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December 2014 Newsletter – It’s a New Year – Time For a New Mortgage?

December 29th, 2014 | No Comments | Posted in Monthly Newsletters

TMS
It’s a New Year! Time for a New Mortgage?

2015 is election year, which is set to be the most interesting race to power in a long time. The mortgage industry especially is waiting to see how a potential change in government will affect the inevitable bank base rate increase. How this will change the market is an area of much debate and speculation, with the brokers, lenders and customers left on tenterhooks. Currently, many customers are facing a decision between waiting for the base rate rise to take effect before changing their mortgage, or taking advantage of current low rates and a calmer market.
One of the most marked changes in the industry’s climate at the end of 2014, was a reduction in the amount of re-mortgage applications. This is despite lenders competing for your business in an attempt to reach their targets, with the end of 2014 seeing increasingly low rates and market-leading deals a-plenty.
So is now a good time to remortgage? Well first of all, despite the deals out there, many consumers believe that staying on their lender’s Standard Variable Rate (SVR) will be beneficial. But with recent house price growth across the country, the loan required may represent a lower percentage of the property’s value, giving access to some different, more competitive deals. Considering that a lender’s SVR may be affected by a rate rise, getting locked in to a longer-term fixed rate deal could be a potential option.
So what will 2015 bring us? Well, despite the changes in lending criteria and dip in remortgages in 2014, you may be surprised to know that according to the Council of Mortgage Lenders, more money was loaned last year than 2013, with 2015 possibly set to exceed both. There is no doubt this will be an exciting year for the industry, which may see competitive deals continuing. Either way, it looks like this pre-election period is perhaps the ideal time to make decisions on your mortgage.

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