As expected the Bank of England Monetary Policy Committee voted to retain the Bank of England base rate the same at 0.75%pa.

Despite Brexit, high prices and rates starting to rise, activity and enquiry levels are at a high level, with people determined to make 2018 a year they actually do something.

With the highest number of first time buyers for 10 years and remortgage enquiries coming thick and fast, the main category which is suffering is the next time movers, whilst customers historically would move 5-7 times in their lifetimes; this is now reduced due to hassle, high prices and stamp duty costs.

The biggest change is around the reduction in the number or buy to let purchases, due to recent tax changes. But surprisingly we are still seeing professional landlords who understand the changes looking to expand their portfolios.

The mortgage market remains competitive and levels of enquiries have increased, however, bear in mind that with this increase in activity, service from some lenders is running behind and therefore this should be taken into consideration.

A few schemes worth noting:

• 2yr fixed at 60% LTV – 1.42% pa, lenders arrangement fee £1,499
• 5yr fixed offset at 60% LTV – 2.04% pa, lenders arrangement fee £1,749 (up from 1.94%)
• 5yr fixed at 60% LTV – 1.89% pa, lenders arrangement fee £999

We are continuing to see down valuations within the London property market.

The above content does not represent a personal recommendation. If you have any questions on the buy to let sector reforms, rates or the mortgage market in general, our mortgage team is here to help. Please contact the team on 020 7444 4030 or by email.

Your home is at risk of repossession if you do not maintain mortgage payments.