Newsletter June 2015

Surge in Mortgage Product Volumes

Latest figures released from Mortgage Advice Bureau, have revealed the total number of mortgage products is now at a post-recession high.Twelve months on from the Mortgage Market Review (MMR), the total number of products has soared by 19%, from 11,416 to 13,539. This is the greatest figure recorded on the market since the 2008 slow down.

Such figures are welcomed by the industry and show consumer choice has not been as compromised by MMR as was first feared. Mortgage products available through financial advisers have seen a sharp increase over the past year, rising from 7,942 in April to 9,309 in May, an increase of 1,367.

Remortgaging Reaches New Heights

Latest figures from the Moneyfacts UK Mortgage Trends report has highlighted a stark rise in remortgage activity since September 2014.This has largely been fuelled by the fall in mortgage interest rates, with recent figures from the Council of Mortgage Lenders revealing  substantial growth in the number of remortgage advances for March, totalling 26,600. This represents a significant increase month-on-month, up 19% on February and 6% up on March 2014.

Undoubtedly, market leading headline rates have prompted this dramatic surge. The average two year fixed rate now stands at 2.97%, which is in stark contrast to the average Standard Variable Rate of 4.85%.

With cheaper mortgage deals in abundance, consumers looking to remortgage know they can capitalise on all time low mortgage deals which has finally seen this sector on the up and set to continue for the foreseeable future.

Home Movers Borrowing Shows Signs of Promise

Recent data from the Council of Mortgage Lenders (CML) has revealed home movers took out 25,200 loans in March, an increase of 14% on February. The value of these loans were worth £4.9bn – up 17% on February and 7% up on March 2014.With such figures showing a modest start to 2015, it is worth noting the cost of moving home has seen a sharp increase over the past decade.

Company News

In recognition towards our support and commitment to the New Build Market, First Mortgage were honoured to be awarded the title of Best Supporting Company and the Homes for Scotland awards.This is a significant milestone, where it shows just how the company has grown from a new entrant in this particular field to market leader.
 Ian McGrail, Managing Director of First Mortgage commented:“We are delighted to accept this award on behalf of all at First Mortgage. We are committed to increasing our support to the new homes market, assisting both buyers and sellers as the sector continues to expand, both locally and nationally. It shows we have built a trusted reputation and a recognised brand that is known for quality service.”         

Meet the Advisor

This month we meet Steve Wilson, a branch manager based in Aberdeen.
Tell us about your job and what’s involved on a typical day?Carrying out initial and application appointments. Doing pre-call preparation. Responding to client calls and e-mails. 

What previous roles and experiences led you to your present position?

I worked as tied adviser for CIS (in the top 200 out of 3,500), Pearl and Park Row (IFA). Prior to that, I spent 20 years in oil and gas industry.

What do you like most about this company?

The ability to speak to management, there is definitely no “us and them” mentality. Of late, the rate of change is quite exciting. 

What do you consider the key challenges for the mortgage industry this year?

Lenders being able to efficiently cope with increases in business levels. MMR has not presented major changes for us, as we were already working in MMR mode.

What are the most important personal satisfactions and dissatisfactions connected with your job?

I genuinely enjoy helping people achieve their goal of home ownership, more so for those who need a helping hand. I get frustrated by clients who expect you to react within 5 minutes of them leaving a message/e -mail – they call in 30 minutes later chasing you up. Also clients who continually fail to bring in required documents. And lender’s staff that do do not know their own criteria.

Another gripe is inconsistencies in processing, where two near identical cases are handled differently when the criteria has not changed. I get annoyed when despite all the bollocks they promise, the usual suspects take 3 years to process a case…

What would you do for a career if you weren’t doing this?

Mmmm. Assisting in the measuring department of a lingerie store would be a bind.

A guide working for a destination fishing holiday company would be quite bearable. Say a season in Norway or Iceland, bone fishing in the Caribbean and so on.

What is your guilty pleasure?

Fly fishing for salmon and Balvenie, Glenfarclas and Dalmore, in large measures mind.

Where is your favourite place to be?

In bed with my wife!  Seriously, up to my knickey knacks in waders in a falling, clearing water after a wee rise with fresh fish in the pool. Bliss.

What has been the best innovation you have witnessed in your lifetime?

The web and neoprene waders. The latter ensures my knickey knacks still function.

What music are you listening to/and or book reading these days?

Ry Cooder/Steely Dan/Little Feat

Currently reading “I Partridge We Need To Talk About Alan” by Alan Partridge.   Ahaaaaaaa !  Shplendid and tremendous. Back of the net. Cashback. Dan Dan Dan Dan Dan.

What has been your career highlight so far?

Surviving 10 years !

Who is your current mortgage with?

Mortgage Express



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