While the outlook for the mortgage market may make grim reading at the moment, there are still deals happening. We are finding that the market in Cheshire and the surrounding areas is being helped by sellers heeding advice about accurate pricing, hard-fought deals being taken over the line by the dedicated teams at Jackson-Stops, and a still-buoyant mid to high market.

We asked Ryan Garbett from Private Finance to give us the facts about the current mortgage situation:

“The majority of lenders have been stress-testing at circa 6-8% for quite some time – even when 5-year fixed rates were as low as 0.89%. This was to ensure that mortgages were still deemed affordable as/when interest rates increased.

“The majority of banks appear to be in a strong position when compared to 2008-2009, and there is still an appetite to lend, with lenders doing all they can to support buyers and people looking to re-mortgage. This includes accepting overall terms of 40 years, interest-only criteria easing, and offering part and part mortgages.

“Whilst most of us don’t want to hear this, rates of around 5% are likely to be the new norm. Rates remained low for so long, but this has created an unrealistic mortgage market.

“As people come off their fixed rates and renegotiate new deals, it is going to be painful and spending habits will have to change. Naturally, increased mortgage payments will put pressure on affordability, potentially putting pressure on house prices. This is a period of correction.”

If you are looking to sell your home in the current market, there are buyers out there and we would advise seeking the best representation for your home, looking for the widest marketing coverage and working with a national brand who can put your home in front of a national audience.

If you're looking for expert advice please contact our branches:
Alderley Edge: 01625 540340, alderley@jackson-stops.co.uk
Hale: 0161 928 8881, hale@jackson-stops.co.uk