Now is the time I tend to get asked “can I re-mortgage before Christmas”? In short, yes, this should be possible. However many lenders are 5-10 working days behind in their underwriting of applications (some are longer!) and there are also delays in getting a surveyor out to see your property (effectively the ‘eyes’ of the lender). So the quicker you get the wheels in motion, the more likely you are to get the process completed in time for Christmas. Rates are so low currently and lenders are desperate to do business, but the reality is staffing levels are still some way short of where they need to be and the lenders are creaking with the volume of business. However, rates are fantastic so if it is something you are considering, do review your options sooner rather than later.
Product choice is the best it has been for some time and this is across all sectors, not just the residential market. As the high street lenders creak at the seams, this also means that many more customers are being turned away, for whatever reason. Smaller and more manual assessment lenders have realised this demand for assistance and can offer help in a number of ways. Whether it is catering for those who might have had a historic credit blip; those looking to buy a property for investment; those looking for shared ownership; those looking for a property with a commercial element or those looking for someone to ‘think outside the box’………there are many possible funding line options, if you know where to find them. The human decision making process is making a comeback!
Finally, the Nationwide House Price Index has reported that house prices rose just 0.5% in October 2014. They also suggest that the market has ‘lost momentum’ as the annual house price growth change has dropped from 9.4% in September to 9% in October. NHPI suggest that the average house price now sits at £189,333.