New Year ...New Mortgage?

Happy New Year – is now the time to move home or re-mortgage?

Tuesday 4 January, 2022

Marian Isciuc, financial adviser and mortgage broker in Harlow, Essex and Hertfordshire reviews the mortgage market in 2021 and what to expect in 2022.

I hope everyone has enjoyed their Christmas break and Happy New Year. For many of us the Christmas holidays was a well-deserved break after another difficult year. 

Thomas Oliver Mortgage Brokers

2021 in the mortgage market, was a relentless year in a good way, and it meant that our mortgage broking team were working non-stop to provide mortgage advice, so thank you to everyone in the Thomas Oliver mortgage broking team for their efforts.

How to summarise the mortgage market in 2021?

It is difficult to summarise the UK mortgage market as so much has happened, but below are the main points.  

Overall, 2021 will be remembered as one of the strongest years on record in the mortgage market, and all this while still battling a global pandemic.

  1. It will be one of the best years for home buying activity since 2006 
  2. The pandemic has made home improvements and larger properties more desirable 
  3. The stamp duty holiday increased demand for properties and helped the mortgage market
  4. However, this has led to a shortage on the supply side
  5. Banks were constantly changing criteria due to the global pandemic, and government incentives meant brokers had to be aware of new legislation
  6. According to the FT Adviser, the mortgage market grew approximately 27% in 2021, and average house prices increased by 10% during the year
  7. Increased demand and a shortage of supply is the main reason behind price increases
  8. Mortgage rates fell below 1% for the first time ever, making 2021 one of the best times to buy a property  
  9. Due to the increase in demand, we now have 95% mortgages available from lenders on new builds

Marian Isciuc, financial adviser and mortgage broker in Harlow, Essex and Hertfordshire said:

‘Overall it has been a very successful year for the mortgage market, and I can’t stress how commendable this is with everything else that is going on in the world. Interest rates are still relatively low even with the bank of England base rate change, and demand for properties is at an all-time high. As there is currently a shortage of supply, I expect to see a lot of new build developments and improving transport links, which I hope will ensure another prosperous year for mortgage markets in 2022.

As I mentioned, mortgage rates fell below 1% for the first time ever but mortgage rates are still relatively low, so if your New Year’s resolution is to move home or re-mortgage call our mortgage broking team now on 01707 872000.

Our mortgage brokers are trained to assist you with your mortgage planning and can help you find the best mortgage for your financial circumstances. Call us as soon as you know that you want to move home as we can help you calculate how much you can afford to borrow, and what price of property you can afford.’

As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments.

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