What’s been happening in February?
The team has gone all come dine with me. Kate has been experimenting with soup making! Keep an eye on our social posts for her latest recipes! Khloe, one of our mortgage administrators, has drawn the long straw and is chief taster and can verify they have been tasty so far! We just need someone to start bread making. Who will “rise” to the occasion?
Kate was treated to lunch at The Barnt Green Inn by Keith & Paula from Foundation Home Loans – Thank you very much for your hospitality.
Louise and Kate had a great day working from Smart Homes newly refurbished Shirley office on Saturday 4th February. It was a really successful day which they both really enjoyed taking part in – they had plenty of visitors and the office was buzzing.
Highs & Lows
We bid a fond farewell to Teya Morris, who has left us this month to work for the NHS. We are all extremely sad to see Teya go, but her heart is with the NHS and we wish her all the best. This has meant an opportunity for a new mortgage administrator – who we will hopefully be announcing next month.
Social media plays a massive part in our business and how clients decide to work with us. We are very proud that our visible presence on Google has meant that we have been number one (after sponsored links) for Birmingham and Redditch mortgage advice searches at times this month. Birmingham has only been live for 9 months! To say we are over the moon is an understatement.
A lot of this is down to you guys and the lovely reviews you write for us so a big thank you. If you’ve had great service from either of our companies, tell the world on a Google review!
We have had fantastic networking and learning this past month with: Aldermore Bank, Kensington, Darlington, Vitality, Hinckley & Rugby BS, Pepper Money, Newcastle Building Society, Aria Finance, Ormerod Rutter Accountants, Principality, IFA Alex Richardson, Quantum Mortgages, Saffron Building Society, Metro and Landbay.
Louise Lewis had an insightful one-to-one visit from Hayley Gittings and Stephen Bothma – business manager & Portfolio Insight Director of Aldermore.
Aldermore are a specialist lender we deal with, were keen to acquire a broker’s perspective on their policies and procedures, looking at accessibility for companies like us.
Kate’s case of the month -Matt Nicholls and Katie Cooper
Sometimes life throws curveballs at us, and we all know the uncertainties of property buying and this case is a perfect example.
Matt and Katie first made an offer on a property in September 2022, just before the market turbulence started with interest rates. They secured a great product and rate at that time. All was going well with no issues, until mid-January 2023, unfortunately the vendor pulled out. The implication this had on Matt and Katie was that their fantastic rate was due to expire on 24th February. If they didn’t complete before then, they would need a new product which would have been a higher rate, meaning this would affect what they could afford. Not good at all.
Kate managed to put them in touch with another client she was also dealing with who had decided to sell a buy to let property, which was perfect for Matt and Katie.
Now the race was on! Could the process be completed by 24th Feb in less than 6 weeks?
There was so much do before the deadline, including giving notice and helping the current tenant find somewhere to live. Yas worked tirelessly to make this happen dealing with the vendor, solicitors, and lender.
Fast forward and Matt and Katie moved before their rate expired! The most amazing outcome had been achieved.
This shows with a lot of hard work, and innovative problem-solving, we were able to protect the low interest rate and secure the client an amazing product in a perfect home.
Not only a case of the month, Yas was a star employee of the month.
What’s Going On?
Some good news with rates
February has proven to be reassuring with fixed rates finally falling. Platform (part of The Co-operative Bank) announced five-year fixed rates starting at 3.75%, and HSBC 3.99 % and Virgin Money 3.95%.
Bills to rise
The energy bill support scheme is due to end on 31 March 2023. A new scheme is set to offer a discount on gas and electricity, rather than a fixed price. All this affects affordability.
Spring Budget- 15 March
We will be watching earnestly when Jeremy Hunt announces his plans and update you on how this may affect your mortgage.
Kate’s final thought
Speak to us if your current deal is due to expire before September
According to UK re-mortgage statistics from the ONS, more than 1.4 million households face the prospect of interest rate rises when they renew their fixed-rate mortgages in 2023. More than half (57%) of fixed-rate UK mortgage offers are approaching renewal in 2023, and when taken out, were fixed at interest rates below 2%.
So the lenders are going to be busy! My advice is simple – get in early this year so there are no delays.
Though often much more straight forward than a mortgage for when you are buying a house, a re-mortgage can still take time. Don’t leave it until the last minute. This could mean you having to move onto a standard variable rate for a month between mortgages, and paying a higher payment. Speak to us sooner than later!
This rule of thumb applies to product transfers as well- these are a type of re-mortgage when you decide to stay with your current lender, but change to a different product and rate. We can manage this for you, however, again allow plenty of contingency time!
February was a soup-er month and we hope March will be the same for you and us!
Catch up with you in April
100 The Green, Kings Norton, Birmingham, B38 8RS
Birmingham Mortgage Advice is a trading name of McTernan Financial Ltd who are an Appointed Representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Ltd. Advance Mortgage Funding Ltd is authorised and regulated by the Financial Conduct Authority.
Registered Office: 8 Church Green East, Redditch, B98 8BP. Registered in England and Wales. Company number: 09168296.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.