While a snowy January ensured that demand for mortgages and general activity on the housing market remained unusually low, the Royal Institution of Chartered Surveyors (RICs) is predicting a recovery as we move into Spring.

The market is particularly favourable to those seeking remortgage deals, with lenders competing fiercely for the business of mortgage holders with significant equity built up in their homes.

However, these attractive remortgage deals may not last long, and it is essential to act now. Principle First, one of the UK’s largest distributors of mortgage products (Source: Touchstone), confirmed that the remortgage market is now livening up, following a quiet period. The great remortgage deals now being achieved by Principle First show, yet again, the benefits of taking quality, independent mortgage advice.

“We have noticed a rekindling of interest in remortgage deals, reflecting the savings available now to those with considerable equity built up in their homes,” said Gareth Flanagan, Principle First.

“This is a good time to remortgage, but you have to act quickly so as not to miss the boat. Lenders are competing now for your business, and have good remortgage deals on offer. In our last 9 cases, we have been able to cut their mortgage payments by, on average, £125 per month, getting some of our clients remortgage rates of 1.98%.”

Buy to Let sector picking up

With house prices still at a low level, it is no surprise that investors seeking good opportunities in the buy-to-let sector are taking a close look, eager to snap up a bargain.

“There are houses available now at low prices, presenting great opportunities until prices begin to rise again,” said Gareth Flanagan.

Comprehensive Review of mortgage, savings, insurance and pension

Great mortgage rates are only part of the savings you can make with a free, comprehensive financial review. There are further savings to be made by updating your savings account, your life insurance, and your pension.

“If you have money in a bank deposit account, you are taxed on the interest, which means you are needlessly handing cash over to the taxman. We can advise you on saving in an ISA, with no tax to pay,” said Gareth Flanagan.

“An insurance review is also a good idea. Insurance premiums have been falling, and an insurance review can save you money, but still get you the same cover, despite the fact that you are older.”

“Planning ahead, your pension is probably the biggest investment of your life, and as markets change it is important to constantly check how your pension investment is doing. It can make a substantial difference to your monthly income in retirement.”

It has been speculated that bankers will now be hit with a windfall tax on proposed bonuses. What is your opinion on the bankers getting these bonuses? We had a recent poll at Principle First with staff members, and found a 50/50 opinion.

Some think bonuses are required to motivate and keep the best individuals on the job, while others believe that they should be working for nothing, until the whole problem is sorted out.

Tell us your opinion now, comment below and contribute your opinion, or contact us for financial advice if you have been affected by recent financial issues.