Home Of Mortgages Weekly Update

Christmas music in the shops, kids counting down the weeks and the conversations being had are ‘who is going where this holiday season?’

With our attention on all of the above, what does that mean for the property market?

This week’s news…

To list, or not to list?

Putting your property up for sale or ‘listing’ your property (another Americanism) is an emotive experience. Getting your first set of property details and then your first viewing are two highlights, although you soon realise more viewings = more cleaning!

At this time of year, many people put off marketing their property until the new year, however, based on Rightmove data, year on year, the Christmas period is the best time to be on the market as you receive the maximum exposure.

In past years, Rightmove traffic increased up to 230% between Christmas day and January 2nd as families make decisions to move closer (or further away) from each other. Being on the market doesn’t mean you need to have viewings over Christmas but simply provides the maximum exposure to your home on the property portals leading to more interested buyers.

If you are thinking of selling, we work with some of the best estate agents around, so feel free to email me for a recommendation.

Am I paying the lowest interest rate?

You may not be paying the lowest rate of interest on your mortgage, but that could be because you are tied into a fixed rate deal and do not want to pay the fees for exiting. We are reviewing hundreds of mortgages at present to ensure our clients are paying the lowest rates available.

Some Early Repayment Charges (ERC) reduce year on year which means in the final year of your fixed rate you could have a much smaller fee to pay than when you first took your mortgage. The Governor of the Bank of England cited a possible rate rise next month, they meet on the 16th of December and won’t be meeting in January so the Monetary Policy Committee could be under increased pressure to make a move now due to inflation increasing month on month.

Reviewing your mortgage now is advisable as there is zero commitment and everything to gain.

These historically low rates won’t be available for much longer. Please know, this isn’t a sales pitch, simply a fact.

We can secure you a new mortgage up to six months in advance of your current deal ending, but if your deal ends anytime in 2022 it would be worth speaking to our team to understand your options.

DID YOU KNOW…

The remortgage process can take anything up to 4 weeks from start to finish but can extend to 6 weeks over the Christmas period.

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