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(Don’t Go) Back To Black

28.07.11

In anyone’s eyes the last few weeks have been an extraordinary news cycle. Phone hacking, the closure of the best selling UK paper, European crises, the carnage in Norway and of course the tragedy of Amy. Now the frightening prospect of the US defaulting on their loans, due to nothing more than political wrangling, threatening the world economy.

It’s enough to leave us all thinking that anything else is a little mundane, however it is far from it. If anything it tells us to make the most of everyday life, to worry only about the things we can control, to rejoice in the mundane and make it as fun and worthwhile as we possibly can.

One of those mundane things is the UK property market. It seems that this will be flat for a while, with only growing regional differences to write about as London continues to exist within its’ own bubble.

But we have to deal with what we are faced by and whilst it may seem tough, there are always positives. With funding rates at an all time low there is an opportunity for many to finally make that move or to remortgage to protect themselves against the future.
Being able to borrow at just 1.90% would have seemed laughable a few years ago, whilst being able to fix for 2 years at just 2.49%, 3 years at 3.15% or 5 years at 3.64% a mere pipe dream.

With the unpredictable nature of things we also need to ensure that we all do all we can to protect ourselves. With fixed rates at an all time low, those of us who are more sensitive to future rate rises can act to secure payments. Those that have put off taking out the essential protection policies to ensure financial security should life take a nasty turn, well now is a good time to look into it again.

It never ceases to amaze me how many leave themselves and their families open to potential hardship by refusing to find the extra few quid it would take to secure their futures. After all, this is cash that is probably spent in the pub, or over a nice meal each month without thinking. Many of us spend more a month on coffee, (he says staring at a Starbucks cup), than we do on insurances that could literally save our home.

Whatever else is happening in the world, UK lenders seem hungry again for action and we should all be making the most of this. After all, there is not much point in us all going Back To Black.

RIP Amy.

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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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