A new hope for FTBs?

According to Chris Schutrups, managing director of the Mortgage Hut Group, those who are attempting to take their first step on to the property ladder may well get their best chance yet next year.

Related topics:  Property
Warren Lewis
30th December 2016
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In addition to this, it could also be a good year ahead for people who already own their own home who want to cut their household outgoings by switching to a better mortgage deal than they are on now.
 
The past 12 months has been a record-breaking year for mortgages with The Mortgage Hut Group in terms of deals sealed and loans approved.
 
Chris Schutrups said: “I have a feeling 2017 is going to be tougher for many - there will be uncertainty as the effects of Brexit become clearer and we all get used to having President Trump in the White House.
 
But, that said, record low interest rates - for as long as they continue - and the rise of the challenger banks in an already crowded market place, increasing competition for the benefit of the customer, will be good news for brokers like us, and therefore customers too, in 2017.

Although the government has removed the mortgage help to buy guarantee lenders have continued to offer 95 per cent mortgages without it and I am sure that will continue to stimulate the lower end of the market.
 
Lenders are really up against it with increasing competition and lower margins than ever, but that is good news for customers. Provided builders keep building new homes and lenders keep lending then the outlook for people buying a new home or re-mortgaging should be good for 2017.
 
Chris added: “I also think 2017 will be a really big year for some of the lenders with record breaking months of people coming to the end of fixed rate deals and switching back to standard variable rate. That will be a good opportunity for brokers and lenders to help more people choose the next deal that matches their needs.”

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