Christmas Message from our MD Phil Clark
Caz Blake-Symes • December 20, 2019
Wishing You a very Merry Christmas
Dear Clients, Friends and Business Partners
Just a brief note from me to take this opportunity to wish you Seasons Greetings and to let you know what has been happening with us in 2019.
This has been very busy and productive year for us here at Bristol, Bath & Exeter Mortgages Online. Our team of Mortgage Advisors has continued to give expert advice and great service to all our clients both old and new. Paul Kelly and Jon Ley continue to do a fantastic job working with our clients mostly based in the Bristol area. Chris Seward manages our Bath operation which is completing its third successful year and Chris is also our Equity Release Specialist.
George Gibson, who heads up our Admin team not only offers fantastic support to our clients but also keeps the office shipshape and Bristol fashion! George has been with me for four years after Christmas, and I’m so grateful for everything he does.
On personal note, I would like to thank everyone for their overwhelming kindness and generosity for our chosen charity which is Ataxia UK. My eldest daughter, Tallulah, was diagnosed with a rare form of Ataxia in May 2017. Our efforts with fundraising for research and ultimately a a cure will continue in 2020 with the new fundraising challenge. Funds raised in the past include over £10,000 from a dedicated Just Giving page and £5,000 from a Golf Day and I took part in a triathlon raising £3,000! Please support Tallulah’s new Challenge by clicking on https://www.justgiving.com/fundraising/tallulah-clark2020
In terms of business, we are always delighted with the amount of repeat business with clients coming back to us time and time again, as well as recommendations and referrals. As I write this note, we have 220 5-star reviews on Google and Facebook which is fantastic! We are also dealing with an increasing number of lenders many of whom will only deal with intermediaries/brokers like ourselves, which means we can offer such a wide range of mortgages and protection products from first-time buyers through to portfolio landlords.
It just leaves me, on behalf of all the team here, to wish you and your families a very Merry Christmas and a happy and healthy 2020.
Kindest regards
Phil Clark
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.
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There have been some important changes to the legislation regarding Stamp Duty Land Tax with effect from 1 April 2025.
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Bath Building Society is currently offering market-leading discounted mortgage products designed to provide flexibility and great rates.
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