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Good news in the mortgage world

ended 02. November 2022

For the past month or so, it's been all doom and gloom in the media around mortgages. With that in mind, please alert us to any positive developments that you're seeing and we'll issue your responses to the media tomorrow. 

6 responses from the Newspage community

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Bob Singh
Founder at Chess Mortgages
There is light at the end of the tunnel but it’s hazy. The political see-saw is levelling out and we await positive news from the Bank of England and the Chancellor Enquiries have picked up as buyers discover tracker and discount rate options which seem to be palatable as realisation sets in that interest rates at 4/5% is the new norm ( for now at least) till the inflation beast is reigned in With mince pies already in the shops there’s only one thing I’m looking forward to!
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Emma Jones
Managing Director at Whenthebanksaysno.co.uk
Mortgage advisors are adapting to giving more thorough advice to clients covering more intensely over product ranges that they haven’t discussed for a few years because of the low rates and the not having to think any further than a fixed rate mortgage! having more in depth discussions explaining more the benefits to tracker rates, talking about offset, facilitating debt consolidation when it is needed and going that extra mile to help clients fit around budget!
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Craig Fish
Director at Lodestone Mortgages
Very positive news is coming out from the lenders at the moment. It seems to be email after email announcing rate reductions to both new borrowers and existing borrowers. In some cases we are seeing rate reductions in excess of 1%. Its like Christmas has come early! Despite the likelihood of the BOE increasing rates a further 2 times this year, I feel that these reductions may continue. This is great news for borrowers, and a welcome return to the new normal.
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Riz Malik
Independent Financial Adviser at R3 Wealth
The number of lenders honouring their pipeline is very positive. I had an offer expire last week on a limited company buy-to-let deal and the lender has extended it by 2 months. They could have easily declined and used the current environment as an excuse. Thanks to them the chain remains intact. I have also had a decline overturned on another case with the client benefiting from pre-mini budget rates.
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Malcolm Davidson
Director at UK Moneyman
Whilst we are expecting a much longer run in to the Christmas period than usual whilst borrowers wait for mortgage rates to drop a little, I think there are actually quite a few positives. The recent data on property values suggests we will not see the massive increases in prices in 2023 that we have experienced since Covid. This means that home ownership ought to remain a possibility for First Time Buyers when it looked like it was running away from them. The early signs are that the Sunak and Hunt partnership is providing the stability that everyone was looking for and indeed we have seen fixed rates reduce in this past week. I think there is room for further reductions here once Lenders finally get on top of their service propositions come December. This is not 2008! Home ownership remains a high priority for lots of people out there and the Banks are very well funded and in a position where they will want to lend if they can do so profitably.
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Jonathan Burridge
Founding Adviser at We Are Money
Our dog learned to offer his paw for a doggy treat. I managed to buckle my belt two notches further in and someone said that I look good for my age.