New Year Activity Suggests Signs Of Recovery In UK Mortgage Market

CrewFO is here to report on everything finance for superyacht crew. This time, we’re delving into recent data about the UK mortgage market. Research data suggests it is seeing signs of a recovery with an increase in enquiries and listings reported by estate agents – and an uplift in approvals for both purchase mortgages and remortgages. Read on to find out more!

A U-Turn On Previous Trends

This data is very much a U-turn to the trends experienced throughout most of 2023 and is hopefully an indication that the property and mortgage markets are recovering following an extended period of turmoil and low activity.

This recent activity combined with lower interest rates, as lenders ‘battle’ for market share, may also help borrowers with the potential affordability of a mortgage. It is believed many first-time buyers have put their plans of buying a property ‘on ice’ because they could either not get the size of mortgage they wanted, or because the mortgage they needed was way beyond what they can realistically afford.

Improving Confidence

All these factors point towards an improved confidence amongst potential homebuyers in the UK.

However, with improvements to the economic landscape, lower interest rates and a potentially ‘pent up demand’ the property market could hot up very quickly and demand could start to outstrip supply meaning buyers will need to be proactive in their property searching.

To make sure they are in the best possible position to secure a property quickly when they find one they like and can afford, many borrowers are using the services of a mortgage broker to help them prepare so that they can successfully navigate the mortgage process to achieve the desired purchase.

How Does This Affect Crew?

To this end, those working on superyachts are being encouraged to engage with a broker at the earliest opportunity if they are expecting to be in a position to make a property purchase or need a mortgage in the near future. This will then provide sufficient time for any initial prep work to be done so that they are ‘mortgage ready’ when a property is found.

CrewFO is here for Superyacht Crew when it comes to finance. For more information about the UK mortgage market and anything else, visit at: https://www.crewfo.com/

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