As signs begin to show that the housing market is picking up a firm of Cornish independent financial advisers has received record mortgage enquiries.
Truro and Wadebridge based Worldwide Financial Planning saw interest rise by 200 percent in June, while the previous three months saw a 100 percent increase on average.
And according to Worldwide’s managing director, Peter McGahan, the company is receiving more mortgage-based calls than during the peak of the recent housing boom.
“We started to find an increased interest in the beginning of March, and it has just continued to grow since then,” said Peter.
“Speaking to contacts within the housing market people have been holding back putting their property on the market whilst they were awaiting a more stable background.
“This means that the properties that are available are gaining a great deal of interest and I’ve even heard of a bidding war which saw the property reach a price far above the asking price.”
The main calls that Worldwide’s mortgage specialists, Ronan Marrion and Daniel Gladstone, have been fielding are from people wanting to know if now is the right time to fix their mortgage.
“A lot of people are taking note of the low interest rates and with such positive information coming through are thinking that now may be a good time to fix,” said Ronan.
“The anticipation is that interest rates will rise and as a result fixed mortgage rates are around 20 percent more than they were in June.
“It all comes down to individual circumstances, and this is where it is best for people to get in touch with us direct. If people are on a tracker now then it will be more expensive, but if they’re on a standard variable rate mortgage then they could be on to a sure fire winner, particularly if the impact of quantitative easing continues and inflation surges.”
For more information on Worldwide Financial Planning please contact Peter McGahan on 01208 816667
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