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!
21:47
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Quick takeaways
- Proactive engagement in the mortgage application process is essential to expedite approvals and alleviate frustrations from lengthy turnaround times.
- Proposed capital gains tax increases may lead to significant shifts in the rental market, causing potential sell-offs by older landlords and affecting housing availability.
Deep dives
Current Mortgage Market Insights
The mortgage market is currently competitive, with lenders vying for customer attention through attractive pricing and product offerings. However, turnaround times for many lenders are lengthy, causing frustration among buyers and sellers. Proactive engagement in the application process is crucial; clients are encouraged to prepare their documents early to streamline their applications. A well-organized submission can lead to significantly faster approval times, as demonstrated by cases where thorough preparation resulted in a three-week turnaround compared to six or seven weeks for less organized submissions.
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