Mortgages, Housing and ‘The Cost of Living Crisis’
This year we have arranged more mortgages in the first half of the year than any other year during the last 25 years of trading. More surprisingly, the number of ‘First Time Buyer’ mortgages have also increased when compared to recent years. Most of these, although not all, are folk who have been lucky enough to have received help towards the deposit from the ‘Bank of Mum and Dad’ or other family members.
We do expect this number to stabilise although over the next few months as folk are increasingly concerned about the cost of living crisis and household expenditure. In Oswestry however there still seems to be more demand for houses than properties available which if this continues could keep property prices at the high levels seen recently. The average house price in Oswestry according to Zoopla is now over £245,000.
For the first time in over a decade, as mortgage deals expire, borrowers are finding themselves with higher interest rates and increased payments when looking to secure a new fixed rate. One way to combat this, may be to increase the mortgage term to lessen the effect in the short term although this should be taken with due consideration as the overall costs are likely to be higher. Your existing lender may not offer the most competitive interest rate and shopping around is usually a worthwhile exercise. Here at John Davies Investments and Mortgage Services we have access to the ‘whole of market’ and can help secure the best interest rate if your mortgage deal is due to expire in the next 6 months. One of the reasons we have been so busy this year may be that many lenders in town no longer have mortgage advisors available for those who wish to discuss their options face-to-face. We offer office, telephone or ZOOM meetings to suit client’ preferences.
Your home may be repossessed if you do not keep up with your mortgage payments