Back to Business After a Seasonable Summer

Back to Business After a Seasonable Summer

It’s been a glorious summer with plenty of warm, dry, sunny days. It’s also been a summer of uncertainty with Bank of England (BOE) action, mixed economic data and worries over future decisions and unknowns making the headlines. But now, thoughts are beginning to return to the office and getting back to work and business.

The summer is typically a quiet one for the property market as people take a break and decide that house hunting and form filling can wait until September. That tends to make for a busy autumn with prices rising and buyers and sellers sprucing up their homes and their finances!

For the property auction business, lots of big sales are scheduled for the first month of the new season and at Surelock Network Auctions it’s no different. Our next London sale will take place on September 14th so it’s worth getting your business brain back in gear and taking a look through our catalogue to see what’s on offer.

For those of you seeking a mortgage, your homework needs to go further. Following the BOE’s August rate cut and policy package, a number of lenders have revised their mortgage rates to reflect the new record low Bank rate of 0.25%. There are also a few that haven’t.

In order to take full advantage of that rate cut its advisable to take a look around and see what new rates are available either now or from September 1st when many lenders said they will introduce new rates.

Specifically:

HSBC and its subsidiary First Direct immediately passed the rate cut onto its tracker mortgage customers, while their SVR customers will see a reduction from September 1st.

Barclays, Coventry Building Society, Halifax, Lloyds, Nationwide, Santander, Yorkshire Building Society and Virgin Money are all cutting their tracker and SVR mortgages from September 1st.

RBS and Natwest have said they have already passed the reduction on to tracker customers, but still discussing the impact on their SVR products.

Other lenders continue to discuss whether or not the terms & conditions of their various products allow them to move rates lower.

If you’re unsure as to what’s available to you then contact your local, recommended mortgage adviser for a chat. They’re sure to put your mind at ease, help you find the right mortgage with the best rate and allow you the opportunity to make a great property purchase, be it at our next auction or through your local estate agency.

If you want to be ahead of the game when everyone else gets back to business, then it really does pay to get a head start so you’re ready for the next opportunity that comes your way!

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