How can we help you?
We invite you to get in touch via a free, no-obligation initial consultation.
This is our take on what is currently happening in the mortgage market. Our views are often cited in several national publications, including; BBC News, The Times, Telegraph, City AM, FT Adviser and Daily Mail, as well as a number of key trade publications, so this should keep you ahead of the curve. If you have any questions on any of these stories, or would like further information, please do not hesitate to get in touch.
Lack of supply slowing down the housing market
We are seeing many examples of properties coming to market and being snapped up at over asking price within days at the minute and some clients are stuck in limbo in a chain having sold their properties but being able to find something that ticks their boxes or are finding the properties that do are overpriced. This lack of supply is consequently leading to prices remaining high but also causing delays to the purchase process and buyers in chains are often being held back by one party unable to find a property that they like.
Second SDLT deadline looms and same issues the market faced in March emerge
The stamp duty extension was a beacon of hope for many who had started the property buying process and experienced delays or dropouts and has been a great success, however now we are hearing the same old stories from clients including extreme concerns over solicitor capacity and chains being able to complete on time before the 30th of June deadline, following which the savings on a £500k property fall significantly to only £2,500 from £15,000.
First sub-1% mortgage post-Covid comes to the market
Hinckley and Rugby Building Society have just launched the first sub-1% mortgage in a long time, launching a competitive 0.99% 60% LTV 2 Year Discount product. While this is only available to remortgage customers at this point, we are intrigued to see if any lenders will follow suit, and if anyone would be offering this on a fixed rate rather than a discount variable, we are not far off with market leading 2-year fixed rates at 1.06% after gradually reducing over the last few months. The last time we saw rates like this (except for brief periods here and there) was when the base rate was 0.25%, so with it now at 0.1% this is a fantastic step in the right direction.