ESPC Mortgages review 2017
It has been another robust and busy year here for the ESPC mortgage team, with little or no abatement for the need for good quality professional independent mortgage advice. Our core base of first time buyer clients have made up the majority of our business this year. Once again though we have also assisted with many home movers, buy-to-let landlords and first time buy-to-let landlords. The re-mortgage market for new and existing customers also continues to thrive as homeowners look to secure a low interest rate during these uncertain times.
Due to the extremely competitive market between lenders and the cost of acquiring new business, many lenders are keen to retain their existing clients at the end of any fixed rate product. As such we have seen an increase in clients being offered good rates to remain with their current lender. We are of course more than happy to assist and advise if this is indeed the best deal for them, or if there is something even better on the open market.
With house prices continuing to rise across Edinburgh and the Lothians due to demand exceeding supply, many buyers are finding they are having to pay above home report valuation to secure the property they want. The net effect of this is higher loan-to-value borrowing requirements, which in turn leads to higher lending requirements from the lenders and a greater need to research the best and most competitive product and deals.
It is fair to say that in spite of the uncertainty surrounding Brexit, the appetite for house purchase and mortgage borrowing remains unabated. The rise in the Bank of England base rate had come as no surprise and had been widely anticipated. This had already been factored in by the lenders and interest rates continue to be at record all time lows after the rate rise.
As in previous years, our combined experience and knowledge of the mortgage market ensures that we are well placed to make sure our mortgage applications are approved in a timely manner. Indeed, virtually all our mortgage enquiries that pass through to application stage are approved.
We look forward to another busy year in 2018 and to helping many more new and existing clients get the best deal and professional expertise in arranging their mortgage.
It is crucial a client gets independent tax and legal advice prior to considering this option. As an independent financial advisers, ESPC Mortgages can help with all aspects of understanding your budget, applying for a mortgage and dealing with the relevant insurance requirements. Pop in for a no obligation chat with myself or another member of the team at our Edinburgh Information Centre or give us a call on 0131 253 2920.
The information contained in this article is provided in good faith. Whilst every care has been taken in the preparation of the information, no responsibility is accepted for any errors which, despite our precautions, it may contain.
The initial consultation with an adviser is free and without obligation. Thereafter, ESPC Mortgages charges for mortgage advice are usually £350 (£295 for first time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED AGAINST IT.