"With November behind us its time to reflect on what has been a relatively positive month for the mortgage market, with almost all lenders reducing their rates multiple times and showing signs of further reductions to come. The fixed interest rates are on average 0.5% lower than they were this time last month... and although still high in comparison to 12 months ago, they are quickly going in the right direction!

The main focus this month has been around tracker mortgages, with lenders introducing some excellent products to compete for this type of business. Although tracker mortgages come with their risks (which must be discussed with a mortgage advisor), they are extremely well priced in comparison to todays fixed rates, making their an increasingly popular option.

The buy to let market is also trying to find its feet again, with many lenders coming up with intuitive ways to overcome the new crippling stress tests that are limiting the loan amounts for so many investors. One popular option is for the lenders to increase their arrangement fees, which then allows them to keep their interest rates low, meaning they can offer slightly larger mortgages to their customers…this trade-off seems to be something that many investors are willing to consider in order to secure the slightly larger loan amounts?

Mortgage advisors are sat on the edge of their seats in anticipation for the next bank of England rate announcement on the 16th December, but whatever the outcome, the there is a much more positive feel to the market compared to only 6 weeks ago.

Hopefully the final month of 2022 will put us all in a good position to have a calm and stable year ahead."

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