Mortgage Market Softens in September but rates still competitive
September saw a slowdown in mortgages taken out for new purchases on residential and buy-to-let, as well as remortgaging, according to trade body UK Finance.
However, while 35,600 homeowners remortgaged in September, some 0.6 per cent fewer than the same month a year earlier, these figures don’t appear to take into account product transfers, which will have a significant impact on remortgage numbers. This market is much larger today than 12 months ago as borrowers opt for the simpler process of sticking with the same lender and moving onto another rate, rather than starting a new application with another lender.
The mortgage market is inevitably subdued as people delaying decision-making while the political and economic uncertainty continues. This is likely to continue into the Spring, until we pass the Brexit deadline in March, by which point some of that pent-up demand may be released and the market could pick up. In the meantime, lenders continue to compete on rate, with some attractively priced products available for those willing to take the plunge.
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