The end of 2017 was a challenging time for many people and professionals who have a mortgage or who operate in the mortgage or property sector. This is because the Bank of England increased their base rate, from 0.25% to 0.5%, which was the first increase in a decade. This means that for many homeowners, this was the first time they would have experienced an increase in their monthly mortgage payments, which may have posed some challenges. Information from Nationwide suggests that the average monthly mortgage increased by £22.
It is fair to say that many property owners had to adapt to the increase in interest rates, but the same can be said for mortgage lenders. A rise in interest rates has led to lenders changing their mortgage offerings, tweaking deals and providing new mortgage ranges. The start of 2018 has seen a few new options for homeowners and prospective buyers to consider.
Given that it is likely there will further increases in interest rates before too long, many homeowners are looking to improve their mortgage. This may not be possible for all homeowners, but there is a lot to be said for reviewing your options and finding a way to reduce the amount of money that you spend each month on your mortgage payment. With some specialists predicting that the base rate will reach 1% before the end of 2018, it makes sense to review your finances before it is too late to find a favourable deal.
It is also of interest to note that there is a new name operating in the UK property market in 2018. It is not as though Marks & Spencer is an unfamiliar name, most people will recognise this company. There is also the fact that M&S Bank is a well-known name in its sector, offering a god standard of credit and finance solutions. However, the company has made its first foray into the mortgage sector and there may be packages of interest to first-time buyers.
Alongside the standard fixed rate mortgage and tracker rate mortgage options, M&S Bank is said to have a few affordable mortgage options available for first-time buyers. With free valuations and cashback offers available in some deals, there are incentives for first-time buyers to consider what M&S Bank is looking to provide.
There is also positive news with M&S Bank teaming up with Shelter, and will make a donation on £25 for every mortgage deal that is concluded. This is a good move and anyone who likes to make a decision while considering their social conscience will have an added incentive to review what M&S Bank offers.
You’ll also find that many people already trust Marks & Spencer, making them an option that people will likely consider when looking for a mortgage lender. Confidence and trust are major aspects when considering mortgage lenders, and the reputation and respect M&S holds may see people willing to choose them as their mortgage lender.
If you are looking for a mortgage or you need advice on the right property deal for your needs, Griffin Residential is more than happy to help, so please get in touch.