Our team at ESPC Mortgages take a look back at 2019, including the impact of Brexit, interest rates and an increase in re-mortgaging.

Another busy year under our belt here at ESPC Mortgages – almost as busy as 2018. Having had a good start to the year with Edinburgh sale prices settling, the year remained relatively steady throughout rather than there being the typical spring and autumn peaks.

Political uncertainty and Brexit

The current political arena and the deal/no deal Brexit questions have possibly held back both purchasers and sellers alike, as buyers wait to see the impact of any negotiations and how that affects them personally.

Interest rates in 2019

The Bank of England have held the base rate steady throughout this year and we continue to see record-breaking low-interest rates as the lenders compete for their own share of the market.

Indeed, even at the higher and perceived more risky lending levels of 95% and 90% loan-to-value, the margin has lowered considerably, and the rates being offered are far nearer to some of the better rates than have been seen historically.

An increase in re-mortgaging

With less home moving and buying we have also seen an increase of borrowers electing to re-mortgage to a new deal and take advantage of the lower rates currently on offer. Many of our clients are also choosing to take this opportunity to think about releasing some of their equity in order to finance home improvements and/or other ‘wish list’ costs.

Buy-to-let mortgages

Even with an increase in the Additional Dwelling Supplement at the beginning of 2019, the buy to let mortgage market has also seen steady levels during this year with both new entrants and existing landlords seeking out the best mortgage deals.

ESPC Mortgages

Our turnaround times in terms of getting a full mortgage application approved and to offer stage continue to excel and it is very rare for us not to get a full mortgage application approved once submitted. We are all very proud of our continued achievements in these regards.

The new year will soon be upon us with a new government installed and hopefully a resolution to the Brexit question(s). We look forward to helping our clients both old and new deal with the challenges or otherwise that that may bring.

ESPC mortgages offer expert independent mortgage advice in Edinburgh. Whether you are looking for first time buyer mortgage advice, are interested in finding out more about buy-to-let mortgages or would like to re-mortgage, get in touch with the team on 0131 253 2920 or fsenquiries@espc.com

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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.

Buy-to-let mortgages are not regulated by Financial Conduct Authority and not covered by the Financial Services Compensation Scheme. They are however supervised and applicants can complain to the Financial Ombudsman Service if they feel they have not been properly advised.