Christmas 2022 message from Phil Clark

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