We have seen Mortgages dominating the mainstream media headlines again recently and this is rarely a good thing! They try and stir up a bit of a panic, but at least when we are quoting new deals the comment we are hearing back most often is “It’s bad, but not quite as bad as I thought”!
We strongly recommend all customers let us effect the switch on their behalf, we are then responsible for the advice to ensure you end up on the most suitable mortgage and our advice is to get your new deal locked in at the earliest opportunity as more rate rises could be ahead.
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There is still no sign of the Government announcing a replacement for Help to Buy and this has only added to the lack of housing supply. This could be one of the reasons that property values have only flat-lined/slightly come down despite a 20% spike caused by the Stamp Duty holiday introduced to boost the UK economy post-Covid.
Tenants are seeing their rents rise as Landlords are passing on the increases on their Buy to Let mortgages payments. Given this, tenants have been largely undeterred in pursuing home purchases and we have done several applications this year where they are buying the property that they are currently renting.
Some Lenders will accept a genuine discounted purchase price should a Landlord knock a bit off the price for the added convenience of selling to a tenant who is already in situ.
Many people still consider lifetime mortgages (equity release) as a single lump sum, and the media is not doing much to change this perception.
If your objectives are not all immediate, however, we would generally consider a drawdown plan. This allows you to take just as much as you need to start with and leaves you with a pre-agreed reserve facility which you can draw on as and when needed.
There are many benefits to this: you don’t pay interest on the amount held in reserve until you take it to use; the interest rate for drawn down funds is the same as the new borrower rate for your product (in times of higher rates like now, this can mean a saving in the future); it can help you keep below thresholds for benefits or pension credit.
Everyone’s circumstances are different, but an in-depth, free discussion with an advisor will result in a detailed recommendation for you.
It is good to see inflation coming down but clearly the cost of living is still very much top of the agenda. This could spell bad news for businesses who trade in luxury items but opportunities for those who can offer products or services at competitive prices.
On that note, if you are in the market for Home Insurance we have partnered with Uinsure and you can quickly obtain a free, no obligation quote from them using the link below.
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