Coastal Expert Reflects on Market
With a new election being called on 12th December, Brexit deadlock and reported uncertainty throughout the UK of all things financial, a local mortgage and financial protection expert has stepped forward to reveal the true position of the local property market for the residents of North Tyneside and the coastal area.
Fed up of negative national reports on the housing market, Martin Graham, mortgage expert from MG Financial Solutions is keen to add a sense of reality to the situation to help people in the area make better informed choices.
Martin, who has a team of seven which grows on a regular basis, specialises in residential and commercial mortgages, equity release and financial protection including life insurance, income protection and critical illness. Based on Silverlink in North Tyneside the company’s clientele is predominantly from the coast and surrounding areas, and the team have never busier. He said:
“From a mortgage perspective there has never been a better to move. The rates are low, but stable. Lenders are happily lending, and many have relaxed criteria meaning it is easier for certain sectors to secure mortgages than in the past.
“The level of successful applications is positive, in fact this year we have secured over £50 million of lending so far, which is a company record. Lenders are keen to work with us to get as many people through as possible, and they are also upholding valuations that are realistic.
“They key to success in the market at the moment is being realistic. Talk to experts do your research and be realistic about value, about loan to value cash opportunities and about what you can afford to borrow, not just now but if rates do climb.
“We are also really keen that all our clients look at both critical illness cover and life insurance, as well as other forms of income protection, to ensure that if the worst occurs, your family and your property is well looked after. More people than ever now qualify for cover at reasonable rates, as brokers have loosened criteria, are more flexible and appreciate the need of a range of different personal situations.”
The regeneration of Whitley Bay has reignited interest in the coast and there has, in this last couple of weeks, been an increase in instructions at the higher end of the market with the more prestige properties faring well. Despite political uncertainty, houses are selling, mortgages are being secured with fabulous rates and new properties are coming onto the market every day.
Martin concluded, urging people in the area to have confidence in our beautiful location, and to keep our market on the positive:
“We urge people to not get caught up in any negative propaganda and online reports about markets being poor, prices dropping, interest rates changing and any other doom and gloom that is quite simply being guessed at.
“Look at the facts. Speak to experts. No-one knows what the future holds but here in the North East our properties are holding value, and as long as we all keep being steady and realistic, we will maintain that positive position.”