I have noticed that each one of the last few years has come with its own natural gear change, as a defining moment which splits…
We’re already seeing this, with the likes of Mansfield Building Society launching very useful products for niches like its recent ‘future valuations’ mortgage for those borrowers who want to fund property improvement.
The 2016 mortgage market should build nicely on what has gone before.
We will of course continue to have a functioning marketplace but perhaps one that doesn’t quite reach its potential for some years to come.
There is clearly momentum developing around the issue of lending to those borrowers whose term might run into retirement
What I think is required is an acceptance from lenders that ‘old age’ doesn’t necessarily start at the same point for every borrower
The remortgage renaissance need not recede anytime soon, indeed with a proactive advisory community it should sustain and gain momentum at least until that rate rise announcement is eventually made
September is likely to see the first shots fired in what will be a continuation and perhaps intensifying of the pricing wars
It might well be a worthwhile exercise for the lending industry to publish a clear timetable of when they intend to make their changes and the route they will take
The real positive at present is the strength of the intermediary sector and the fact that advisers are in the best possible position to give all kinds of borrowers, potential or otherwise, the reality of their situation