It finally seems to be happening. That thing we’ve all been waiting for. The turnaround.

For quite some time now, we’ve seen mortgage rates increase and property prices decrease – a pairing that nobody wants to see. Of course, as a Guildford mortgage broker, we’ve seen this happen before. Many times, in fact.

However, after a 12-month slog the relief that is felt – not just by our team of Guildford mortgage advisers, who have been working exceptionally hard to get our clients the best mortgage rates available, but also by our clients – is palpable.

When mortgage rates change on a daily basis it creates uncertainty for our clients. It also creates more work for the broker, who has to continually change rates for their clients as and when cheaper products are launched. More to the point, it makes finding the cheapest mortgage rates more difficult.

A sigh of relief

So, as you might imagine, when news broke recently that house prices increased in November – for the second month in a row – our entire team of Surrey mortgage brokers let out a collective sigh of relief.

According to Halifax, house prices rose by 0.50% last month. Yes, they are still down compared with the same time last year, but that matters less than the fact that they’re moving in the right direction.

This also follows figures released the week before by the Bank of England indicating that mortgage approvals went from 43,300 (an eight-month low) in September to 47,400 in October.

The mortgage broker’s perspective

As a mortgage broker in Guildford whose job it is to get people mortgages, we’re obviously buoyed and reassured by the news – but this goes beyond our own business aims and goals.

For several months, we’ve seen a number of our clients, many of whom we’ve known for years, experience mortgage anxiety as a result of increases to the base rate of interest and the knock-on effect this has had on mortgage repayments.

Inflation has also been a source of concern – not to mention a key driver behind escalating mortgage rates.

Yet last week’s news suggests that the economy is stabilising and that things are looking brighter for 2024. And on that point, January is typically a really busy time for the mortgage market as people tend to want to hit the ground running and get things moving once Christmas is out of the way.

As you might expect, these next two weeks are also quieter as people begin to prepare for the holidays. So, if you’re looking to get a head start on 2024 then these next two weeks represent the perfect window of opportunity.

Make the most of the pre-festive period by starting your 2024 mortgage application now. Contact our team of Guildford mortgage advisers today on 01483 238280 or by e-mailing info@complete-mortgages.co.uk.