The turmoil of October’s calamitous mini budget is now firmly behind us thankfully, and we have found that lenders have been showing an appetite to lend this year, by dropping their rates.
This might sound strange and mortgage rates decreasing whilst the base rate itself is increasing is a phenomenon we have not seen previously.
Our best guess is that lenders were already factoring in rises to the base rate when setting the prices for their fixed-rate mortgages and they are more confident now that inflation will drop towards the end of 2023.
Also, the banks are really well funded and are keen to lend even if this is at the expense of the profit margin.
The key to snagging a competitive deal is not fixing back in with your lender directly, as they tend to write to you early to get you locked in. Also, doing this will cut us out of the chain.
We can compare what your existing lender is offering to what is available on the market so you can get a flavour of things. Additionally, you don’t have to lock in right away.
We have other products available such as tracker deals, if you don’t feel ready to fix right now.
Also, if the right thing to do is to stay with your existing lender, we’ll do this for free and get you the same, if not a better deal, than you were being offered direct.
You’ll maintain your perks such as our 24/7 mortgage monitor service and receive your free monthly home buying report.
The house purchase market is functioning very nicely, with no massive peaks or troughs to report on.
We have found that people who were too nervous to buy before Christmas have now come out of the woodwork, and we were also pleased to see no tinkering with Stamp Duty in Jeremy Hunt’s recent Budget.
Easter is a busy time for the housing market, you can beat the rush by having an agreement in principle in place prior to making an offer.
We like to engage with clients early on in their journey, to help work out a realistic budget in terms of the maximum mortgage available and monthly payments.