Q&A – Fox Payne
Mortgage rates have been getting a lot of Press recently. What’s happening?
We’re seeing a lot of competition for fixed rate deals over longer periods of time. These deals are often available for remortgages as well as clients moving home.
I’m also seeing in the news that the housing market is levelling off. Are you seeing much evidence of this?
Maybe a little, which could be seasonal. Something keeping our mortgage guys busy is that we’re seeing more demand from people who are concerned about interest rate rises and want to protect themselves against this risk.
Have the new mortgage rules scuppered people’s chances of increasing their mortgages for home improvement and debt consolidation?
Certainly not. Where it’s affordable, it’s quite common for our remortgaging clients to borrow more to fund this type of activity.
Do you think people will be raiding their pensions to fund buy-to-lets?
I don’t think we’ll see a tsunami of this type of activity. Some clients do like property and we’re building strategies that combine the use of pensions and mortgaged properties to fund their retirements.
If you’d like further information on this (or any other aspect of Financial Planning) please contact Simon Stannard or Matt Payne of Fox Payne Associates on 0118 9187570.