Enter BriefYourMarket

With Rishi Sunak warning about the risk of inflation in the Spring Budget, many homeowners will have begun to consider what it will mean for their mortgage payments when interest rates increase. If your agency offers independent mortgage advice, the next few months are a perfect time to reach out to homeowners who you know are likely coming to the end of their fixed terms.

Lowest interest rate on record

When the Bank of England made two emergency interest rate cuts in March 2020 to help ease the impact of Coronavirus, the base rate dropped to the lowest interest rate on record. Although this was intended as a temporary measure, the Bank of England announced this month (on 18th March 2021) that it would hold the base rate at 0.1% until their next Monetary Policy Committee meeting on 6th May.

Good time to act

Historically, the most attractive mortgage deals have disappeared as soon as there is any sign that the Bank of England may raise interest rates. As restrictions start to ease and the economy begins to recover, it’s a good opportunity for you to reach out to contacts on your database with information that could help them switch mortgage lender to reduce costs and fix their interest rate for a further period. It’s also something that would likely motivate first time buyers, encouraging them to jump onto the property ladders whilst they can still secure great mortgage deals.

Locking in a good deal

Last year, 1.5 million people carried out a remortgage, according to the trade body UK Finance. At present, the average rate on a two-year fixed mortgage is currently 2.57%, up 0.14% from last year, while a five-year fixed has risen by 0.01% to reach 2.75% (Moneyfacts March 2021). With the Roadmap out of Coronavirus currently on track and businesses starting to reopen, there is no certainty over how long the rates will remain this low. For many homeowners, as insecurity in the employment market continues, locking in a deal now should avoid them being stranded should their existing fixed-term end and their ability to secure a new deal be impacted by their employment status.

Find new leads

Whether you want to target prospects via email, post, SMS, social media or all of the above, our teams can help you put together a variety of marketing campaigns. Our all in one marketing and communications platform links seamlessly with your own database, cross tabulating with on- and off-market data to help you find exactly the right audience.

Why not book a 30 minute demo with us today to discover how easily and effectively you can reach people in your local area. Enter your details below…

Get in touch

To request a call-back from a member of the team, please enter your details below.