Lonsdale Mortgage Brokers get your mortgage approved

Monday 11 March, 2024

What is happening in the housing market?

According to Rightmove there has been increased activity in the housing market in the last few months. There are more buyers interested in moving compared to a year ago and January 2024 was a record for people wanting property valuations.

Why is activity in the housing market increasing?

Mortgage rates reached historically high levels in 2023 but towards the end of 2023 mortgage rates for some products started to fall and we are increasingly seeing different mortgage lenders reducing their fixed rate offers as the outlook for interest rates improves.

Is 2024 the year to move into a new home?

According to Tim Bannister at Rightmove there were 7% more properties being sold at the start of 2024, and a 7% increase in the number of property buyers too. According to their data this has already meant a 16% increase in agreed sales in the first six weeks of 2024, compared to the previous year. Rightmove believe the housing market is acting at ‘two speeds.’ Some sellers who price their house right are seeing their homes sell very quickly, but others with high asking prices are having to reduce their property price to get offers. It’s also taking over two weeks longer compared to the same time last year to get an offer on your property.

Why call Lonsdale Mortgages for local mortgage advice?

Hayley Croft, mortgage broker, Lichfield, Staffordshire said:

“We’re really seeing signs that the housing market is beginning to pick up, but as Rightmove suggest buyers are remaining cautious and don’t want to overpay to purchase a property. We recommend if you are looking to move, or you must remortgage in 2024 to get in touch with us as early as possible. If you are looking to remortgage we can check the mortgage market for you and compare the rates offered by different mortgage lenders so you can hopefully organise a mortgage offer well in advance of your mortgage deal ending. If you are looking to purchase a new home, we can review your financial circumstances and advise you how much money you can borrow before you start looking at houses or flats to purchase. We can also discuss the other costs associated with a property purchase, for example insurance costs, deposit, surveyor costs, solicitor costs so you can budget properly and find properties in your price range. Completing the Mortgage application form is time-consuming; however, our mortgage brokers are used to completing these forms and can assist you and liaise with your mortgage lender, so you get your mortgage approved on time.

Hayley Croft, mortgage adviser, Lichfield, Staffordshire continued:

‘‘We work with a variety of different customers, including home movers, first time buyers and buy to let investors. We work with customers local to Lichfield and St Albans. We have a 5* rating on google and our customer reviews show how satisfied our mortgage customers are with our

mortgage advice. We save you time when you are purchasing your property and have other commitments by liaising with your mortgage lender and solicitor. As our mortgage brokers can check different product rates offered by different mortgage lenders, we are in an excellent position to offer local mortgage advice. If you want to get in touch with a member of our mortgage broking team, contact us on 01727 845500 or complete the booking consultation form so we can offer you a free initial consultation.”

In summary…

If you require mortgage advice, please contact our Lonsdale Mortgages St Albans broking team now on 01727 855000. We offer a free initial mortgage advice consultation.’

Please note: As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some types of buy to let mortgages.