Record low interest rates and booming house prices in some parts of Bristol means our specialist mortgage broker is having his busiest year ever.
The record low interest rates continue to be very attractive to doctors looking to borrow money to fund their own home or to enter the buy-to-let market. The Bank Of England kept the bank base rate on hold at 0.5% for the 79th consecutive month and despite warnings from Governer Mark Carney of a possible hike soon, economists are not expecting an interest rate rise until the first quarter of 2016 at the earliest.
According to local Estate Agents it is the lack of homes on the market which ultimately will push market prices higher. Nationwide reports that house prices rose by 0.5% in September 2015, with the annual pace of house price growth picking up modestly to 3.8% from 3.2% in August. The annual change was 5.1% in the South West and 10.6% in London.
However a word of warning for those doctors who may be looking at taking out a mortgage. The Mortgage Market Review (MMR) in April 2014 placed stricter mortgage guidelines on lenders and mortgage brokers alike and therefore since then borrowers have found funds harder to come by.
Given the maze that it is the current mortgage market we would recommend any doctors looking to borrow should take some specialist advice. In the first instance contact us on firstname.lastname@example.org or telephone 0117 9665699 for an initial chat on how we can help.