MFYC latest news for the property market

It has been a busy start to the year for us all at Mortgages for Yacht Crew and the market has been keeping us on our toes but there are signs of bright skies ahead.

Figures have shown house prices have fallen in every local property market in South and East England this year, as higher mortgage rates have weakened demand for new homes.  They fell by 2.1 per cent over the 12 months to November 2023 to reach £285,000 on average, in accordance with the Office of National Statistics.  In November 2023, the UK property marketwas  around £6,000 lower than a year earlier.

The official figures show that prices for the average home have fallen the fastest in the last 12 years but on the face of things, it looks like a very positive new year for those looking to remortgage as some of the largest lenders have begun to cut some of their fixed rates. 

Following a recent steady inflation reading, it looks more likely rate cuts are on the horizon. The markets are now forecasting a 75% chance of rate cuts by June, which will be some welcome relief for those with a mortgage. 

Interest rates have been raised to their highest level in more than 15 years, which has really hit mortgage holders hard and with more than 1.6 million people due to remortgage this year, it seems we have not seen the full impact yet as they will be faced with higher rates to pay.

On the flip side of things, there looks to be more cuts on the horizon giving buyers confidence with more attractive and stable rates.  This can however, cause lenders to take a more cautious approach over the weeks to come but all in all the signs are encouraging looking ahead.

Liz Hunter, director at Money Expert, says: “A recession may actually provide relief for those with mortgages who have been suffering with particularly high rates as inflation increased. As the cost of borrowing is reduced during a recession, banks and building societies often start lowering their own interest rates.

Take a look at some of our 5* Reviews!

Fantastic. Worth every penny.

We couldn't recommend Clare and the team more. They helped us through every step of our mortgage process even contacting us one week before exchange to ensure we snapped up the best deal possible. Excellent communications throughout. Friendly and professional.

The smoothest mortgage application!
We had such a smooth mortgage process, Clare was fantastic and as a buyer securing the mortgage was so stress free. The amount we were able to borrow was massively more than doing it solo, getting wages paid in Euros didn't seem to exclude us from a good mortgage rate with a well known lender. I wish we had used Mortgages for Yacht Crew years ago but will 100% be using again and highly highly recommended.

If you have any questions or concerns about your fixed rate mortgage, please do not hesitate to contact any of us here at Mortgages for yacht crew for guidance.  Don’t forget that you can get yourself locked into a new deal 6 months prior to your fixed rate coming to an end.  This does not mean you are stuck if rates fall again, when the time arrives, it simply allows you to have the most suitable rate available at that time, we will always check rates one week before its due.

If you think you may be affected by any of the topics above and are unsure of your position, you can contact clare.viner@mortgagesforyachtcrew.com for advice.

Refer a friend and earn £50 cashback

If you know someone looking to buy their first home or remortgage, then we offer a £50 cashback reward to you for referring them if they decide to use our services. Please see below terms and conditions of this incentive.

Refer a friend terms and conditions

• You must be a UK resident and aged over 18.
• The offer is valid for clients using Mortgages For Yacht Crew services only.
• This scheme is applicable between the dates 21/11/2023 - 21/11/2024
• Referrers will qualify for the promotional £50 reward on the successful completion of each referred mortgage application. 
• Payment will be made within 14 days of the mortgage completing.
• Please note the amount paid will be per mortgage application regardless of the number of applicants.
• There are no restrictions on the number of referrals you can make.
• It is the responsibility of the person that’s been referred to clearly inform the firm of the referrers name etc. (The referrer cannot pass on the referred client’s information to the firm, nor can the firm call the referred), and if either are not already registered on our database you must provide us with your email address (so that we can contact you to arrange payment).
• In the event of a referral being received from difference sources, the reward will go to whichever referral was received first.You and your friend’s personal data will be collected, stored and processed for the purposes of administering and assessing the Promotion. For more information on how Mortgages for Yacht Crew processes personal data, please see our privacy notice
• Mortgages for Yacht Crew reserves the right to amend, vary or cancel these terms and conditions or to withdraw this promotion at any time.
• The promoter of this offer is Mortgage For Yacht Crew, which is a trading style of Marine Mortgages LTD, 101 Northwood Road, Whitstable, CT5 2HE