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Mortgage Insights this Autumn | Financial Advice

In this piece, our mortgage experts discuss the emerging trends and latest market developments within the industry, this Autumn. Read on to learn more about interest rate fluctuations, the reality of the Scottish purchase market and what the team have to say about re-mortgages.

What’s trending in Mortgages – Autumn 2023

As the seasons begin to change, so is the mortgage financial landscape. We are beginning to see a shift in interest rates which have been reducing over the past few months after reaching a peak in mid-August 2023. This coincides with a trend that emerged in July and September 2023, that saw the Scottish purchase market slowing down, in comparison to the previous 2-3 summers. Demonstrating a fall in demand, and a much needed cool-off in the housing market.

Although this might seem worrying, it’s crucial to bear in mind that property prices and demand aren’t necessarily declining. Rather, we might be witnessing a readjusting to a more typical baseline level. To shed a positive light on the matter, the market is becoming increasingly accessible for first-time buyers due to a rise in fixed-price homes. This change is coupled with a decrease in the number of expected bids compared to the home report.

Specifically in regions of Edinburgh, Lothians, Fife and the Borders, properties are being listed at fixed prices that have risen year on year by 29%. In comparison to previous Autumn, the practice of paying over the home report price has seen a notable decline of 4%. Reflecting the increasing opportunities for buyers to secure homes within a more stable market.

 

Remortgage…The buzz word for Autumn

What is a remortgage?

If you are coming to the end of your current deal with your lender, transitioning to the standard variable rate could prove to be expensive. This is where a remortgage steps in as a viable solution, potentially saving you a substantial amount of money.

At Melville, our dedicated team specialises in researching the market to show you the best options for your circumstances with honest and impartial advice.

When looking for a remortgage, possibilities are not limited to financial transactions. You can explore the option of releasing equity to complete home improvements or add extensions. A remortgage can also provide opportunities to consolidate debt or the prospect of gifting deposits to your family.

With Melville’s expert guidance, you can navigate this process seamlessly, ensuring that every decision made aligns with your goals and aspirations.

 

How to Remortgage with Melville

  • Arrange a meeting with an adviser to allow us to understand your financial situation and your plans moving forward.
  • Review the deals your lender is offering and compare with the market to find the best solutions for your needs.
  • We will liaise with the lenders on your behalf, submitting applications and working with the solicitors to meet all your needs and ensure a seamless process.
  • With the changing market, we will continuously monitor the market to ensure you are getting the most competitive deal on offer.
  • Completion

 

Melville’s Mortgage Team

The Head of Melville’s mortgage team is Alistair Marsh who has 20 years’ experience in banking and mortgages. His solid, hands-on approach to mortgages ensures that he and his highly experienced team are at the cutting edge of the mortgage market.

Beata Figueira is a fully qualified mortgage adviser fluent in German, Spanish, English and Hungarian as well as good knowledge of both Portuguese and Italian. Her language proficiency is effective in catering to a range of clients.

Catherine Johnstone has been working in the mortgage industry for 20 years and brings comprehensive knowledge and experience to the team.

Alistair along with senior advisers Beata and Catherine, work as a dynamic and dependable team who can help you navigate the intricate mortgage landscape.

 

October 2023

 

Get in Touch

If you are interested, please do not hesitate to get in touch with the team for a coffee and a chat.

Alistair

Alistair@mi-plc.co.uk

Beata 

Beata@mi-plc.co.uk

Catherine

Catherine@mi-plc.co.uk

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