Summer is officially here ☀️ We are busier than ever with more and more people moving house, plus many clients reviewing their mortgage options following recent interest rate increases. Read on to find out all the latest news and updates…
TEAM news & updates
Welcome to Helen!
We are thrilled to welcome our new Mortgage Processing Executive. With over 16 years of property industry experience, Helen brings expertise, housing market insight and a commitment to helping homeowners.
Helen will facilitate the smooth processing of our client’s mortgage applications, progressing cases to completion with her friendly and diligent client liaison.
“I am excited to join the Stratton Thorpe team, renowned for their seamless and first-class customer service. Julian and Peter are passionate about providing tailored advice. It’s a real inspiration”.
Welcome to Ujwal!
We are also delighted to welcome Ujwal Khanna to the team. Protection Adviser Ujwal will be working with Gaurav at GK Finance, who are part of our extended broker team covering the Northamptonshire and Bedford areas.
Having worked in banking and sales environments, Ujwal graduated in Commerce and completed a Masters in MSC International Business Management.
"I am dedicated and committed to my clients to find them protection solutions to meet their individual needs. My multilingual skills help me better understand various clients to fulfil their expectations."
Moonlight Walk for Katharine House Hospice
Team Stratton Thorpe is raising funds for Katharine House Hospice and participating in their Moonlight Walk on Saturday 16th July. Julian, Peter and Helen will be joined by family and friends for a fun-filled 80s-themed six-mile Moonlight Walk around our fantastic Banbury. We will celebrate those we've loved and lost with this special personal challenge. A glorious evening of fun and frolics is assured, all in aid of Katharine House Hospice which provides specialist palliative care for adults with life-limiting conditions across North Oxfordshire and South Northamptonshire.
𝗗 𝗢 𝗡 𝗔 𝗧 𝗘 ♥️ 𝗡 𝗢 𝗪 and help us support a wonderful local charity
DONATIONS https://www.justgiving.com/fundraising/Strattonthorpe
MORTGAGE NEWS & UPDATES
Sales instructions and offers accepted at highest weekly level in 10 years
Concerns over a recession may be about to correct a long-standing distortion in the UK housing market, according to the latest data from Knight Frank.
The data showed that the number of sales instructions in the week ending 14 May was the tenth highest figure in the last decade across the UK.
In property markets outside of the capital, instructions were at their highest weekly level in ten years.
Meanwhile, the number of offers accepted across the UK was the highest weekly number in a decade..
SOURCE - MORTGAGE STRATEGY
GREEN MORTGAGES
A growing number of lenders are now offering green mortgages. Essentially, if you're moving into an energy-efficient home or making your property greener, your lender can reward you with a better interest rate or cashback on your mortgage.
Green mortgages generally fall into two categories:
Rewards for living in an energy-efficient home.
Here, if the property you're buying or living in has an EPC rating of A or B, you'll get cashback or a better interest rate on your mortgage. This type of green mortgage is available to homebuyers and, in some cases, those remortgaging.
Rewards for carrying out 'green' home improvements
For instance, replacing single-glazed windows, upgrading your heating system, or installing solar panels, for example. Typically, lenders will offer you a discounted interest rate or cashback on any money you borrow to upgrade your home's energy efficiency.
To find out more about Green Mortgage options and discuss eligibility, contact Stratton Thorpe Mortgage Solutions today for a free, no-obligations initial consultation.
Borrowers rush to pay exit fees and lock into new mortgages as interest rates climb
Yorkshire Building Society has seen an 88 per cent increase in the value of ERCs paid so far this year, compared to the same period in 2020.
It’s a trend that brokers have also witnessed.
Dean Esnard, director at Magni Finance, has had more clients paying to leave fixed rates – in some cases swallowing penalties of more than £6,000.
It comes as the Bank of England has raised the base rate five times over the last six months, prompting a rapid increase in mortgage costs.
Esnard said: “People are worried about rates going up. Paying an exit fee is hedging that rates are going to be a lot higher when their current deal ends.”
SOURCE - MORTGAGE STRATEGY
House prices hit fresh high ‘despite headwinds’ – Nationwide
House prices notched up bumper growth of 11.2 percent annually in May, even as households face the rising cost of living and higher mortgage rates.
A typical UK home is now worth £269,914, with growth only falling back modestly from 12.1 percent measured in April, according to data from Nationwide.
Values have now increased consecutively for the past 10 months.
Demand is supported by strong employment in the UK, according to Robert Gardner, Nationwide’s chief economist.
He said: “Despite growing headwinds from the squeeze on household budgets due to high inflation and a steady increase in borrowing costs, the housing market has retained a surprising amount of momentum.”
SOURCE - MORTGAGE STRATEGY
House prices up over 10% in May: Halifax
House prices in the UK increased by 10.5% annually in May, shows Halifax’s latest index.
An eleventh monthly rise in a row saw prices go up by 1% by this metric, leaving the average house price at £289,099.
Halifax says that compared to May last year, prospective buyers need £10,000 more to buy a flat and £50,000 more to buy a detached home.
“Despite the very real cost of living pressures some people are experiencing,” says managing director Russell Galley, “the imbalance between supply and demand for properties remains the primary reason driving the continued climb in house prices.”
SOURCE - MORTGAGE STRATEGY
Boris Johnson to extend Right to Buy and allow housing benefit for mortgage payments
Prime Minister Boris Johnson is expected to announce a raft of housing reforms, including extending Right to Buy and allowing people to use housing benefit to pay a mortgage.
In a statement from Downing Street, the Government said Johnson would reaffirm in a speech in Lancashire today his “ambition to unlock the opportunity of home ownership for more people through helping those in a position to buy, to access the mortgage finance they need, ensuring people are incentivised to save for a deposit no matter their financial situation, and improving the supply of housing across the country”.
Media reports have suggested that this would include extending Right to Buy to housing association tenants.
Currently, Right to Buy allows most council tenants to purchase their council home at a discount if they meet certain criteria. This includes if it is their main home and self-contained, if they are secure tenants and have had a public sector landlord for three years.
SOURCE - MORTGAGE SOLUTIONS
Referral Scheme
We know there is no higher praise than recommending us to your friends and family. Our referral scheme is our way of saying thank you to our loyal clients. Recommend Stratton Thorpe Mortgage Solutions and receive a £50 Amazon voucher as a thank you.
Find out more about how you can qualify and start referring today.
CLIENT REVIEWS
It is becoming increasingly important for local businesses to have an online presence and customer feedback is vital. This is not just for advertising purposes; clients like yourself trust peer-to-peer reviews and wish to research our company in advance. As consumers, its common place to review restaurants, goods, services, hotels and mortgage brokers are no different! We’d really appreciate your involvement - see here for details and how to leave us a Google Review
free Life Insurance quote in 60 seconds
We have recently launched our brand-new Life Insurance free online quote service. Through our website, you can now get an instant life insurance quote that is quick, simple and free. Our life insurance calculator can help you work out how much cover you may need to protect your loved ones and keep your home safe should the unexpected happen. Simply enter a few details about your lifestyle and living circumstances to find out how much cover is right for you.
· Quick, simple and FREE
· Get an instant quote in less than 60 seconds
· Easy online quote process to provide you with an idea of costs
· Search and compare quotes for products based on an analysis of a number of insurers
· Find out about the free additional benefits available
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