Make the most of 2023 market opportunities
Despite the market context in Autumn, 2022 was a very strong year for lending in the mortgage market. IMLA reported that the 'lion's share' was for purchase (£188bn) with a significant amount in remortgage business (£108.5bn), plus an additional £180bn in product transfer activity. Whilst both Zoopla and IMLA data shows a 'slow burn' start for the housing market in 2023, with a predicted market size of £265bn, UKFI's predictions are slightly more optimistic at £275bn - in line with 2022's initial forecast - which was exceeded. In fact, Twenty7Tec reported the 'busiest month ever' for total mortgage and remortgage searches on their platform in January, with double the amount of searches than in December 2022 and the ratio of purchase to remortgage at 53:47 (excluding product transfers).
The Office for National Statistics predicts that more than 1.4m UK households could face interest rate rises when they renew their fixed rate mortgages in 2023, with 57% of those currently fixed below 2% and maturities peaking in quarter two at 371,000.
Within that prediction lies a huge opportunity for brokers offering expert advice when borrowers need it most. The fact of the matter is that people will always need somewhere to live, and now more than ever borrowers are turning to brokers for support, with IMLA predicting that intermediaries' share of mortgage business could rise to 90% by the end of 2023.
How we can support you
We have a range of options available to suit your clients' diverse needs, including discounted and fixed rates for the short and long term.
For clients needing additional affordability options, we offer:
- Residential products available up to 95% LTV, supporting clients with smaller deposits;
- Bespoke products available up to 80% LTV, supporting newly self-employed clients with 1 years' full accounts;
- Joint Mortgage Sole Proprietor products available, supporting clients requiring the support of family members;
- Alternative new build schemes through Deposit Unlock and the Government's First Homes scheme, both with bespoke products; and
- Shared Ownership products supporting clients on joint incomes up to £80,000 (£90,000 in London).
For clients whose mortgage is maturing soon, we have remortgage products available up to 95% LTV, with capital raising options permitted.
Alternatively, if your client has a product maturing with us, we also offer a range of products that include exclusive rates for our existing borrowers. What's more, you can secure your client's new rate with us ahead of the maturity date in a few simple clicks by using our easy online transfer tool.
Visit our website for our full criteria and available products.
Contact us
Talk to your dedicated Business Development Manager or contact your Intermediary Support Team at Intermediary.lending@newcastle.co.uk or 0345 602 2338.
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