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February 2025

What a long month January seemed to be, I swear it gets longer each year.

After a slow December, January came with a lot of activity on the property market and some interesting political news. In Februarys newsletter we'll look at what happened in the market in Jan.

We'll also be looking at the Remortgage process and how it all works. 

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Latest News

With the Bank of England holding the Base Rate steady in December it seemed that most had decided enough was enough and got on with their home buying. 

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It was a busy month, interest rate didn't really change too much, there were some slight fluctuations, in the main, interest rates rose. 

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We did see an improvement in Inflation with this lowering to 2.5% in December. Consumer inflation was at 2.6% in November and so it wasn't a huge drop but definitely good to see, especially in such busy month for shopping. 

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This month there has been a lot of talk around the growth of the economy stalling which has put pressure on the Bank of England to move more quickly with rate cuts to stimulate growth. It's a fine balance. 

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The Bank of England will meet again on February 6th and the base rate is expected to fall from 4.75% to 4.5%. 

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House prices grew at a lower than expected rate, in part because of higher interest rates along with the impact that has on affordability. With a higher interest rate banks are stress testing mortgage payments at a much higher level which is really eating into affordability. 

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No one has felt the impact of this more than Private Landlords who are now facing remortgage costs of almost double their previous monthly payment. Those who haven't sold are keeping the option to do so open. 

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It's not all gloomy though, 2024 gave us a very steady year and 2025 seems to be off to a good start, where inflation has settled down and with Base Rate cuts in the offing. 

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Mortgage Rates Today

The Remortgage Process

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When your special mortgage rate expires, securing a new one is essential to avoid moving onto the lenders much higher, standard variable rate.

 

As a Boulter Mortgages client, we work with you for life so that the remortgage process is streamlined. I have included a very brief overview of what this involves below: 

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  • Initial Consultation: Six months prior to your rate's end, we'll get together to discuss any changes in your circumstances, income, or future plans so that we know what to look for when it comes to your next product.

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  • Market Research & Recommendation: We'll compare your existing lender's offerings with the wider market to identify the most cost-effective solution, inclusive of fees. We'll then put forward a comprehensive recommendation. we'll make sure to talk this through together. 

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  • Documents: We'll need some updated documents such as new bank statements and payslips

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  • Application Process: Upon your approval, we'll submit the application and manage it through to offer, including lender due diligence (valuation, underwriting etc).

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  • Legal & Completion: Your solicitor will handle the legal aspects, requiring your prompt attention to a questionnaire and ID verification. We target completion the day after your existing rate ends to avoid any early repayment charge.

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  • Post-Completion Review: We'll confirm your insurance coverage and schedule a follow-up six months before your new rate expires.

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Remortgaging offers a great opportunity to review your mortgage structure and make any adjustments, this could be those included on the mortgage, the term or the the amount you're borrowing. 

 

 

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Jen Boulter

Schedule a Time to Discuss Your Options Today

Boulter Mortgages

Mortgage Advisors

This website is for UK residents only 

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT.

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Jennifer Boulter trading as Boulter Mortgages is an appointed representative of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority.

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A fee is payable at Mortgage application, this is a lifetime fee which entitles you to advice over the lifetime of your mortgage at no further cost.  

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Boulter Mortgages may receive financial compensation when referring clients to other service providers, including but not limited to Conveyancers, Surveyors and Will Writing Services. When this relates to you as a client of Boulter Mortgages, details of the amount received can be provided to you upon your request

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