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Mortgage Market Update

02.04.19

The mortgage market continues to trundle on despite the remarkable scenes in Westminster over the past few days. As Laura Keunssberg remarked in her excellent documentary The Brexit Storm, “it’s like a pantomime without any jokes”.

The resilience of the British public, however, is becoming more evident as more industry commentators are starting to report that there is an increase in the numbers of people now looking once more to buy or move. I have said before that life goes on regardless and with many now sensing a buying opportunity, especially as rates remain low, we may see a busier Easter period than some predicted.

As ever it is important not to be dragged down into the negativity that surrounds are so-called “leaders”. The housing market and those of us that work in and around it have a responsibility to keep positive and educate our applicants and clients accordingly.

It was interesting to see a new term pop into the economy recently as the “Flat White” Sector, (Millennials of digital and creative business’s) start to overtake more traditional industries as a large driver of economic output. The world continues to adapt and change, as must we.

Rate wise, the uncertainty has seen the cost of funds drop further, with SWAP rates falling pretty dramatically. It will be interesting to see if this results in even lower product offerings from lenders in the next few weeks.

At present, however, lenders have kept their rates pretty much the same. For standard residential mortgages, borrowers can obtain 2-year fixes at 1.43%, (3.82% APRC) and 5-year fixes from 1.81%, (3.35% APRC) whilst variable tracker rates are around from 1.38%, (3.80% APRC).

Those looking at Buy-To-Let can still obtain products from just 1.46%, (5.30% APRC) for a 2-year tracker or 5-year fixes are available from 2.04% (4.40% APRC).

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Andrew Montlake

Written by Andrew Montlake

Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.

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