The ‘Boris Bounce’ really seems to be hitting positively as activity in
the mortgage market is booming. We’ve
seen an amazing first two months of the year, with February exceeding expectations
(thank you to all who are dealing with us and well done team!).
But also for you, the consumer, this is a fantastic time to be looking
at your finances. Rates are low and
lenders are looking at many different ways to attract new customers and keep
existing (which I would not have said only a year ago).
Whether you want to fix your monthly payments for a period of time, or
you fancy a low rate tracker mortgage, or maybe both - a tracker rate with the
option to fix later on, there are plenty of great products currently
available. Many lenders are offering
superb remortgage opportunities with minimal costs to change, including free
standard valuations (lender survey on your property) and legal costs (solicitors
or conveyancer to register the charge in the new lenders name). Rates are competitively low and mortgage
product choice is at its highest for some time.
It also surprises me how many people don’t think they can get a
mortgage. Pepper Money recently carried
out some research that suggested 93% of people surveyed did not know they may
get a mortgage with a CCJ registered as recently as 6 months ago.
Another example, with our friends at Kensington, allows for some
historic issues over three years ago and will look at rates starting from 4.69%
for those with just a 10% deposit and no lender completion fee. Terms and conditions obviously apply, but
good to have options.
Finally, a number of lenders don't use credit scoring systems (computer
says no!) and prefer a manual approach, so don't think you cannot get a
mortgage until you have tried! Always
shop around to find the best deal and always check the small print! Naturally, I would recommend speaking to a
professional who can search the ‘whole market’ and advise which are the most
appropriate deals available to you.
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