More mortgage choices.
- The number of mortgage products available has risen to 5,338, its highest level since February 2022, and more than double the availability seen in October 2022.
- The average shelf life of a mortgage deal has stabilised, increasing to 15 days, up from lows of 12 days in July.
- Both the average two and five-year fixed rates have been falling from the start of August, currently at 6.66% and 6.08% respectively.
- It has been a busy period for lenders, as they are cutting fixed rates and launching new deals to generate business. Source: #Dataloft (https://dataloftinform.co.uk/), Moneyfacts, 18th September 2023.
More mortgage choices.
If you work in the mysterious world of mortgages, you will totally understand all of this. If not, you probably will not!
Firstly, it is comforting to know that as of 18th September we are back up to 5,338 products currently available. Since the Liz Truss mini budget, those numbers have fluctuated dramatically. Immediately after that fateful day, EVERYTHING was pulled from the market as banks etc. had absolutely no idea what the heck was going on! The dust settled, Truss resigned, Sunak came in, and inflation spiralled out of control.
Who’d be a mortgage broker?
Jukes Estate Agents Harlow, work closely with mortgage brokers. “They have had a really rough journey over the last year” said co owner Lee Venables. “They tell us that there were days when the rates would change 2 or 3 times in a matter of a few hours”!
With this in mind, it has to be comforting to many that things seem to be slowly getting back to what is going to be the ‘new normal’.
Mortgage rates have been dropping consistently now for a few weeks. At least 5 times in recent weeks, albeit small reductions.
With 5 year deals readily available under 6% and some just over 5%, Jukes Estate Agents Harlow are optimistic that with a little bit of luck, it will not be too long until 5 year fixed mortgages start with a 4!
2 year fixed deals are still starting with 6 but the general thoughts are that it will not be long before they start with a 5.
Are there really over 5,000 different mortgages available?
Yes there really is! It seems bizarre doesn’t it?
With so many lenders, and so many types of mortgages over so many different lengths of years, it soon adds up!
With the Bank of England due to meet 2 days after this blog is written. The Harlow property market once again holds its breath! with over 600 properties for sale in Harlow compared to 250 this time last year, Jukes Estate Agents Harlow believe it is nearing a pivotal time.
“There seems to be a lot of experts who still believe the Bank of England might raise the base rate another 0.25%, possibly another 0.5%” commented co owner Geoff Flewers. “I think once the B.O.E. stop the monthly increases, we will see stability return” he continued.
“Something needs to happen sooner rather than later”. “Whilst there are around 4 properties a day selling in Harlow, as Estate Agents for CM17, CM18, CM19 & CM20, we are concerned about how many properties seem to be taking an age to sell”.