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Market Update

Market Update

Market Update – Once again, the sweet science served up monster helping of drama at the weekend! (that is the Wilder vs Fury fight in case you were wondering). But what really grabbed me was the post-fight Interview with Tyson Fury which you can see here. Rarely do you see such humility and clarity of thought, especially considering that he had been pretty much knocked out cold by a Heavyweight Champion a short time before this! The lessons in this video are very relevant about overcoming adversity, focusing on your goals and achieving what many people feel was impossible with unshakable self-belief. His open dialogue with regard to mental health is also to be applauded. Bravo sir. 

So what does this all have to do with mortgages? Well quite a surprising amount actually. Boxing works as a metaphor for life and business in many ways.  In this instance, you could use Brexit as the backdrop and the ensuing political mess that has created (and we are a long way from this being put to bed yet). In a time of open political conflict, what is the best move? Again, as I have said many time, history is the best teacher, see our blog on the 16th November for the stats (or just click here). You also need a good broker in your corner, like us, to fight for you all the way (and again, please refer to our Google reviews here as evidence of this). With a good team around you, you can create miracles just like our man Tyson Fury did. In this market there are great property deals up for grabs, and extremely cheap mortgage products if you are just looking at re-mortgaging. Either way, in times of uncertainty, it is the brave that succeed. 

Rate Update – Same trend with money markets last week that we have seen in the last month, with SWAP Rates creeping down and Libor creeping up (SWAP Rates – 2 year money is at 1.132% – down 0.074% – and 5 year money is at 1.318% – down 0.124%.  LIBOR was at 0.893% – up 0.008%). That will be because expectations of the Bank of England raising rates in the short term are now less likely, so short term products are up and long term products are down so banks can recoup some money that way.

This is relevant as banks largely price their fixed rate mortgages off SWAP Rates, and variable rates off LIBOR.  On both fixed and variable rates, lenders will typically add about 0.5% as a starting point to the rates above to create the mortgage products they offer. However, the rate you will be offered is heavily dependant on your circumstances and deposit/equity level.


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