The mortgage market is still struggling to adapt to the new MMR (Mortgage Market Review) requirements. There is a much more detailed focus on affordability which has, in our experience, made quite a dramatic difference for those who need to push the boundaries such as borrowing past age 65 or needing to stretch their income as far as possible. We have also seen that virtually any past or present credit difficulty makes it very difficult to obtain borrowing from High Street lenders. There are still possible lending solutions for all of these hurdles but be prepared for the process to take longer and be more difficult than before.
Having said all of that, it is a very good time to move to a fixed interest rate for 3 to 5 years in order to avoid the effects of the coming rate rises. With the average Standard Variable Rate averaging about 4.4%, and 5 year fixed rates available for 1% or more below that, a re-mortgage could allow you to both reduce your outgoings now and avoid the nasty upward movements in interest rates that will almost inevitably start in 2015. We would be happy to make enquiries to see what could be available for you.
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