We’ve seen a year of change in 2017 with the triggering of article 50 by Theresa May in March, initiating Brexit discussions with EU leaders.
While progress continues at a painfully slow rate, it is the Pound that has shouldered much of the burden this year. It’s weakness against the Euro and the Dollar has caused an increase in Inflation that Bank of England Governor, Mark Carney is hoping to combat with November’s interest rate rise.
The November interest rate rise was the first in the UK since June 2007 and for many homeowners, it is the first they will have experienced. The interest rate rise has inevitably led to an increase from lenders which, in turn, has resulted in higher monthly payments for those looking to remortgage.
It’s not all bad news though. Many mortgages have remained competitive and there are still some very good deals available for Buy to Let and Remortgages.
In addition, the Chancellor has removed stamp duty for First Time Buyers which, alongside their Help to Buy and Lifetime ISA schemes, shows the Government is committed to encouraging younger generations on to the property ladder.
2017 has proven to be an eventful year, and no doubt 2018 will bring plenty more challenges for mortgage owners.
You can be assured that we will keep abreast of the changing landscape of mortgage ownership next year and beyond, providing you with the very best advice from our highly experienced team of brokers, wherever and whenever you need it.
2017 has been a good year for City Mortgage Solutions and I’d like to thank you for your support. We really wouldn’t be in the strong position we are without our fantastic clients.
Finally, I’d like to wish you an enjoyable Christmas break and a prosperous 2018.
Managing Director, City Mortgage Solutions