Mortgage Market Briefing – January 2020
2019 had its ups and downs for the mortgage and property markets, but the 2020s have begun on a positive note.
2019 had its ups and downs for the mortgage and property markets, but the 2020s have begun on a positive note.
Further cuts to rates in December, especially for borrowers with small deposits, have proved a Christmas gift for first-time buyers.
Homeowners who took out a mortgage at the most recent market low may now be looking to remortgage to avoid seeing their monthly repayments spike, according to Moneyfacts.
It was an encouraging month for the mortgage and property markets, with house prices growing slightly, an increase in mortgage lending and greater product choice for homeowners.
Falling swap rates caused mortgage rates to drop substantially during August, with many homeowners capitalising by taking out longer-term fixed rate deals.
Competition in the mortgage market remains strong, with mortgage rates falling since the turn of the year.
The Bank of Mum and Dad is becoming ever more important, with an increasing number of buyers turning to their parents to help them onto the housing ladder.
The number of first-time buyers taking out mortgages fell for the first time since September 2018 but the remortgage market has remained buoyant.
Homeowners looked to remortgage to a cheaper interest rate, while activity in the property market was once again sluggish.