Simon discusses the recent slashing of interest rates by major mortgage companies and its implications for property investors and homeowners. While the lower rates may be more beneficial for homeowners, property investors can also benefit from the decrease, although many of the low rates are only available for lower loan-to-value mortgages.

Simon highlights a hidden factor that most people are unaware of, which is the increase in arrangement fees by mortgage companies...

KEY TAKEAWAYS

• Major mortgage companies are slashing their interest rates, which is good news for homeowners.
• The low interest rates may not be as beneficial for property investors, as many of the low rates are only available for mortgages with a 50% or 60% loan-to-value ratio.
• Mortgage companies are increasing their arrangement fees, which can significantly add to the overall cost of the loan.
• The cost of shipping has increased due to problems in the Red Sea, which may lead to higher prices for imported goods and potentially spike inflation.
• Property prices are predicted to come down by about 4% in 2024, according to Halifax, the largest mortgage lender. However, this presents a good opportunity for property investors who are willing to take action and buy in areas of strong rental demand.

BEST MOMENTS

"Many of the low rates that we're seeing below 4% are only available if you're getting a 50% or 60% loan-to-value mortgage." 

"Some lenders are charging 5% and even 7% as arrangement fees. Now these are added to the loan." 

"I think rates might go up again in the next couple of months. I'm doing refinances right now." 

"I'm going to be buying a lot of property, and I think this is such a good time to buy." 

"If you're following the five golden rules, particularly number two, three and four... then I think you're going to be okay if you're buying right now in 2024." 

VALUABLE RESOURCES

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Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi

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Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32.

Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk.    pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors.

Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way.  How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth.

Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book.

Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.