Lending Incentives make Current Market Prime for Borrowers
Lenders see this time as the last extended period in which to push items like original mortgage loans and remortgages. Many are offering discounted fees, as well as other incentives in order to attract the watchful eye of a potential new client. It can only be described as a borrower’s market currently. For those who are in need of some type of mortgage lending, now is the time to act before a potential rate rise takes place next month.
There are a few reasons housing experts are urging anyone in need of a mortgage or remortgage to act now. Once these days have passed and the smoke has cleared, many who chose to act will look back on now and feel favourable about their decision.
Housing experts see this time as a potentially perfect time to obtain a mortgage or remortgage. Interest rates are at historic lows, housing supply has increased, and lender competition is at a feverish pace. Combine all these things with the uncertainty of Brexit and borrowers are experiencing almost a perfect storm.
Remortgage lending has been on fire since the beginning of the year and is expected to continue until at least the end of the year. For those still on the fence it is recommended to consider moving at this time and take a look at the deals currently on the table. Lenders of all sizes are in search of new clients and are pulling out tools of all types to use as motivators of lending.