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What is popular in the market right now?

Journalist: Jake Carter, Mortgage Introducer

ended 25. September 2023

What areas of the market are you seeing the most demand for? Why do you believe this is?

What are you advising clients looking into this area of the market?

What are your longer term expectations for this area of the market?

6 responses from the Newspage community

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Diarmuid Phoenix
Mortgage & Protection Adviser at Mint Wealth
We are seeing a significant increase in the number of Co-Ownership (Shared Ownership) enquiries here in Belfast. This can be put down to a combination of the cost of living crisis and the ballooning of interest rates leaving first-time buyers with no other option of getting onto the ladder. We have advised anyone who has savings and still wishes to go down this avenue to consider putting down at least a 5% deposit (provided it doesn't use up their rainy-day fund) as it will open up more lender choices for them. With the news of inflation slowing further, and if rate reductions follow, we could see fewer people feeling the need to go down the Co-Ownership route in the future.
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Elliott Benson
Owner at Sett Mortgages
Seeing a lot more three year fixes at the moment with people wanting that little bit extra security, aside from this, two year fixes for the flexibility. I never saw any kind of demand for tracker or variable products once it was explained that payments could increase
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Austyn Johnson
Founder at Mortgages For Actors
Maximum loans, both resi and BTL. Apart from that, its all pretty much a standard overly complicated day for us :)
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Steven Hargreaves
Mortgage and Protection Adviser at The Mortgage Co
I have spent a large proportion of the last 12 months dealing with existing clients where the current deal is due to come to an end, we have been micro-managing clients' mortgages as rates have increased or decreased to ensure when they complete they are on the best possible rate to fit their circumstances.
A lot of advisers are in a similar situation where they have to change/amend clients' mortgages as lenders change the interest rates, always ensuring their clients are on the best deals, in some cases changing rates 13 times (which is my record)
I have had a constant stream of new applicants approaching me for advice, albeit the majority not buying but clients with mortgages coming to an end.
We are optimistic with inflation results coming back positive, with lenders reducing interest rates, making mortgage payments cheaper and rents increasing, we are hoping these will all affect First Time Buyers returning to the housing market
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Kirsty Wells
Director at Blueprint Mortgages & Protection
We are still very busy with product switches and some product transfers. August was very slow for purchases but September has been positive with lots of clients finding their dream home and lots of first-time buyers deciding now is the right time for them to buy as the property they wanted is now within budget as prices have reduced, so even though the mortgage rates are higher they can buy with a smaller mortgage.

Most of my first-time buyers are buying 2/3/4 bedroom houses so I have discussed with them the possibility of the property value dropping in the short term, but as they are not buying for short-term investment and it is to be their family home and replacing them renting a property and is large enough for them to stay in for 5+ years we would expect that the market would have settled in that time and worst-case scenario the value of the property would return at that point to at least the purchase value.
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James Bull
Mortgage Broker at JB Mortgages
Existing clients remortgaging their fixed rates has been the story of 2023 so far. Hopefully looking forwards it feels as though interest rates are hitting their peak and we may well see some more competitive products between now and the end of the year. This should give some more confidence in the housing market and hopefully will stimulate some activity which is much needed.