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Brokers - how was January for you?

Journalist: John Fitzsimons, Freelance

ended 07. February 2023

Morning brokers 

We've had quite a few businesses come forward to talk about how positive January was, for example Twenty7Tec saying that it was a record month for mortgage searches (https://www.mortgagesolutions.co.uk/news/2023/02/06/january-busiest-month-for-mortgage-and-remortgage-searches-twenty7tec/)

I'd love to hear what your experiences were like in January.

How did it compare to your expectations?

Have there been any trends around the type of client you've been working with?

And finally, is there anything that we can take from January that might offer some insight into what 2023 is likely to be as a whole?

 

6 responses from the Newspage community

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Nicola Schutrups
Managing Director at The Mortgage Hut / William James Wealth Management
Entering 2023 we expect an exceptionally tough market and proceeded with cautious, having cut 15% out of our budget in November and December.

The best way to describe January is seasonally normal, it started slightly quieter as people got back to work, kids went back to school and life resumed after Christmas.

As is the same with every January in our 13 years of trading, come the third week of the month we saw enquiries in and activity return to the market.
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Justin Moy
Managing Director at EHF Mortgages
We have certainly seen more activity on Buy to Let applications for portfolio landlords, so working through the options available in the market, and what level of rent will be needed to maximise borrowing. Also, as general affordability becomes tighter, we have had more residential remortgage cases which are not fitting, even on a £ for £ basis, and we have had to spend more time researching different lenders to see what can be achieved for those clients. Some lenders are not offering good follow-on products, so the need to find better deals is even more important.
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Riz Malik
Independent Financial Adviser at R3 Wealth
January exceeded expectations, particularly in terms of purchase enquiries. Those looking to move do not appear to be delaying their plans, and sellers appear willing to accept reasonable offers. The recent decrease in fixed rates and the start of a price war appears to be the good news that the market requires to keep moving forward. I was dreading January but given the start I feel a lot more confident about 2023.
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Benjamin Blyth
Director at Houz Mortgages
January was a very busy month. Many undeterred first-time buyers pressed on with plans whilst owners seem to have been getting prepared for their remortgages this year. The constant presence of mortgages in the news acts as a reminder to be organised, whereas many of those who had a remortgage due at the end of 2022 or before March 2023 were not all kicked into action soon enough and are (literally) paying the price - had these people have done something 6 months ahead of renewal their new rate would start with a 1, 2 or 3 and not a 4 or 5!
2023's remortgagers appear to have learned from others' mistakes and are reaching out as early as possible. This is great for them - the constant reduction of rates by lenders is meaning that good brokers are constantly revisiting what has been agreed, to renegotiate clients on to the fallen rates.
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Scott Taylor-Barr
Principal Adviser at Barnsdale Financial Management
I will admit to having had a much busier and more productive start to the year than I expected, but there is a little voice in the back of my mind; "are we just seeing a release of pent-up demand?" Is this busy period people who would have done something at the end of last year, but held off as rates were so high? Will it still fall away to reveal a quieter year? I hope the little voice is wrong.
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Joe Stallard
Director and Advisor at House and Holiday Home Mortgages
Talk about no rest for the wicked, this year started as busy as 2022 ended. Lots of conversations with people wanting to understand the market and where things are at.

We've seen people being more proactive than ever with their mortgages. Clients with rates ending as far as August this year have been in touch, looking to get their affairs in order. Whilst we can generally work 6 months in advance, it seems that the cost of living has certainly put mortgage renewals front and centre for lots of people!