2019 has seen record levels of mortgages approved, with lenders in the market in the midst of fierce competition with one another to win customers, which is providing many of us with the chance to obtain particularly favourable mortgage rates.
The latest figures from UK finance show that the mortgage market in the UK is continuing the current rate of growth, with the number of first-time buyer mortgages up 5.8% year-on-year and home mover mortgages also up by 1.4%. Interestingly, buy-to-let mortgages have also seen something of a renaissance after a period of decline due to government changes with regards to taxation, signalling that there is once more opportunity in the marketplace for those looking to invest.
“It appears that no matter what happens in Westminster, and who can predict what might happen next, that people are still moving or managing to get on the housing ladder,’ said Richard Pike, Phoebus Software sales and marketing director.
“With an increased number of longer-term fixed rate mortgages that have been taken out since the referendum, it is unsurprising that remortgage figures are down. Until the uncertainty that is being felt across the country is over, one way or another, that trend is likely to continue as borrowers look for some kind of certainty, at least for their finances,” he pointed out.
It would appear that the competitive mortgage rates which are currently present in the market are trumping any concerns that people may have with regards to Brexit, and therefore many are making the most of the bargains which are available.
According to Adrian Moloney, sales director at OneSavings Bank, a number of buyers abandoning the wait and see approach. “This has been helped by mortgage rates remaining as competitive as they have been for some time, alongside high employment and improved earnings. In this market, there are bargains to be had and it seems some are making the most of these now,” he explained.