Tony Hall, Head of Business Development, Saffron for Intermediaries, comments on the latest Bank of England Money and Credit Update.
He said: “Interest rates fell quite dramatically in January – encouraging a huge wave of previously hesitant buyers back into the market – and although the ‘rates war’ has started to tail off, we are starting to see a positive spring market bounce take shape. However, continued wage growth is making the Bank of England’s task of keeping a lid on inflation more challenging, and some experts have reduced the five rate cuts predicted for 2024 down to three.
“Of course, all eyes are now on the Chancellor’s Budget next Wednesday, with rumours flying around about potential changes to just about everything – from ISAs through to inheritance tax – but with the UK having such a close relationship with homeownership, any changes are likely to have an impact on the mortgage market in one way or another.
“Whether a customer is a first-time buyer or a seasoned expert, the mortgage market can seem a challenging place to navigate, and this is especially true for borrowers with unique needs that may not be catered for by more traditional mortgage products. It is vital that borrowers continue to lean on the guidance and expertise of intermediaries who do an amazing job in driving transactions forward, and bring clarity and confidence to the market while doing so. Saffron also remains dedicated to helping as many borrowers as possible in getting the keys to their dream home, offering tailored solutions to meet a wide range of needs and circumstances.
