July 2023 - Assessing the current mortgage market.

Almost daily in the news at the moment, we are witnessing references to mortgage rates, inflation, and interest rates as the cost-of-living crisis continues to engulf the country. Many people are concerned about potential increases in their monthly payments as they approach the end of a low-rate fix.

Landlords are experiencing squeezed profit margins due to the rising rates, and with them facing higher mortgage costs it has resulted higher rents in an already competitive market as they try break even or maintain a minimal level of profit. This ripple effect can lead to financial strain for all parties involved. As rents increase, tenants may encounter difficulties in affording suitable housing as well as and potentially causing some landlords to withdraw their properties from the market.

Over the last 15 years or so, we have become accustomed to low-interest rate lending. However, it should be noted that while interest rates may seem incredibly high currently, historically they are about average. Times are changing, and in our latest video, we sought advice from Ashley Rich from St Barts Finance to discuss some of these changes and what's been happening in the markets.

In the video, we cover:
*Current rates on offer.
*The new mortgage charter adopted by some of the big high street lenders.
*Advice on what to do when it comes to re-mortgaging.
*And much more.

Please be aware that this video was recorded on 19 July 2023, so rates quoted may have changed since then.

If you are considering re-mortgaging and need advice, please click below, and we can connect you with Ashley for a meeting.

For any further information, please call Matt or James at 01202 554470.