Well, what a time to be a mortgage broker or more accurately what a time to consider buying a property and taking on a mortgage! We are now starting to see rates return to levels not seen since before the disastrous mini budget in September 2022. With many of the High Street lenders currently looking to lead the ‘race to the top’ in terms of low rates it’s certainly a good time to speak to a mortgage broker to see what your options might be. Whilst there’s no denying that it’s extremely unlikely will ever get back to the very low interest rates that were on offer in late 2019 and 2020 I still think for the first time in a number of years we can now have some longer-term certainty about where we think Interest rates are going to go. With inflation starting to come under control, even the normally ever cautious Bank of England is suggesting that there may be cut in interest rates earlier than perhaps first anticipated. Many economic commentators are suggesting that the bank base rate could be down by at least 1% within the next 9 to 12 months and if we add into that a number of leading property experts forecasting a steady rise in House prices in 2024 it certainly makes it a good time to consider your options. If we also throw into the mix some of the innovative schemes that are available from lenders such as ‘joint borrower sole proprietor’ which would allow family members to support an application (without being on the title deeds and thus potentially avoiding additional stamp duty in some cases) along with things like the Skipton Building society track record deal which currently allows people who are renting a property, to look at borrowing up to 100% purchase price of a new property. Quarter 3 and 4 this year will, I am sure, see further innovation from our lender partners and that, combined with the rates on offer would seem to make it a good time to look at buying. Whilst affordability has been a challenge for many customers over the last 12 to 18 months given the rising costs of goods and services (mainly utilities!) we have now got a couple of lenders who will look at an enhanced affordability models for a clients buying an environmentally friendly properties, which of course traditionally have much lower running costs. Again, this can only be seen as a positive as the market moves forward in 2024.
David Phillip Estate Agents work in partnership with Mortgage Advice Bureau, if you would like to arrange a meeting to discuss your mortgage requirements please call on 01134 676 400
if you are considering selling your home, especially with the more positive news around the mortgage rates call David Phillip FRICS for a free market appraisal.
David Phillip Estate Agents 86, Leeds Road, Bramhope, Leeds w:davidphillip.co.uk
Covering North Leeds and Wharfedale – Bramhope, Adel, Cookridge, Pool-in-Wharfedale, Otley
