Kensington Mortgages has launched a 40 year fixed rate mortgage. Borrowers have the chance to pay the same interest rate for between 11 and 40 years. The interest rates start at 3.34% for people fixing for between 36 and 40 years. The interest rate won't change even if the Bank of England increases the cost of borrowing.
It's rare for mortgages to be fixed for the full term of a mortgage so buyers who fear that rates will rise could benefit from this new deal.
According to Rightmove, the price of property coming on the market has dropped by an average of 0.6% (-£2,044) compared to October, the largest monthly fall since January. This could offer an opportunity for bargain hunters to purchase a property before the traditional New Year boom.
The amount of people who start to browse properties on Rightmove post Christmas Day have been rising yearly, with visits on Boxing Day last year 54% higher than the previous year.
Agents are reporting that many home-owners are decorating and doing small DIY jobs in readiness to start the sales process early in the New year when historically, many new homes hit the market.
The Bank of England have voted to maintain interest rates at 0.1% which is great news for homeowners although they have not ruled out increasing rates in the future.
With that in mind and with the rise of inflation, now would be a good time to make sure you have the best mortgage deal as mortgage lenders are beginning to increase their rates in anticipation of the rise. Unfortunately, the days of the super cheap mortgages may be over.
First things first: The kettle and biscuits should go in last, so they're the first out when you arrive!
To help the moving process go as smoothly as possible, break it down into the three P's: Planning. Preparation. Packing.
Six Weeks Until Moving Day:
If you're renting, inform your landlord of your moving date.
Get removals quotes and book your company.
Book storage, if required.
Order new furniture.
Three Weeks Until Moving Day:
Organise parking for you/your removals company at both homes.
Book time off work.
Buy boxes and moving equipment.
One Week Until the Move
Have your post redirected and inform relevant parties of your new address.
Organise key collection.
Start packing up non-essential items.
Now that planning is under control, it's time to turn to preparation to make moving day easier.
Declutter and Sort
Spend some time in the run up to moving, sorting, decluttering and ditching anything you don't want anymore.
Get into the attic, under the stairs and leave no nook or cranny untouched. The less stuff you have, the quicker, easier and cheaper it will be on moving day.
Try and work out how many boxes of various sizes you will need. Collect boxes from shops or buy boxes online from a storage company.
Buy reams of good quality box tape and buy more than you think you will need, you are more than likely to need all of it.
Collect plenty of old newspaper and bubble wrap to pad out boxes with and to keep fragile possessions safe.
Check if feet and arms of the sofa come off to help with moving it in and out of your new home. Bear in mind that some removal firms will charge extra if they have to take large pieces of furniture apart to get it through doorways.
Check for parking restrictions at your new home.
Make sure you have checked out the weather forecast and that you have plastic shoe covers to stop the treading of mud onto your carpets. Have a large brolly handy too.
It's vital to systemise your packing in the simplest way possible.
Divide the contents of your home into nonurgent, important and vital.
Anything non urgent can be packed straight away, the optional stuff goes next and the vital stuff is packed as late as possible.
As you put items in the box, write them down on a list. Once the box is taped up, stick the list on the box.
Pack a room at a time, starting with the ones you use least and dedicate one of them to storing the boxes.
Keep medicines, moving related paperwork, phone charges and laptops in a separate box and take with you in the car.
Don't forget to put a bag of snacks in with the box containing the kettle and make sure it's the last thing to go in the van. You're probably going to need a cuppa before you start unloading!
Moving into 2022, the housing market will be influenced by both positive and negative factors.
On the positive side, the pandemic- induced search for space has further to run.
The ability to work from home has expanded the horizons for many office workers who now feel able to look further afield.
Zoopla's research shows that 22% of people currently want to move, significantly higher than the usual 5% in a normal market.
The high levels of equity homeowners have built up during the past 18 months and the shortage of homes on the market is expected to support house price growth well into 2022.
But on the downside, the rising cost of living, combined with an expectation that mortgage rates and taxes will rise next year, will impact affordability.
House price growth is expected to end 2022 at 3%, with growth likely to be strongest in the East Midlands and North West and weakest in London.
Transaction levels are expected to fall by 20% to 1.2 million, in line with the long-running average but still comparatively high compared with the past decade.
WHAT COULD THIS MEAN FOR YOU?
The market remains fast-moving and is not expected to start slowing down until well into 2022.
As a result, you'll need to be prepared to move quickly if you see somewhere you like. It's a good idea to have a mortgage offer agreed in principle before you start house hunting.
With many potential buyer looking for more space, particularly a garden, you may find you have more choice and less pressure if you opt for a flat.
If you are thinking of moving, it remains a great time to put your home on the market as demand from potential buyers is continuing to outstrip supply.
Unfortunately, these same dynamics may make it challenging to find your next home.
Do as much research as you can before listing your current property and talk to local estate agent to find out how fast the market is moving.