Hello, property aficionados and future homeowners! Have you noticed the buzz around the housing market and mortgage rates lately? With the recent General Election announcement waving its wand over the nation, things are shaking up for potential buyers – but fret not. Grab a cuppa, sit tight, and let’s unfold the mysteries of the election impact on mortgage rates, especially for those of you navigating the waters of a bad credit mortgage.

### Navigating Mortgage Rates Post-General Election

Post-election periods can often feel like a game of Monopoly, with property prices and mortgage rates hopping around the board – sometimes in our favor, other times not so much. The big question on everyone’s lips is: “Will mortgage rates decrease?” It turns out, you’re not alone in this pondering. Google data reveals that searches for mortgage rates info have soared by a whopping 87% since the election shout-out. It’s clear we’re all eager to understand where we stand, especially when it comes to laying our roots and locking in the right mortgage deal.

### What Does History Tell Us?

Let’s time-travel a bit and see what insights history offers. Looking back over the last 14 years and particularly at the numbers from Mojo Mortgages, we see a rollercoaster track of mortgage rates. Back in the 2010 election period, the average 2-year fix for a pretty solid 75% loan-to-value (LTV) mortgage was chilling at around 3.78%. Fast forward to December 2019, and it dipped cozily to about 1.42%. But hold onto your hats – today, the average sits at 5.00%. Phew! That’s quite the journey for both mortgage rates and our wallets.

As for the housing market? Well, house prices have decided they quite fancy the high life, increasing by an impressive £112,000 since 2010. From a modest £170,846 to a dazzling £282,776 by March 2024, that’s no small leap. This climb has left many potential buyers hesitating, playing the waiting game until the post-election haze settles.

### Why Mortgage Advice Is Gold Dust

What’s as valuable as finding that rare first edition in a sea of books? You got it – top-notch mortgage advice. Particularly if “bad credit mortgage” is a phrase that’s more intimate to you than you’d like, seeking out “mortgage advice near me” is akin to hiring a sherpa when trekking through the Everest that is the property landscape. Expert advisors can help decode the post-election changes and guide you towards mortgage terms that won’t leave you high and dry.

### The Path to Securing a Mortgage With Less-Than-Perfect Credit

Strap yourself in; we’re on a mission to land a mortgage, even with a few credit blips in the rearview mirror. Here’s the thing – while mortgage rates often seem like they have a mind of their own, there are ways to sweet-talk lenders into viewing you favorably, despite past financial faux pas. It all comes down to understanding how mortgage lenders’ criteria determine lending and putting your best foot forward.

1. **Full Financial Disclosure**: Honesty is your best policy when applying for a mortgage, particularly if bad credit is part of your story. Full transparency about your financial situation can help your advisor find solutions tailored just for you.

2. **Improving Your Financial Standing**: Spruce up that credit score by being on your best financial behavior. Pay those bills on time, knock down existing debts, and showcase your fiscal responsibility.

3. **A Solid Case for Reliability**: Lenders love consistency and reliability. Show them you’ve got a firm income and a steady job, and watch as those interest rates potentially become more favorable. And remember, “can I get an interest only mortgage” isn’t just a pipe dream. It’s a question your advisor can help you unpack and explore!

### Interest-Only Mortgages: Not Just a Fairy Tale

You might have heard of interest only mortgages or even the intriguing “interest only in retirement” options and wondered if they’re within reach. The good news is, they’re not mythical creatures. With the proper guidance, understanding the ins and outs of these mortgages, and how to make them work even if your credit score has seen sunnier days, is entirely possible.

Mortgage rates, house prices, and the future of the housing market post-election can paint a complex picture. Yet, amidst this ever-changing vista, securing a mortgage, even with a less-than-ideal credit history, is not a distant dream. Whether you’re looking for that little piece of advice, trying to understand lender’s criteria, or simply exploring your mortgage possibilities, remember that with the right help and determination, the keys to your new home could be closer than you think. So go ahead, reach out for that mortgage advice near me – your home-owning journey is just beginning!