Need a Mortgage in June? 🏡
UK Moneyman Limited
Independent Mortgage Broker | Age 60+ Mortgage Specialist | Bridging Loans | Commercial Mortgages 💻🤙
🔎 Purchasing a Property in June?
We almost got excited there for a minute! We do feel there is some "pent up" demand in the property market caused by the cost-of-living crisis, so when the latest inflation figures came in at 2.3%, we did briefly feel this was the time for the Banks to start offering some slightly cheaper mortgages. I say briefly, because the Prime Minister took the opportunity to try and capitalise on this return to inflation normality by calling a General Election on the exact same day!
Elections can cause market unrest, and should the polls be right, it remains to be seen how the City will react to the first Labour Government in 14 years.
Not that any of this should put you off buying a house. Whilst others sit on their hands, it presents opportunities for more bold buyers to negotiate aggressively on asking prices and we are seeing evidence of some deals being done underneath the asking price. This is a far cry from the market we saw just a couple of years ago when demand was really outstripping supply.
🤔 Mortgage Deal Ending Soon?
If your mortgage deal is ending before 30th November 2024, now is the ideal time to get in touch so that we can explore your remortgage options.
We’ll compare what deals your current lender is offering alongside what is available elsewhere to recommend the best solution. It’s a free, no-obligation review.
Also, your remortgage period presents a good opportunity for you to make changes, popular amendments include:
💭 Age 60+ Mortgage Options
Recently, we have seen an increase in enquiries from more mature customers who are wanting to explore their mortgage options for either a new purchase or releasing equity for one reason or another.
The good news is that we can usually help. We can explore all solutions which include traditional mortgages which can run to age 85+, retirement interest-only mortgages, and lifetime mortgages.
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If you or a family member is considering a mortgage in later life, then seeking independent advice via an age 60+ specialist mortgage broker is vital. Applying for the wrong product can waste a lot of money and time and may result in you paying a lot more interest than necessary.
🌉 Bridging Loans (Short-Term Finance)
We are now offering Bridging Loans in-house as a short-term lending solution to our customers.
Whilst it can be expensive, it does allow deals to be done more quickly and we are seeing a take-up of this service in the Later Life space where older homeowners are looking to "chain-break" to downsize. A typical example of this is where someone finds a house for sale before, they have had the chance to sell their own one.
Bridging Loans are also popular with landlords looking to buy a property quickly at auction or to develop a currently un-mortgageable property.
💁🏻♂️ We Can Help With
Malcolm Davidson
Managing Director @ UK Moneyman Ltd.
0333 412 2222