Christmas 2022 message from Phil Clark

Caz Blake-Symes • December 19, 2022

Dear Clients, friends and family

I hope this Christmas message finds you well and keeping warm.

Over the past two years, my messages have started with observations about the strange times that we were living in, due to the effects of Covid and the pandemic. I was hoping that this year’s message would be composed after a year of positive stability- how wrong I was!

The early months of 2022 saw continued growth in the property market and the mortgage product choice increasing for all borrowers including, house movers and first-time buyers, those looking to remortgage and innovative products for investors. Then all dramatically changed with the Liz Truss and Kwasi Kwarteng “mini-budget”. We are all aware of the impacts, but as a mortgage broker, the initial panic of everyone trying to remortgage, in many cases early, with clients paying early redemption charges, was followed by a period of uncertainty and lack of confidence in committing to a mortgage restructure of any type.

The housing market, although more challenging, has not crashed as predicted, despite Estate Agents and Developers reporting a slow-down in sales. There are a considerable number of new-build developments especially around the Bristol area, and shared-ownership is still a popular option. The government backed Help to Buy loan guarantee scheme has now finished, which is disappointing for many first-time buyers.

However, despite this bad news, lenders are trying very hard to offer potential borrowers attractive products.

Many of the lenders that will only go through intermediaries like Bristol, Bath and Exeter Mortgages Online, offer many niche products and this is where using a broker pays dividends. Some mainstream lenders are also offering discounted rates for product transfers with certain LTV criteria. In short, keep talking to us to see what is out there!

We continue to do the bulk of our appointments via Zoom or Teams as most people appreciate the flexibility this offers, home visits and appointments at Henleaze House are still available.

We continue supporting our chosen charities namely Ataxia UK and The Brightwell in Bradley Stoke. All the team continue to do well, Russell has been with us for 15 months and is receiving great reviews from clients.

There has never been a more important time to keep on top of your finances both personal and business and we are here to help you every step of the way.

Wishing you and yours a very Merry Christmas and a Happy 2023!

Kindest Regards

Phil Clark and all the team

Boost to buying power from changes to affordability tests

By Caz Blake-Symes • May 1, 2025
Adapted from Zoopla’s April 2025 Housing report I mage: The analysis uses average house prices from the house price index and for first-time buyers to assess mortgage payments at different mortgage rates applied to a 30- year mortgage, at different loan-to-values. One emerging trend that we expect to positively support market activity in the coming months is a relaxation in how lenders assess the affordability of new mortgages. While buyers focus on the mortgage rate they will pay, lenders also check whether the borrower can afford a 'stressed mortgage rate' at a higher level than the borrower will pay. ​ While the average 5-year fixed rate mortgage is around 4.5% today, many lenders are currently 'stress testing' affordability at 8-9%. This makes it harder to secure a mortgage without a large deposit. If average mortgage stress rates were to return to pre-2022 levels of 6.5% to 7%, this would deliver a 15-20% boost to buying power. ​ An average first-time buyer with mortgage repayments of £1,020pcm at a 4.5% mortgage rate would typically have to prove they could afford monthly repayments of £1,550pcm at an 8.5% stress rate. If the stress testing is relaxed to 6.5%, repayments would fall to £1,275pcm, boosting buying power. It's a similar pattern for the average homeowner, while the actual impact will vary by lender and type of borrower. ​ This change would consequently supporting demand and sales volumes, helping to clear the stock of homes for sale, rather than boosting house prices. Other existing rules and regulations that remain in place will continue to impact the availability of mortgage finance.  Comment from Phil Clark “This is potentially very exciting news and will give borrowers a greater choice of products if these rules are relaxed. Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!” Please call Phil on 0117 3251511 or email info@swmortgages.com For more information about the Mortgage and Protection products we offer, please visit www.bristolmortgagesonline.com Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Buy-to-let mortgage searches rose sharply in March

By Caz Blake-Symes • April 15, 2025
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Stamp duty information

Stamp Duty Changes Effective 1 April 2025

By Caz Blake-Symes • April 10, 2025
There have been some important changes to the legislation regarding Stamp Duty Land Tax with effect from 1 April 2025.
Time to remortgage

Check Out Our March Newsletter!

By Caz Blake-Symes • March 31, 2025
This edition includes fantastic new mortgage products, updated guides for those with adverse credit, 17 great tips to follow before making and application and lots more. If you need help with any of the items covered, please call Phil on 0117 325 1511.

Let Us Help You If You Have Adverse Credit

By Caz Blake-Symes • March 22, 2025
Let us help you If you have a poor credit score or issues with your credit history.Call Phil on 0117 3251511 to discuss any credit uissues.

Zoopla House Price Index: February 2025

By Caz Blake-Symes • March 18, 2025
The housing market is resilient, supported by faster growth in average earnings. There are the most homes for sale in 7 years, which will keep price inflation in check. But are buyers missing opportunities in the flats market?
Buyers Guide for mortgage tips

Let Us Help You Improve Your Chances of Getting a Mortgage

By Caz Blake-Symes • March 11, 2025
Here at Bristol, Bath and Exeter Mortgages Online, we understand that getting your first mortgage, or even a remortgage, especially if your circumstances have changed, may look like an impossible task, but we are here to help. We hold your hand from your initial enquiry through to the completion of your purchase. It's not that tricky and there are ways you can improve your odds and boost your chances of a successful mortgage application.
Bath Building Society poster

Fantastic Mortgage Rates from Bath Building Society

By Caz Blake-Symes • March 8, 2025
We are delighted to be able to offer our clients an incredible mortgage deal through Bath Building Society. Bath Building Society is currently offering market-leading discounted mortgage products designed to provide flexibility and great rates.

Check out our February 2025 Newsletter!

By Caz Blake-Symes • February 27, 2025
Check out our February 2025 Newsletter!

Some mortgage rates cut below 4% as competition picks up

By Caz Blake-Symes • February 19, 2025
Adapted from BBC Article by Kevin Peachey, Cost of living correspondent 13 February 2025 Two major lenders launched mortgage deals on Thursday with interest rates of less than 4%, as competition picks up in the sector. The prospect of further cuts in the base rate by the Bank of England has given mortgage providers confidence to reduce their own rates. But the attention-grabbing sub-4% deals by Santander and Barclays will not be available to all borrowers, particularly first-time buyers, and may come with a hefty fee. The return of such deals might prompt other lenders to follow suit after a period of tepid competition. Nationwide, the UK's biggest building society, has said it will reduce some of its rates on Friday. Mortgage deals with interest rates below 4% have not been seen since November. Across the whole market the average rate on a two-year fixed deal is 5.48%. The typical rate on five-year deals is 5.29%, according to latest figures from Moneyfacts. Time to decide Some tracker and variable rate mortgages move fairly closely in line with the Bank's base rate, which was cut to 4.5% a week ago. However, more than eight in 10 mortgage customers have fixed-rate deals. The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. About 800,000 fixed-rate mortgages, currently with an interest rate of 3% or below, are expected to expire every year, on average, until the end of 2027. That means a higher monthly bill for many homeowners on their next renewal, but there are signs that the rate they could pay is on its way down.  Bank of England governor Andrew Bailey said the interest-rate setting committee expected to be able to cut rates further "but we will have to judge meeting by meeting, how far and how fast". This will affect savers who are seeing lower returns, but could bring better news for borrowers. The Bank's next rates decision is on 20 March. Message from Phil Clark “Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!” Please call Phil on 0117 3251511 or email info@swmortgages.com For more information about Mortgage and Protection please visit www.bristolmortgagesonline.com
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