Welcome to Citrus Mortgage Bites, our monthly video covering all things mortgages. This month, Holly and Richard are joined by Matthew Camber, Managing Director at Countrywide Surveying Services.
The spring selling season is here, and with it comes a flurry of questions for potential homebuyers. Is it a good time to buy? How will rising interest rates affect affordability? What about those nearing the end of their mortgage product terms?
Fear not! In our latest episode of Citrus Mortgage Bites, we bring together industry experts to address these concerns and offer valuable advice for homebuyers in 2024.
Key takeaways:
- The housing market is showing signs of bullishness.
- Affordability remains a concern, but there are strategies to navigate rising prices and interest rates.
- Consulting a mortgage broker is crucial to understand your options and secure the best possible deal.
Here’s what Holly Bettles, Mortgage and Protection Advisor at Citrus Financial, recommends for first-time buyers:
- Budgeting is key. A broker can help you determine a comfortable and sustainable mortgage payment.
- Don’t rush into buying the first property you see. Talk to your broker first to explore all your options.
- Take advantage of first-time buyer incentives such as stamp duty reductions.
For those nearing the end of their current mortgage product term, Holly advises:
- Contact your broker as soon as possible to discuss your options and plan for potential changes in monthly payments.
The housing market outlook is cautiously optimistic, with Matthew Cumber, Managing Director of Countrywide Surveying Services, reporting:
- Increased buyer demand across various property types, including starter homes and detached family residences.
- A recovery in the buy-to-let market.
- Lenders becoming more competitive with mortgage rates throughout 2024.
We’re also playing ‘Bricks & Mortar Bingo’. For March it’s another lottery winning £3million to spend on a home with a sea view. If you think there’s a clear winner let us know in the comments.
Watch the full episode for a comprehensive discussion on the 2024 housing market and valuable tips for homebuyers!
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Citrus Mortgage Bites, the latest mortgage news made bite size.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
The Financial Conduct Authority do not regulate some buy to let mortgages.
