Summer Mortgage Deals Spark Property Market Surge

Summer buyers and sellers are finding out the good news that there are some incredible mortgage deals on offer across the board says Enzo Mora CEO and founder of The Mortgage Brain

We love spreading the good news that gone are the days of expecting to pay more for your mortgage when a fixed period ends. We’re busy processing mortgage applications from new buyers and also existing borrowers who are coming off fixed rates and are seeing some incredible deals out there, many exclusive to us, so it really does pay to get in touch with our advisers to see what we can do for you.

Action stations!

Buyers and sellers have sprung into action with the number of sales agreed in May the highest in four years reports Zoopla. Most sellers are also buyers and are seizing the opportunity to agree purchases, attracted by some very good mortgage deals with sub 4% rates and the ability to borrow up to 20% more as stress testing affordability improves. Sellers also seem keen to tie up sales with the average UK property being agreed at 3% or £16,000 below the asking price, supporting a 6% growth in sales agreed. There has never been a better time this year to get the moving ball rolling.

Town or country?

I was interested to read some recent research by lender Nationwide on moving data over the last five years that showed the majority of house moves (63%) were within the same type of area, whether that was a large town or city, small town or rural location. However, there was a significant difference by age groups with younger people aged 25-35 tending to move to more urban areas while older age groups, particularly 55+ favouring more rural areas. By far the top reason for moving was for a bigger property or garden followed by a better community feel and being closer to friends or family, a quieter location, new job and more amenities. Detached homes were the most popular buys in rural areas yet terraced homes have actually seen the strongest price growth of 25% in these locations, no doubt with fragrant roses around the door.

Belt and braces approach

We’re often asked by customers if they need an income protection policy when they get a mortgage. The answer is no, however, we do ask borrowers how they will make mortgage payments if they can’t work due to illness or injury. Firstly you should check if your employer covers you for any benefits and then look at your savings to see if you have enough to bridge any potential gap income if you can’t work. We can then give you a no obligation quote for appropriate cover needed, so you can make an informed decision for peace of mind and coping with the unexpected.

Hands up for energy efficiency

Energy Performance Certificate (EPC) are set to be more accurate as the way they are being calculated is changing and should help buyers when comparing properties. More detailed information will include a home’s heat retention per floor area and insulation affecting energy use. We work with the UK’s leading house builders providing mortgages to their customers and buying a brand new home remains the most energy efficient type of property on the market. We also have some lenders who offer better rates on these homes so we would be delighted to tell you more. There is never a dull moment in the world of mortgages and property and we can’t wait to help you achieve your home buying dreams this summer.