Spring is in the air – a great time to look at your mortgage options


It’s Spring and this is a traditional time of year for many people to start considering their next move on the property ladder. And, with an election on the horizon, it’s also a topic that’s close to politicians’ hearts as they pledge to keep mortgage rates low so that homeowners don’t need to worry about huge hikes in their repayments and “can go to bed with peace of mind.” (David Cameron, Daily Telegraph, March 2015)

So is now a good time for you to consider your next move?

Lenders have lowered their borrowing rates as a result of the Bank of England keeping the base rate low, and increased competition from lenders means that there are great deals for those looking to buy, move or remortgage. There are also new schemes to help first time buyers and those with more complex income streams such as self-employment.

Confidence is building, which is supported by low inflation, lower than expected bank rates and money stimulus measures taken abroad. House purchase approvals are increasing based on a more robust economy, lower unemployment and recent changes to stamp duty.

And there’s even good news for first time buyers. Recent data from CML, reports an increase in first time buyer lending versus home movers. First time buyers are encouraged by lower rates and Help to Buy, including the new Help to Buy ISA, and as competition heats up between lenders it’s likely this increased interest will filter through to people looking to move. All this will ultimately result in a better supply and demand of properties on the market. As will the fact that inflation is expected to be lower than in 2014.

This improved demand will also be of benefit to anyone looking to grow his or her property portfolio. Buy to let lending is now at its highest level since 2008 and with low rates acting as a major driving force, predictions are that the market will remain strong.

With all this in mind, Spring is still a good time to consider your options whether you’re looking to buy your first home, upgrading to a bigger house, staying where you are or investing in your future. With so much choice available it’s difficult to know what the best options are. At Springtide Capital, your dedicated advisor will be with you at every step in the process and hey will help you work out the best choice for you, saving you time and money.