Downsizing

I have not had one client in the office looking at downsizing, i think this is largely down to location and the current increase in interest rates are having less impact on people with lower mortgages in our area. I also think this is down to people believing that the current hike in interest rates being only a temporary measure. We are seeing, however, an increase in debt consolidation mortgages, with customers looking to use their own equity to repay off existing debt and free up disposable income to battle the rising cost of living. If you are looking at downsizing, you need to ensure this is definitely right for you in the long term, not only will you reduce your outgoings, you may also be reducing your current standard of living.

Are more clients coming to you looking to downsize? In my experience thus far, I have not yet come across anyone wanting to downsize due to a factor of reasons, the main one being costs and stamp duty, but with the cost of living crisis now spiralling out of control, we could see more middle-aged borrowers/homeowners who's children have now moved out consider it as an option to reduce the cost of heating a large property they don't necessarily need any more