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Amidst the ongoing political turbulence, the MBA team have been working tirelessly to ensure that customers who have been moving in November have completed their purchase on time, with many aiming to be in their new home well ahead of the start of the Christmas holidays. As we move into the final weeks of 2019, our Founder Monica Bradley shares her thoughts on how the local property market in Cheam, Banstead, Epsom and Sutton has reacted to the news of a December General Election…

“November is normally always a busy period for us, as we usually see substantial number of clients who want to ‘get the deal done’ by early December at the latest, in order to give them a couple of weeks to settle into their new home before the festive season gets going. This year has been no exception, and as ever, our advisers and case managers worked seamlessly together to help make the process run as smoothly as possible for clients, as well as our partner estate agents” says Monica, who continues, “Although some chains have taken a little longer to complete than usual, in terms of the purchase side of the business, I’d say everything is very much as we’d expect it prior to a major political event; those who’ve already committed to moving are just getting on with it as they’ve made the decision based on what’s best for their individual circumstances.”

Monica adds, “In the lead up to any general election, we generally tend to find that the purchase side of the business tends to slows down slightly; people still tend to start the process of applying for a mortgage, but perhaps are a little more cautious in some cases about actually putting forward an offer until after the result is known. It’s a classic case of sentiment fuelling market. That said, there’s a solid degree of market confidence locally so we’re lucky that this doesn’t really seem to have been a prevalent issue over the last month.”

So what impact, if any might the result of the election have on the property market in Cheam and surrounding areas? Monica concludes, “Of course, all parties have pledged to help ensure that new home developers are supported so that they can build the new properties required to cope with demand, which can only be a good thing. Therefore, regardless of who our next Prime Minister is, hopefully housing and related policy will be seen as a priority, both on a national and local basis.”

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You may have to pay an early repayment charge to your existing lender if you remortgage.

There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.

A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.