The current mortgage market
The mortgage market has contracted hugely over the last three years. There has been a marked change away from chasing huge volumes of business, to chasing profitable business. This means lenders are pricing mortgages to make a profit, hence the types of deals on offer compared to a few years ago seeming more expensive.
Lenders are far more discerning over who they lend to – they want plenty of equity, clean credit history, low income multiples, proof of income and good quality property on which to secure their mortgages.
There are some vey encouraging signs that competition is returning to the market, with loan-to-values increasing and rates decreasing across the board. For the first time in about 3 years there is real competition, with lenders vying for mortgage business.
We are able to help by searching through the whole mortgage market for a deal that suits you. And we will give you expert advise as part of the process, all designed to minimise your mortgage costs over the long term.
Contact us for a discussion.