What an extraordinary month it has been at Coreco. As it stands, we are set to have our biggest month ever in terms of business written which really is extraordinary given the prevailing market conditions
Thank you to all of you who have engaged with themselves or been referring to us and we are happy we have been able to help so many people – long may it continue!
To cap off the month, last week saw the highly prestigious Mortgage Strategy Awards 2022, which is the pinnacle of the Mortgage Award Season for firms in the sector. Coreco were short-listed in no fewer than three categories and we are delighted to say that we did win the big one – Best UK Broker (5-50 brokers) 2022.
This adds to the fact we are also the reigning Best London Broker at the Mortgage Introducer Awards recently.
This really is a testament to the hard work and dedication of all the amazing Coreco team and is very well deserved.
Meanwhile, according to Bank of England figures today there was actually a drop-off in mortgage approvals, which is surprising as April and May have been exceptionally busy, although we do expect the combination of weaker borrower sentiment and lenders tightening their affordability to feed through in the months ahead.
Remortgages, contrary to what this data suggests, are going through the roof as people seek to lock into the lowest rates available before they rise further. Perhaps the fact this data only shows remortgages to other lenders shows people are increasingly being forced to remortgage with existing lenders due to affordability issues.
It really doesn’t help that lenders are continuing to pull products with little or no notice, partly due to the ever-increasing cost of funds, but also in order to manage their business levels and service. Lenders are still struggling to cope with the sheer number of applications.
All of this means as ever, speaking to a broker early is essential to ensure not just a good rate, but a smooth process.
There was also a rise in consumer credit borrowing which will trigger more alarm bells at the Bank of England. It shows the economic storm clouds are getting darker by the day. People can take out credit and loans if they are confident, but in this case, it could be because they are seeking extra cash to cover their bills and put food on their tables.
All eyes are now on the jobs market and thankfully, for now at least, that remains fairly resilient.
Best Mortgage Rates
In terms of mortgage rates, for standard residential mortgages, borrowers can obtain 2-year fixes at 2.23% (4.00% APRC) and 5-year fixes from 2.45%, (3.90% APRC), whilst variable discounted rates are around from 1.29%, (5.00% APRC).
Those looking at Buy-To-Let can now obtain products from 1.64%, (4.40% APRC) for a 2-year tracker or 5-year fixes are available from 2.39% (4.30% APRC).