Understanding the Mortgage Market in Today’s Economy

Monday, April 22nd, 2024

It is difficult to get away from regular news stories about the economy to include topics such as inflation, the cost-of-living crisis, interest rates and the rise in missed payments.

Additionally, it can be difficult to align all these factors to understand how one impacts the others, but the truth is that they are all intrinsically linked.

Some Positive Signs Detected

As we approached the end of the first quarter of 2024 inflation was “coming under control” according to the Government, annual house price falls were slowing, the level of property for sale was increasing, and an energy price cap reduction was on the horizon.

Also, although March saw another Bank of England base rate ‘hold,’ there was improved optimism that there may be a reduction (the first time since March 2020) later this year.

Buyers Continue to Show Caution

However, despite these positive indicators, many people thinking of moving home or buying for the first time are seemingly ‘waiting and watching:’ Specifically, we observe a significant decrease in First Time Buyers’ activity in the housing market.

Mortgage Market Challenges Continue

As if all this was not enough, quarter one has seen some difficulties with mortgage rates as lenders try to cope with volatile ‘swap rates’ (which influence the cost at which they can buy/lend money) as well as market competition and a fluctuating appetite from other mortgage lenders.

The Value of Expert Mortgage Advice

It is for these, and potentially a myriad of other reasons, that many homeowners or potential buyers are reaching out for professional mortgage advice to help them navigate their way through the process of buying, remortgaging, capital raising or even just getting the next best fixed rate deal on their current mortgage.

That is especially true for those who may have been struggling to keep up with their commitments or who have had missed payments, as the mortgage options may be restricted in such circumstances and access to specialist lenders via a broker could be just what is needed to find a suitable solution.

We are Here to Help

A knowledgeable mortgage broker will have their finger on the pulse regarding product, rate and criteria changes to ensure the best possible advice is provided to achieve the desired outcome.

That is where the team at Caboodle Finance can help you. To see what our clients think of the excellent service they have received, from us, click on our testimonials link HERE.

Afterwards, if you’d like to learn more about which options may suit you best, simply call one of our friendly mortgage broking experts at Caboodle Financial Services in Sutton Coldfield, Birmingham, on 0121 308 9114, or just click HERE to contact us via our website, and one of our friendly team members will get in touch.

We look forward to hearing from you.

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.