Simmonds Mortgages

Mortgage Brokers covering Berkshire and beyond

Call: 01344 225 149 or 07979 690 056

Mortgage Market - A Strong Recovery

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As the full impact of the Coronavirus pandemic began to be felt in the spring, activity in the mortgage market rapidly declined and predictions of economic disaster, rising unemployment and a deep property market slump were rife.

However, as lockdown restrictions eased and the UK adapted to a "new normal", the outlook for the mortgage market was looking more positive. Data from mortgage technology provider Twenty7Tec shows that July was the busiest month of 2020 for mortgage searches, beating all pre-lockdown figures.

Stamp Duty Holiday Buoys Housing Market

Mortgage approvals soared to 84,700 in August, up from 66,300 in July and the highest level in 13 years, according to figures from the Bank of England. Pent-up demand helped to drive the boom, but the nine-month Stamp Duty Land Tax(SDLT) cut also added to the momentum. The tax break, which came into force on the 8th July and runs until the 31st March 2021, has raised the threshold at which Stamp Duty becomes payable on property purchases in England from £125,000 to £500,000. Mortgage searches for properties within the £500k to £1m bracket have jumped significantly, having suddenly become more affordable to many buyers due to the thousands of pounds that can be saved on Stamp Duty.

House Price Growth Exceeds Expectations

On another positive note, house prices rose by 1.6% from August to September, the third consecutive month of substantial gains, according to data from Halifax. It also reported receiving more mortgage applications from both first-time buyers and home movers across the last three months than any time since 2008. As well as being incentivised by the Stamp Duty holiday to move as soon as possible, increased home working is driving demand for more space and larger properties, withdre hundreds of mortgages designed for buyers with low deposits.

However, Halifax also warned that the housing market is unlikely to remain immune to the economic impact of the pandemic. As the furlough scheme ends and unemployment figures are expected to rise, download pressure on house prices is likely in the months ahead. Local lockdowns are also expected to slow activity in certain areas.

We Can Help With Your Mortgage Search

If you're planning to take advantage of the Stamp Duty holiday, don't delay in getting your mortgage search underway. Finding a suitable mortgage can be challenging, particularly in the current climate, but we can help you. We can assess a wide range of mortgage products and advise on which bet suits your circumstances, so please get in touch.


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


We can help you!

If you would like more information or help with your mortgage please call us on 01344 225 149 or 07979 690 056. Alternatively please send us an email at




Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.

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

Simmonds Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.

Registered Office: Simmonds Mortgage Services Ltd, Lexham House, Forest Road, Binfield, Berkshire, RG42 4HP. Registered Company Number: 1152 8784 Registered in England & Wales.

There may be a fee for arranging a Mortgage and the precise amount will depend on your circumstances. This will typically be £399.00 paid once the mortgage offer has been confirmed.

There may be a fee for arranging an Equity Release or Lifetime Mortgage and the precise amount will depend on your circumstances. This will typically be £799.00 and is due on completion of the mortgage.

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