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The post-election landscape – what next for the property market?

June, 20th 2017

The number of property transactions has decreased over the last few months, after the triple hit of the Brexit referendum, regulatory change in mortgage underwriting and, most recently, Theresa May’s snap election.

Despite the fact the votes have already been counted, the hung parliament result means that there is still some time for the dust to fully settle. The post-election negotiations are still underway, but there is a lot of uncertainty for borrowers and lenders in the market, much of which has been caused by May’s snap election.

How the election is affecting the housing market

The Conservative housing minister is going to be replaced after losing his seat in the election; the position is about to see its fourth minister in 5 years. It’s fair to say that the UK housing market is in desperate need of some stability.

Despite all the recent uncertainty, there has been some cross-party agreement on certain aspects of the housing policy. Easing the difficulties faced by first time buyers, for example, through increased house building seems to be universally agreed upon. This gives us some reason for positivity around the future of the government’s policy when it comes to the UK housing market.

Previously, there has been speculation that these events may play a part in triggering a fall in house prices, but these fears have been somewhat reduced. The tightening of mortgage affordability testing, and the high-income multiples required to take out a mortgage, have helped to mitigate the chance of a fall in house prices.

The strict affordability test for borrowers

The stricter affordability testing has made it more of a challenge for borrowers to meet the tougher affordability criteria when taking out a mortgage or remortgage. For those who are cash rich or earn higher incomes, however, this impact has been less pronounced.

Rates at a historical low

Although borrowers have been cautious as a result of recent events, there is still some good news. Rates are still at an historical low for some borrowers, especially on mortgages above a million. In addition, some lenders are still competing fiercely for mortgage business by broadening their lending criteria and terms.

We can help you with purchasing or remortgaging property

We have unlimited access to the market, and strong relationships with a range of private banks and niche lenders. This means that we may be able to arrange a mortgage for you where others may be unable to help.

If you are looking to purchase or remortgage a property, one of our highly experienced Mortgage Managers would be happy to talk through your options with you. Call us on 020 7519 4985 or send us an email to find out how we may be able to help you.

 

1 http://www.mortgagesolutions.co.uk/news/2017/06/13/april-mortgage-figure...
https://www.ft.com/content/8bb52a6a-4c40-11e7-a3f4-c742b9791d43
https://www.ft.com/content/5de0c14a-502c-11e7-bfb8-997009366969

4 https://www.ft.com/content/f6137392-0e53-11e7-b030-768954394623

 

  • This Month's Top Fixed Rate

    Fixed rate
    Initial rate: 1.13%

    Period: 2 Year

    Rate will revert to the lender's standard variable rate currently 4.74%
    The overall cost for comparison is 4.17% APR

    1.13%

    More info
  • This Month's Top Variable Rate

    Variable rate
    Initial rate: 0.99%

    Period: 2 Years

    Rate will revert to the lender's standard variable rate currently 3.74% which will not go below a floor of 3.49% thereafter
    The overall cost for comparison is 3.36%

    0.99%

    More info

    Get This Rate


Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.

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A typical fee of 1.17% of the mortgage amount is payable. Of this, 20% is payable on application and the balance of 80% on completion. For example on a mortgage application of £300,000 the fee would be £3,510 in total. Of this, £702 (20%) would be payable on application and the balance of £2,808 (80%) on completion. The total fee is non refundable. We may also be paid commission from the lender. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. Calls may be recorded for training and monitoring.
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