortgage payments. It will also benefit you to take a longer fixed deal, which can give you access to better rates and provide you with some reassurance and stability too.

Take Advantage of Any Help Available

It can also be helpful to look for any possible help that could be available to help you buy. You could already be using useful schemes like Help to Buy but there are also other ways you could achieve your goal. One change in the law regarding stress-testing mortgage applicants could help to make it easier for first-time buyers to secure a mortgage. Using a mortgage guarantee scheme backed by the government is a good option if you only have a small deposit.

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Although things are different, it could still be the right time to buy a house if you’re prepared to do it.

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