I provide advice across a wide range of services including mortgages and protection. We are committed to putting clients at the heart of everything we do and to developing long-term relationships with our clients. This is achieved by ensuring that we understand the individual needs of each client. We are delighted to have been awarded by the British Property Awards for outstanding service.

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Gary Oxborough

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The rising costs of just about everything that we spend our money on has been the major talking point recently. Mortgage costs have also increased drastically over recent weeks, with lenders increasing their available rates almost daily. A year ago, if you were looking for a typical mortgage with a 25% deposit you would be seeing rates that were in the region of 1.5%-2%, these are now over 3%, which is a very significant increase in the cost of borrowing.<blockquote>While the Bank of England have increased the Base Rate of Interest recently from the historic low of 0.1% at the start of 2022, to its current level of 1.25%, the interest in the fixed mortgage rates on offer isn’t actually directly linked to this. Mortgage application levels are still running at an extremely high rate, which means that lenders are struggling with their processes and are putting up their costs to try and slow the number of applications they are receiving. The problem with this is that it leads to lenders continually trying to avoid being the cheapest in the market, so rates continue to rise. The big question is whether this is set to continue and where will mortgage rates go to before they start to level off, or even reduce again? I believe this should lead to a slowing of the mortgage market, which should mean that lenders start to try and become more competitive, which in turn, should mean that the current rate increases slow down or stop.</blockquote>

What’s causing the recent interest rate rises and what's the impact on your mortgage?

Did you know that buying your own holiday let investment property is easier than you may think? There are more and more lenders coming into the market, offering specific mortgages for this purpose. Although you will usually need a 25% deposit, the actual amount you can borrow is based on the rental income the property can produce. The weekly rental that can be achieved can be quite a significant amount, which can produce a tidy profit for the right property. Not only this, but most lenders will also allow you to use the property yourself for a limited number of weeks during the year. So, effectively, you can have a holiday home for yourself that also pays you an income. Win-Win.<blockquote>Dare I say the sun is shining and thoughts are turning towards holidays. Since the COVID pandemic, many more people have chosen to holiday in the UK rather than going abroad. This has seen an increase in the demand for holiday rental properties, especially in traditional holiday hotspots like the Lake District and North Wales.</blockquote>

Buying your own holiday let investment property is easier than you may think!

There's been quite a bit in the media recently about estate agents telling potential purchasers that they must use their “in-house” mortgage advisors if they are going to have an offer accepted on a property. In the current market where it has been incredibly difficult to find and buy the right property, this is understandably putting the buyer in a difficult position. While it is understandable that an estate agent would want the buyer to use their own advisor, (they will be paid for that after all), this practice is illegal! The first thing should be to check that they are a ‘whole of market’ advisor. There are some firms that will work from a limited panel of mortgage lenders. This does mean that they will not have access to the same number of deals, and you may miss out on one that works better for you. Secondly, the fees charged by the broker. There are brokers in the market that will work on a fee-free basis and while this can seem attractive, you need to consider what sort of service they will be providing. The fees that we charge enable us to have a team in place to fully look after the processing of your application and deal with any issues that arise along the way. Finally, and just as importantly, is your relationship with your broker! Need I say any more…?<blockquote>Estate agents tell potential purchasers that they must use their “in-house” mortgage advisors if they are going to have an offer accepted on a property. This practice is illegal.</blockquote>

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