BusinessEditor's PicksMONEY & TECHReal Estate

96% of Home Buyers Say Mortgage Broker Invaluable

96% of home buyers say mortgage broker invaluable

According to recent research some 96% of home buyers responded to say that their mortgage broker was invaluable to them, says Jonathan Stinton, Head of Intermediary Relationships at Mortgage Lender Coventry.

This is good news for both mortgage brokers and home buyers in that the service offered by mortgage brokers during these challenging times has been validated by the end customer, which given the climate is no mean feat.

First Time Buyer Economy

The First Time Buyer Economy 2023/24 Edition by mortgage lender Coventry explores the role of first time buyers on the UK economy and illustrates both the micro and macro impacts and the outlook for this market, which according to the Centre for Economics and Business Research (Cebr), which revealed that 29% of all UK residential property transactions in the last five years were carried out by FTBs, i.e. First Time Buyers.

The report highlights just how much of a pivotal role First time buyers play in the wider economy,.

By strengthening the overall mortgage market and wider UK economic landscape by First Time Buyers also add additional contribution through the additional expenses associated with purchasing a first home, such as, moving costs, legal fees and home improvements.

According to the Building Societies Association (BSA), in 2022, 539,591 remortgages were sold to UK homeowners at a total cost of £113 billion from just over 1 million approved mortgage applications. But 362,461 mortgages in 2022 were for First Time Buyers, according to Lloyds Group.

96% of Home Buyers Say Mortgage Broker Invaluable

Outlook For Bad Credit Mortgage Applications?

UK bad credit mortgage broker, AdverseOnline had this to say in regard to the UK mortgage market outlook for those with poor credit, “From our panel of bad credit mortgage lenders, we have largely seen interest rates holding but with some simplification of products and lending criteria. However, one of our lender panel has reduced its rates by up to 2.25% across their Residential products and up to 1.57% across their Affordable Home Ownership products”

They added, “We are still currently able to provide products within touching distance of the high street and also at maximum LTVs up to 85%. From our panel of bad credit mortgage lenders, we have seen rates from 6.34% with up to with 75% Loan To Valuation and rates from 6.95% with up to with 85% Loan To Valuation.”

AdverseOnline is an online adverse credit mortgages broker that enables home buyers to apply for a bad credit mortgage remotely and without the need to make any appointment with a broker, which is invaluable for some people whom may feel embarrassed about their bad credit.

Growth of First Time Buyer Market

The market for First Time Buyers is projected to see growth of 16% in 2024 reaching £65.3 billion in lending advanced and further growth to £71 billion in 2025 which according to Coventry, will be alongside a likely 3% increase in house prices.

When you factor in inflation, which is still way above the 3% expected rise in house prices during 2024, in real terms house values are still falling and have been since 2021.

Mortgage Brokers ‘Invaluable’

When you factor in the ever changing mortgage interest rates, the ever changing lending criteria and constantly changing mortgage products with hundreds of additions, product withdrawals and edits every week, against a backdrop of a challenging mortgage market with very tight deadlines, it is no wonder that 96% of home buyers responded to to say that their mortgage broker was invaluable to them.

Related posts

Real estate appraising: What do appraisers do?

chasewright

Transforming Spaces: The Impact of High-Quality Commercial Painting

kinsleyjones

How Empowering Mobile App Solutions are Transforming Enterprises

daisygrace9871