Should I Buy A House? The Truth About Brexit And Property Prices

The news might be better if you’re already a homeowner, says Martin Lewis from Money Saving Expert. This could be the perfect time to look at your mortgage payments and think about potentially remortgaging for a better deal.

While Brexit uncertainty looms large, mortgage rates are still near all-time lows, so it’s an opportune time to check if you can undercut your current deal,” says Lewis. He emphasises the importance of checking if you’re one of the 2,000,000 people in Britain who are on a lender’s standard variable rate (SVR).

If you are interested in looking at your re-mortgage options you should start by finding out about your current mortgage – the rate you’re paying, outstanding debt, what type of mortgage you’re in and how long is remaining. And are there any early exit penalties? Once you’ve established that you can use a mortgage comparison site to look at your options. 

 “If the Bank of England is right that a no-deal means an economic downturn (and that’s a big if), on one hand you’d expect an interest rate cut to stimulate spending, but as the pound would also likely drop, pushing up inflation, that predicates a rise,” Lewis says.

“The one certainty about Brexit is the uncertainty, both of outcome and impact. So if certainty is what matters to you, get a cheap fix now, and the more you want certainty, the longer you should consider fixing,” says Lewis. “I’m not saying that with hindsight it’ll be the cheapest route, just that you’re far less subject to huge economic winds.”

So what does the future hold for the housing market? Blake says: “It all depends on what happens in parliament. If a deal can be agreed (and by no means am I saying one should be) then this could bring some clarification and certainty to the economy which could stimulate the market.

“If a deal is not agreed, it’s difficult to see those who are undecided about buying, moving forwards. This is likely to continue to stagnate the market.”