Daniel Minsky

“My family's financial future is in safe hands with The Orchard Practice

Joanna Grankin

“Working with Josh means I feel hugely more secure about my financial future.

Maureen Byrne

“Josh keeps everything simple; he doesn't use financial jargon.

Charles & Joanne Bloom

“We feel very safe and secure about our financial future knowing Josh is guiding us

Paul & Sandra Burns

“The Orchard Practice have given us the confidence that we can enjoy our retirement when the time comes

Sally Wilds

“Josh has made me feel much more positive about my future

As the property market thaws lenders are open for business

By The Orchard Practice

Estate agents are open, lenders are open, and we are open!

On Monday 11 May, the government surprised many by announcing the reopening of England’s housing market from the following Wednesday. Rightmove reported nearly 5.2 million visits were made to its website on the first day of the lockdown easing, which was a 4% increase on the same day a year earlier.

Under the announced changes, both estate agents and members of the public were given the green light to travel to properties for viewings and to undertake house moves – albeit with certain rules in place to enforce continued compliance with social distancing.

These included, sellers being outside the property while viewings are completed, the number of viewings per day being restricted and potential buyers being encouraged to view the property virtually in the first instance. Some estate agents are asking prospective buyers to complete a health declaration before allowing them to view a property.

Mortgage rates fall to record lows

The Bank of England’s base rate cuts to 0.1% have resulted in mortgage rates now sitting at all-time lows. The average overall two-year fixed rate is now 2.09%, a drop of 0.34% between March and May.

While those on variable rate and tracker mortgages stand to benefit, it has proved to be more difficult for those in the higher loan-to-value (LTV) ranges to secure a mortgage, with many lenders pulling mortgage products from the market and increasing rates, particularly for 95% LTV mortgages. Encouragingly, lenders are now beginning to reintroduce products and starting to relax their LTV restrictions.

Borrowers with a 10% deposit or equity will be pleased to see an average drop of 0.17% and 0.26% in rates for two and five-year fixed deals.

Speak to us early in the process

Whether you are moving up the ladder, looking to downsize, purchasing another property or remortgaging, getting a mortgage is one of the biggest financial decisions you will make. So, it’s important to get it right.

With the property market starting to thaw again and mortgage rates now sitting at all-time lows, it’s worth speaking to us. If you’re looking to move or remortgage, we can help you work out how much you’re likely to be able to borrow, prepare your mortgage application, and find the right mortgage for your circumstances.