Monday, January 22nd, 2024
Recent data released by the BOE (Bank of England) suggests that the UK Mortgage market trends may have seen the first ‘green shoots’ of recovery with increases in approvals for both purchase mortgages and remortgages between October and November 2023. *
This data shows a reverse to the trends in previous months and is potentially an indication that the UK mortgage market is recovering following an extended period of turmoil.
This news, coupled with the recent announcements regarding a reduction in inflation and a raft of mortgage rate reductions by lenders looking to kick-start 2024, can only help the confidence of prospective buyers and relieve some of the financial pressures and concerns for existing mortgage holders.
The economic landscape and lower interest rates may also help potential borrowers with affordability as many first-time buyers have delayed entering the property market because they either cannot get the size of mortgage they want or need or because the mortgage they need is beyond what they can afford.
Some estate agents have also seen a jump in activity in recent weeks, signalling improved confidence amongst those seriously looking to purchase.
Mortgage advisers are therefore currently working harder than ever despite the recently subdued market, as they strive to find the best and most appropriate products for new customers while monitoring the ongoing UK mortgage market trends to ensure that those customers undertaking a purchase, remortgage, or product transfer will be on the lowest rate available with the chosen lender.
With the constantly evolving economic landscape and the frequency of interest rate changes the UK mortgage market has seen in recent months, many borrowers are using the services of a professional mortgage broker to help them successfully navigate the best path to a good outcome.
The experts here at Caboodle Finance analyse our clients’ individual needs and circumstances and then conduct market research across a comprehensive panel of lenders to provide them with the most appropriate solution.
To discover what our clients think of our first-class service, please view our testimonials page HERE.
Then, if you would like to know more about how the professional mortgage brokers here at Caboodle Finance of Sutton Coldfield, Birmingham ensure that our clients receive the best advice, telephone 0121 308 9114 today. Alternatively, you can complete our contact form and we will be in touch.
We very much look forward to hearing from you.
*Source – Mortgage Strategy 04-01-24
The information contained above was correct at the time of publication but is subject to change.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Caboodle Financial Services Ltd
Mere Green House
46-48 Mere Green Road
West Midlands B75 5BT
Telephone: 0121 308 9114