The Property Podcast TPP606: October Mortgage Market Update
Oct 24, 2024
In this discussion, mortgage expert Nick Shepard from Framework Mortgaging breaks down the current mortgage market chaos. He reveals smart strategies for navigating interest rate changes and the importance of thorough preparation for mortgage applications. Nick shares insights on potential mortgage rate cuts, lender capacity challenges, and updates on stress tests. With a looming budget impact, he offers a cautious yet optimistic perspective on market sentiment. It’s a must-listen for anyone looking to make informed mortgage decisions!
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Current Mortgage Market State
- The buy-to-let mortgage market is currently experiencing competitive pricing, suggesting lenders want to attract borrowers.
- However, lenders face capacity challenges, leading to lengthy turnaround times, making the market less passive.
Preparing for Mortgage Applications
- Start the mortgage application process early and be proactive to minimize delays.
- Thoroughly prepare your case and gather all necessary documents upfront to expedite the process.
Mortgage Rate Cuts
- While interest rates have recently dropped, aggressive further cuts are unlikely due to lender capacity issues.
- Lenders may instead focus on reducing product fees rather than drastically lowering interest rates.