Mortgage Product Availability Continues to Change Daily

The UK property market has been impacted by rising interest rates over the past few months, with industry insiders expecting house prices to begin falling in the near future. The average price of a home fell by 0.1% in September, according to Halifax, with increasing mortgage costs and the wider cost of living crisis placing downward pressure on UK home prices.

Halifax reported that market activity has cooled in recent months, as buyers struggle to afford ever-increasing housing costs. Industry experts expect prices to fall by around 2% over the next six months, although it’s possible that this trend will be short-lived. The market could begin to recover once the economy starts to strengthen again. 

Most Lenders have returned to the market 
last week, the availability of products had started to pick up with lenders returning to the market with new revised products and in most cases at more expensive rates. 

This positivity has continued, with more lenders returning and some offering new products for first time and buy to let buyers.

HSBC has reintroduced their UK BTL proposition for Purchase and Remortgage customers plus Skipton has announced that they are reintroducing their 2 year fixed Residential range, in addition to the reintroduction of their 2 & 5 year fixed Buy to Let range. High street lenders such as Santander has also followed suit this week by reintroducing a number of residential and buy to let rates with their 95% LTV 2 yer fixed rate at 6.64% with no fees and £250 cash back. 

Self employed mortgages
Many of our self employed and contract work clients have been concerned about the current market volatility and have been asking us whether they are still able to obtain a mortgage. 

The good news is that we can still help self employed and contract workers, nothing has changed other than the mortgage product rates increasing as much the same for all other types of applicants.

Although please be mindful that from October 5th we now need the 2021/22 SA302 for self employed applicants for residential and most buy to let applications.

How we can help
With many lenders beginning to return to the market, we recommend you arrange to speak to one of our award winning mortgage brokers. They’ll be able to review your circumstances and you might be surprised at the solutions they’re able to offer you. 

If you would like to discuss your current mortgage or have a large portfolio that you’d like us to review, speak to a member of the team or our senior broker, Danny O’Keeffe on 0208 364 3444 alternatively schedule a call back by clicking on the button below.

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