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As first seen in our June 3rd 2024 market update newsletter.
We almost got excited there for a minute! We do feel there is some “pent up” demand in the property market caused by the cost-of-living crisis, so when the latest inflation figures came in at 2.3%, we did briefly feel this was the time for the Banks to start offering some slightly cheaper mortgages.
I say briefly, because the Prime Minister took the opportunity to try and capitalise on this return to inflation normality by calling a General Election on the exact same day!
Elections can cause market unrest, and should the polls be right, it remains to be seen how the City will react to the first Labour Government in 14 years.
Not that any of this should put you off buying a house. Whilst others sit on their hands, it presents opportunities for more bold buyers to negotiate aggressively on asking prices and we are seeing evidence of some deals being done underneath the asking price. This is a far cry from the market we saw just a couple of years ago when demand was really outstripping supply.
Speak with a Mortgage Advisor – It’s Free!
If your mortgage deal is ending before 30th November 2024, now is the ideal time to get in touch so that we can explore your remortgage options.
We’ll compare what deals your current lender is offering alongside what is available elsewhere to recommend the best solution. It’s a free, no-obligation review.
Also, your remortgage period presents a good opportunity for you to make changes, popular amendments include:
Recently, we have seen an increase in enquiries from more mature customers who are wanting to explore their mortgage options for either a new purchase or releasing equity for one reason or another.
The good news is that we can usually help. We can explore all solutions which include traditional mortgages which can run to age 85+, retirement interest-only mortgages, and lifetime mortgages.
If you or a family member is considering a mortgage in later life, then seeking independent advice via an age 60+ specialist mortgage broker is vital. Applying for the wrong product can waste a lot of money and time and may result in you paying a lot more interest than necessary.
Speak with an Over 60s Mortgage Expert – It’s Free!
We are now offering Bridging Loans in-house as a short-term lending solution to our customers.
Whilst it can be expensive, it does allow deals to be done more quickly and we are seeing a take-up of this service in the Later Life space where older homeowners are looking to “chain-break” to downsize. A typical example of this is where someone finds a house for sale before, they have had the chance to sell their own one.
Bridging Loans are also popular with landlords looking to buy a property quickly at auction or to develop a currently un-mortgageable property.
Speak to a Bridging Specialist
Malcolm Davidson
Managing Director @ UK Moneyman Ltd.
0333 412 2222
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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