We have a new Prime Minister and the rest of the year will be interesting to say the least… what will happen to the property market and the interest rates?
With that in mind, it is a good time to take stock and look at what is currently happening in the market. Martin Graham, managing director of leading mortgage and protection advice company, MG Financial Solutions, takes a look and explains further for us. He said:
“According to Property Wire property prices in the UK are set to fall for the rest of 2019, due to the change in the political scene and the stall of Brexit. The North East wont be exempt from that, but our market seems stable despite the doom and gloom.
“Reports show a confidence in the market with new mortgages over taking remortgages. It would appear that marginally more people are choosing to move, than to stay put and invest. That’s a change from this time last year.
“A number of reasons for this will be that there has been a steady rate of older people ‘downsizing’ but also many families have confidence in the market and need more space with the growth of the population. Another reason is a shortage of builders after the boom of extensions and renovations undertaken lately!
“The advent of a new parliament may see the house move market slow and see the return of investment and remortgages, but either way, it is clear that more applications need to be through mortgage advisors, as recent figures released showed that those applying direct aren’t doing the best for themselves.
“According to an article in the Financial Reporter, only a third of direct-to-lender borrowers have no protection. Based on statistics from Legal and General, the report says that only 51% of people borrowing direct from a lender had taken life insurance, 17% critical illness and even less had taken any form of income protection.
“That is leaving a huge amount of the borrowing population at risk. We always talk through the risk of not taking protection with our customers and tailor any products to their needs, based upon our recommendations. The amount of customers we have had who are grateful that for that service goes up every year!”
Martin isn’t the only expert who recommends always speaking to a professional advisor.
Kevin Roberts, director at Legal & General Mortgage Club, recently commented: “Good advice doesn’t just help borrowers to find the right mortgage, it’s also vital in recommending homeowners have the protection they really need to keep a roof over their heads should a loved one fall ill or die….. We think advisers are absolutely critical when it comes to buying a home, whether it’s for a first-time buyer, a home mover or someone who wants to downsize. From helping borrowers to navigate the thousands of products on the mortgage market to making sure they have protection in place to avoid a financial crisis in their time of need, good advice really can and is helping borrowers every step of the way.”
More information on the services and products available from Martin and his team of five at MG Financial Solutions, can be found at www.mgfinancialsolutions.co.uk