The State of the Mortgage Market: Protests, Repossessions, and New Talent
The mortgage market is in a state of flux. Protests have erupted outside TSB branches across the UK, with demonstrators calling for an end to the bank’s buy-to-let mortgage policy, which limits tenancies to 12 months. Meanwhile, the number of mortgaged properties being repossessed has seen a significant 36% increase in the first quarter of 2024, with 870 properties being repossessed between January and March 2024.
But amidst the turmoil, there are signs of growth and innovation. Somo Bridging has appointed two new relationship executives, Daniella Edwards-Davies and Fran Calow, to support its growing sales team. Both women bring a wealth of experience and passion to their new roles, with Edwards-Davies having a background in construction and Calow previously working in a sales role with audio production company PHMG.
The Rise of Repossessions
The increase in repossessions is a worrying trend, with many homeowners struggling to keep up with their mortgage payments. According to UK Finance, the number of homeowner mortgages in arrears of 2.5% or more of the outstanding balance has also increased, representing a 3% increase from the previous quarter.
Mortgage experts are warning that the situation is likely to worsen, with many homeowners facing significant increases in their mortgage payments. Mojo Mortgages has shared its tips for navigating these tough times, including checking whether you’ve been moved to your lender’s standard variable rate and looking into remortgaging options.
The Future of Buy-to-Let
The protests outside TSB branches are a clear indication that the buy-to-let mortgage market is in need of reform. The bank’s policy of limiting tenancies to 12 months has been widely criticized, with many arguing that it is unfair to tenants and landlords alike.
Housing action group Acorn has called on TSB to provide renters with stability and security, urging the bank to remove limits on contract lengths to give renters better protection. The group has also criticized the government for failing to deliver on its promise to end ’no fault’ evictions.
A New Era for Somo Bridging
Despite the challenges facing the mortgage market, Somo Bridging is looking to the future with optimism. The appointment of Edwards-Davies and Calow is a clear indication that the company is committed to growth and innovation.
Both women are excited to be joining the team, with Edwards-Davies praising the company’s culture and Calow highlighting the supportive nature of the senior sales team.
As the mortgage market continues to evolve, it will be interesting to see how Somo Bridging and other lenders respond to the challenges and opportunities that lie ahead.
Image: A graph showing the rise in repossessions and arrears in the mortgage market.
Image: A protest outside a TSB branch, with demonstrators calling for an end to the bank’s buy-to-let mortgage policy.
Image: The Somo Bridging logo, representing the company’s commitment to growth and innovation.
