Mortgage Update for 2020

With the political uncertainty of recent years the housing market has been fairly subdued for a while now. The election result should have a positive affect this year and I'm already seeing more activity.

Rates are the lowest they have been for some time, and there is a slight chance of a base rate cut next month. Brexit is still causing problems in the wider economy and this should keep rates low for the near term.

Buy to let rates are particularly low and for the first time ever they are getting very close to residential rates. Criteria is still fairly tight with buy to let but there is a bit of flexibility with the stress testes on 5 year fixed rates.

First time buyers have been fairly active despite the slower market and I expect a good year for them. Home movers have really been quite in the last couple of years as people are wanting more political certainty before they move up the ladder. I am seeing this changing with the type of enquiries that are coming in. This should free up the housing market with more stock for sale.

House prices have started to show signs of growth again which is a good sign.

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