It does not match the busy Spring period, but as September gets going, we are expecting a notable rise in the inquiries received by our mortgage advisors.
The increase will be a result of the housing market returning to normal following the summer slowdown. As well as this consumers who will have returned from their break refreshed and determined to get their lives in order. Whether it’s look for a new house, change jobs or even sort out their love lives once and for all.
This September has been identified by many experts as a pivotal month. This is because it will give the first true post-Brexit vote snapshot of the state of the UK housing market.
For my money, I am not expecting the dip that some financial experts have predicted. The market is buoyant and previous predictions about a decline in the market because of financial uncertainty have been unfounded. While the recent Bank of England Base Rate interest cut and some excellent mortgage deals on the back of that will prove irresistible to many.
Yes, people may hold off a decision at the time of a big event. Especially after the Leave vote it took people a couple of weeks to realise the world wasn’t going to end. But in reality, decisions are shaped by their lives rather than national or global events.
A couple who need a bigger house because they have a baby on the way won’t wait for an upturn in China’s industrial output before they start their search. I would expect business for the remainder of this year to be on the same level as last year.
As with other areas of our business, like insurance and utilities. Following the base rate cut there are some excellent deals to be had.
There are also more lenders to choose from now than there were this time last year. There is now more established High Street banks being taken on by a host of new challenger banks. These include The Mortgage Lender, Bluestone Mortgages and Magellan to name but a few.
They have spotted a gap in the market and are offering mortgages to homeowners who maybe have seen their credit rating drop. This could be because of the recession, with County Court Judgements or Defaults on their credit file.
Of course, with so many mortgages to choose from – and a host of brand new lenders – all buyers need to make sure that they are looking at the whole of the market. This is not something they’ll get with a price comparison website or by going direct to a High Street bank.
This can be all-consuming if they are balancing a mortgage search with a day job. But since it is our day to day business and, as with all financial products, there are risks involved, so contact us and one of our team will be of assistance.