Blog: ESPC Mortgages second quarter review

Peter McGregor from ESPC Mortgages offers his thoughts on the mortgage market and whether Brexit has made any impact so far.

What are your latest impressions of the mortgage market?

Activity in Edinburgh has been robust throughout the year. Here at ESPC Mortgages we have had a steady flow of first time buyers, home movers and re-mortgage clients throughout the year. Many of our clients are keen to lock in to the record low rates currently on offer by the major lenders.

Do you think the base interest rate is liable to rise?

I can’t see the Bank of England doing anything further with interest rates in the foreseeable period until they see what effect the latest cut has on the economy. That said, it wasn’t too long ago that Mark Carney was hinting at an interest rate rise. The one certainty is that nothing is certain in this current economic climate.

Has Brexit made any noticeable impact on the mortgages?

People will always be buying and selling houses, particularly in Edinburgh. We haven’t as yet identified any loss of appetite from mortgage applicants at ESPC Mortgages, where we continue to provide solutions for those needing a mortgage to obtain their home ownership goals.

Has the buy-to-let market been affected by the second homes tax?

There was a real surge in demand between the second home property tax being announced and implemented in April. Since then things have been reasonably steady in the buy-to-let market. There will be some consumers undoubtedly put off by the tax changes, however, many still think this as a good market to be in, again, particularly in Edinburgh.

Any advice for people moving home now?

As previously noted, interest rates are once again at an historic all-time low. Lenders are keen to do business and the rates being offered currently are very attractive at all levels of deposit and loan to value. If you are in a position financially to move now, then I can see no advantage in waiting. But it’s important to seek out advice on the affordability, and other factors should be taken into account too.