August Mortgage Market Update
How was August for you? The umbrella and even the 'big coat' may have made more appearances than normal, but there were reasons to be optimistic for mortgages & the property market.
Sam Murphy Managing Director of our Mortgage partners, Mortgage Medics gives us his insight into the current Mortgage Market.
Market Commentary
The interest rates on mortgage products being offered by lenders to home-buyers and re-mortgagors actually reduced a little in August, albeit from a high level in July. The rates seen in July may turn out to be the peak if forecasts are to be believed, but general consensus is we're not likely to see any significant reduction in interest rates for 12 months or so.
If you're a homeowner or landlord facing rising costs, our advice is generally to do what you can to ride out this period of high interest rates. Talk to us if you'd like us to help you plan ahead and understand how you might be able to minimise the impact of interest rate rises.
What we've been talking about...
- Porting your mortgage is something you should consider if you're looking to move home whilst part-way through a fixed, tracker or discounted rate mortgage product - but there are pros and cons so taking advice is important.
- When should you apply to remortgage? It varies from lender to lender how early you can secure a new deal, and in the current climate of rising rates we explore what steps you can take to maximise your chances of getting the best deal possible.
- Extending your mortgage term might be a way to reduce your monthly outgoings, but there are other considerations to bear in mind.
- And Finally, if you're working in the UK on a Visa, this can affect how easy it is to get a mortgage. We look at how the different visa types and other factors affect your chances of buying a property.
If you're thinking of moving, or want to review your existing mortgage, we're here to help. Conditions are challenging, but the worst thing you can do is put it off. We're happy to help you understand what's going on and make a plan.
We'll update our social channels with any big news in September, but if you'd like to have a chat about your own situation, get in touch by calling 01273 077080.
From Sam & the Mortgage Medics team.
Mortgage Medics Limited is an appointed representative of In Partnership the trading name of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority (www.fca.org.uk).
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE