Smart Choice Mortgages

19/06/2023

Product Withdrawals 🚫

We’re receiving lots of these types of emails currently.

If you have a mortgage application going through with a broker, please make sure you send them what they need asap!

If you are worried about your circumstances and don’t have a broker, please get in touch ☎️

31/05/2023

Mortgage Mayhem 🌪️

“UK banks and building societies have pulled around 800 residential and buy-to-let mortgage deals in the past few days amid growing concerns over future interest rate rises”

However the number of residential mortgage deals has fell by just 7% in a week - with new deals being reinstated in place of the previous 🔄

It’s important to remain calm & composed during times like this. If you’re unsure or worried about your fixed rate ending please contact us to discuss ☎️

24/05/2023

Good & Bad News ⚖️

The rate of inflation is finally back in single digits for the first time since last summer, easing to 8.7% last month 👍……

…..but food inflation remains near 20% and core price inflation is at a 30-year high 👎

Full article on Sky News:

https://news.sky.com/story/significant-easing-of-inflation-as-energy-costs-stabilise-latest-ons-figures-show-12887613

24/05/2023

Good & Bad News ⚖️

The rate of inflation is finally back in single digits for the first time since last summer, easing to 8.7% last month 👍……

…..but food inflation remains near 20% and core price inflation is at a 30-year high 👎

Full article on Sky News:

https://news.sky.com/story/significant-easing-of-inflation-as-energy-costs-stabilise-latest-ons-figures-show-12887613

While there is some relief in the headline rate for the pace of price growth, the squeeze on household spending power will remain throughout 2023 and likely beyond.

22/05/2023

Switch & Fix 🏡

The average standard variable rate (SVR) for mortgages has climbed to its highest level for more than 15 years, so many people sitting on one of these could save several hundred pounds a month by switching to a fixed-rate deal 🔀

That was one of the key takeaways from data issued this week that also signalled that rates on new fixed-rate mortgage deals may start to rise again 📈

Full article: https://amp.theguardian.com/money/2023/may/20/uk-mortgages-time-to-switch-and-fix-to-save-up-to-400-a-month

Average SVR at highest level for more than 15 years as number of home loan products available jump

16/05/2023

Fixed rate ends in 2023 🤯

Millions of households face a mortgage hike of around £2,300 a year each based on estimates and averages 📈

There are still 3.75 million households yet to feel the impact of rising mortgage rates because they are still on fixed deals, with lower rates than are available now 🔒

If your fixed rate ends this year the best advice is to speak to a broker and start to assess your options as early as possible - plan ahead! 🗣️

Related article: https://moneyweek.com/personal-finance/mortgages/605889/mortgage-pain-as-rate-rises

16/05/2023

Fixed rate ends in 2023 🤯

Millions of households face a mortgage hike of around £2,300 a year each based on estimates and averages 📈

There are still 3.75 million households yet to feel the impact of rising mortgage rates because they are still on fixed deals, with lower rates than are available now 🔒

If your fixed rate ends this year the best advice is to speak to a broker and start to assess your options as early as possible - plan ahead! 🗣️

Related article: https://moneyweek.com/personal-finance/mortgages/605889/mortgage-pain-as-rate-rises

Around 3.75 million households are yet to feel the impact of rising mortgage rates because they are still on cheap fixed deals

09/05/2023

Self Employed? 🚫

“Around 28% of adults with non-typical income streams, including self-employed, have had their mortgage application rejected by a lender, according to research”

We’ve definitely seen an increase in lender due diligence over the last 6 months when it comes to more complex (or non standard) applications 📝

We’ve had “slam dunk” cases that lenders have rejected at underwriting due to the types of income they will and won’t accept 🏀

Full Story: https://www.mortgagesolutions.co.uk/news/2023/05/03/over-a-quarter-of-adults-with-complex-incomes-have-been-denied-mortgages/

09/05/2023

Self Employed? 🚫

“Around 28% of adults with non-typical income streams, including self-employed, have had their mortgage application rejected by a lender, according to research”

We’ve definitely seen an increase in lender due diligence over the last 6 months when it comes to more complex (or non standard) applications 📝

We’ve had “slam dunk” cases that lenders have rejected at underwriting due to the types of income they will and won’t accept 🏀

Full Story: https://www.mortgagesolutions.co.uk/news/2023/05/03/over-a-quarter-of-adults-with-complex-incomes-have-been-denied-mortgages/

Around 28 per cent of adults with non-typical income streams, including self-employed, have had their mortgage application rejected by a lender, according to research.

03/05/2023

House Prices 📈

🗞️ “House price crash averted as prices hit record highs”

The UK property market should be plunging as living costs rocket, the economy slows and everyone feels poorer. Instead, new buyers are paying higher prices than ever 🏡

Incredibly, they’re now on the up again, rising 1.2 percent in February and another 0.8 percent in March, according to latest data from Halifax 🏦

Full article: https://www.express.co.uk/finance/personalfinance/1764802/house-price-crash-first-time-buyers-record-prices-property-market/amp

The UK property market should be plunging as living costs rocket, the economy slows and everyone feels poorer. Instead, new buyers are paying higher prices than ever. What's happening?

28/04/2023

Finely balanced ⚖️

Average mortgage rates continued to fall this week, but unrelenting inflation has left lenders waiting for the Bank of England’s next move to make major changes 🏡

Small incremental decreases across most LTVs with most lenders is a great sign, but Rightmove’s Matt Smith feels the upcoming May 11th base rate decision could be decisive in which way rates trend through the rest of 2023 📉📈

Full story: https://www.mortgagesolutions.co.uk/news/2023/04/26/mortgage-rate-cutting-trend-slows-as-lenders-await-base-rate-decision-rightmove/