"My morning is jam-packed with client calls, ranging from buy-to-let properties to residential refinancing."
My day begins at the gym at 7am sharp. When friends hear about my thrice weekly gym sessions, the typical response after looking at my physique is “Is there a coffee shop in there?” What I can say is that spending an hour in the gym pushing and pulling without the sense of actually getting anywhere feels strangely similar to the current mortgage market.
When I get home, just after 8am, I look forward to taking my daughter to school — one of the highlights of my day. I quiz her on capital cities on our way to the gates, and she's getting really good at it. When it's time to say goodbye, I ask her who she loves more, her mother or her father. As she runs to the gates, she replies, "Mum," with the brutal honesty of an 8-year-old. Ouch! She used to say that she loved us all equally when she was younger. Children tell it like it is.
Back to business. Today is the day of the March Nationwide house price data, which shows a 3.1% drop — the largest since 2009. Although the figures are not encouraging, the situation could be much worse. Given the higher interest rates we now have, a drop in average prices could be just the thing to re-energize the property market. I still find it difficult to believe that there was no housing-related spending in the recent Budget, especially given the end of Help to Buy. Hopefully, mortgage rates will continue to fall as they have in recent weeks.
My morning is jam-packed with client calls, ranging from buy-to-let properties to residential refinancing. One client is eager to expand their property portfolio, seeing potential investment opportunities in the coming months. Another referral, who is currently on a tracker mortgage, discusses the current market and agrees to an action plan for the remaining ten years of their mortgage.
I call a client who has recently completed a couple of transactions. Moving and preparing her old property for incoming tenants has taken its toll on her and she is exhausted and barely able to speak. Despite the current housing crisis, she received multiple offers for her East London flat and received a higher rent than expected. To cheer her up, I enquire about her go-to Nando's order and arrange a delivery. Our shared journey, which included a previous purchase falling through and nearly losing a pre-Truss buy-to-let rate, has created a strong bond, with all the stars eventually aligning.
A phone call to my wife reveals that she has developed a cold sore, and the blame is squarely on my shoulders because this is the first one she has ever had. I was also blamed when she got conjunctivitis in her thirties for the first time. There appears to be a recurring theme here. Our amusing exchange reminds me how important it is to balance work and personal life.
Existing clients are still being worked with, and their options are being explored as their mortgage deals come to an end. While one client's best option appears to be to stick with their current lender, another referral appears to be better suited for moving their buy-to-let mortgage. This unexpected revelation calls into question the notion that this year would only be about product transfers.
Before the events of September last year, the majority of my work involved property investors. However, the pendulum has now swung back to residential owner-occupation transactions. My heart goes out to those who have used rental properties to supplement their long-term financial planning. Something has to give because a lot of their financing options now include large arrangement fees that are difficult to swallow if they only want to fix for a couple of years. I can't really blame the smaller ones for thinking about selling up. I still believe the perfect storm is brewing in the buy-to-let market.
I speak with a new client who was referred to me by one of the many medical professionals with whom we work. We talk about his plans to buy a larger home, which may include selling his current home to a new limited company. He is having his property valued next week and has scheduled another call to discuss this further. As a mortgage broker, I frequently speak with legal professionals to gauge market conditions. I spoke with someone who stated that the last quarter has been difficult. She did, however, mention that the number of file openings is increasing, which is reassuring. On a cloudy day, it's like seeing a ray of sunshine.
I have a feeling that the market will come alive with a flurry of activity after the Easter break. But then again, it could all be wishful thinking. The only way to know is to wait and see. Regardless, I maintain a positive attitude and am prepared to assist my clients in navigating whatever comes their way. After all, I'm used to being on my toes and thinking on my feet as a mortgage broker.
My day wraps up getting life insurance, critical illness insurance and income protection quotes ready for a client meeting. As Easter approaches, I look forward to spending quality time with my family, watching Netflix, and being trampled on by my daughter. Now that my wife has finished her exams I can share the babysitting, sorry parenting, so I may even get to watch something I want to watch.
