We’re halfway through 2024! As we head into Summer, what are your plans for the rest of the year?
A new home?
A renovation or extension?
A new investment property?
Sort out your life insurance and protection cover?
Whatever your plans, we can help you find a new mortgage and protection cover to make your plans a reality. We pledge to save you time and stress and could help you potentially save money, leaving you to enjoy 2024 ❤️🏠
📣 Stay tuned for some exciting news over the coming weeks from Stratton Thorpe HQ! We won’t give too much away, but we may need an extra seat at our next team meeting, and there might be a prize up for grabs 😀
Remortgaging, moving or buying in the next 6 months? Get ‘Rate Reassurance’ on your mortgage
We often hear, "I'm nervous about 'locking in' a new mortgage. What if lenders change their rates before my completion?" But there’s no need to worry. We offer 'Rate Reassurance' and track the latest mortgage rates and deals, so you don't have to. If lenders drop rates or introduce new products, we’ll let you know and reassess your options. And if rates go up, you benefit from locking in your product early.
*Switching to a different lender may incur extra cost/charge.
Book a free, no-obligation initial consultation to discuss your options and get 'Rate Reassurance' with Stratton Thorpe Mortgage Solutions.
mortgage NEWS & UPDATES
Mortgage approvals rise for sixth month in a row
Mortgage approvals for house purchases lifted 1.3% to 61,300 in March from the previous month, the highest since September 2022, according to the Bank of England.
However, remortgage approvals tumbled 9.2% to 34,200 over the same period.
Saffron for Intermediaries head of business development Tony Hall says: “It certainly feels like the mortgage market recovery is underway as gross lending and mortgage approvals continue to rise.
“All eyes are now on when we might see that first base rate cut since the onset of the pandemic, which should drive more consumers back to the market.
Hall adds: “The economy still faces a number of challenges, with inflation falling at a slower rate than many expected, and this could delay a rate reduction by the Bank of England. Wage inflation and a more timid approach to rate cuts in the US are also leading some analysts to predict that the base rate may stay put until the fourth quarter.
“However, it’s refreshing that the debate about the Bank of England’s position has clearly shifted to when, and not if, rate cuts will happen. This speaks volumes about where the market is now compared to even six months ago, and we look forward to helping advisers and borrowers take advantage of the opportunity this provides.”
SOURCE MORTGAGE STRATEGY
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Halifax to offer up to £1,000 cashback for first-time buyers
Halifax is launching a first-time buyer and first-time buyer green home product range with up to £1,000 cashback available.
Halifax’s first-time buyer range with £500 cashback is priced from 4.6% for a two-year fixed rate, 4.31% for a five-year fixed rate and 4.93% for a 10-year fixed rate. Two- and five-year fixed rates go up to 95% loan to value (LTV), and 10-year fixed rates are available at 60% and 75% LTV.
The range comes with a £999 fee, and between 60% and 80% LTV for two- and five-year fixed rates, the maximum loan of £2m is available, while the maximum loan is £750,000 at 90% LTV. At 95% LTV, the maximum loan is £570,000.
The maximum loan size is £2m for 10-year fixed rates.
The green first-time buyer products have the same price structure as the first-time buyer cashback range and come with £1,000 cashback.
READ MORE MORTGAGE SOLUTIONS
WHY DO I NEED PROTECTION?
Nobody has a crystal ball and can predict the future. But, having the proper protection in place is crucial to ensure that you and, above all, your loved ones and your home are safe should the unexpected happen. Here’s how we can help:
Ensure you don't have to leave your home unless you choose to, should the unexpected happen.
Work within your chosen budget. We have access to products based on an analysis of a number of insurers.
Check that all areas of importance to you and your family are covered.
Watch this helpful video that explains protection cover - why you might need it, how it can help you and understand the different types of products available.
Increase in older buyers searching for first home
There has been a growth of older first-time buyers, increases in average loan sizes, and longer mortgage terms being searched for, the latest data from Legal & General Mortgage Services reveals.
It found there was a 13% increase in 56 to 65-year-olds searching for their first property in Q1 2024 compared to the same period last year suggesting that a growing number of buyers are having to wait until their late 50s and beyond to take their first step onto the housing ladder.
Legal & General’s data platform Ignite found in the 12 months to April 2024, 38% of potential buyers in the UK were first-time buyers (FTBs), with an average age of 33.
When comparing Q1 2024 and Q4 2023, there was a 37% increase in 18 to 30-year-old FTBs searching for a property, and a 33% increase in 31 to 40-year-old FTBs.
It explains that there was a natural decline in overall market activity in the lead-up to Christmas, so these increases mark a return to activity in the spring months.
READ MORE MORTGAGE STRATEGY
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