Q&A with Michael Curd, Senior Mortgage & Protection Advisor at Mortgage Medics
We are with Michael Curd, Senior Mortgage & Protection Advisor at Mortgage Medics, offering independent and whole of market Mortgage Advice.
In a nutshell, are you able to summarise current challenges for anyone looking for a mortgage product?
In short, higher interest rates and increased monthly payments! At present anyone coming to the end of the fixed rate deal are most likely going to be hit with a higher mortgage payment. Here at Mortgage Medics we make contact six months prior to their current deal ending. Interest rates are fluctuating so much at present, we aim to secure a rate as early as possible, giving the client the ‘worst case’ scenario and then monitor the rates over the following months to take advantage of any better offers or rate changes – we have actually seen many lenders cut rates in the last few weeks.
Rental prices, certainly across Brighton & Hove have also increased and this is one of the reasons why we are still seeing first time buyers. Paying off your own mortgage instead of someone else’s is still a big driver.
How are mortgage medics able to help?
Mortgage Medics is an independent market broker company. We have excellent Trust Pilot reviews and pride ourselves on making the mortgage process as simple as possible. We would love to speak to anyone interested in looking at buying their first home, moving to the next home, downsizing, remortgaging or anyone that just wants to have a good old chat about mortgages. We will guide you through the process whether it is your first mortgage and you need educating on the homebuying process or you are an experienced investor looking for the best deal for your portfolio.
What is the best bit of advice you could give a homeowner who is worried about at upcoming end to their current fixed rate?
Make sure you act as soon as you can – typically six months before your current rate comes to an ed. My advice is to contact a good mortgage broker who will not only see what is available now but will continue to do so right up until the last moment.
How do you see the next 12 months?
Honestly, I have no idea. Who could have predicted what has happened with rates over the last 12 months. I hope that we see inflation drop and we see the Bank Of England start to lower the base rate. At present we have clients coming off rates as low as 1% and going onto new rates at 6%. I’ve spoken to many clients who had hoped to upsize but unable to make the numbers work currently. If that gap reduces, I’m sure we will see more activity with homemovers.