As we come to the end of the year, I always try to give an update on how we have done.
It is always nice to have a read over the previous years review and compare it to this years to see if we have done good or bad by comparison
This year has been a little bit of a frustrating one in a sense as there has been a few things which have sort of hampered us for one reason or another from making a bit stride forward.
During the summer my mum picked up Pneumonia, some of you may have spoken to her in the past as she was an advisor here a few years ago and more recently doing some admin. Unfortunately she spent a lot of summer in and out of hospital and in turn so did I. That obviously took me away from work but thankfully we had Matt to help pick up my slack!
Then more recently there was a whole lot of fuss surrounding the budget which in reality was a little bit of a dull one! But it put a bit of a break on things from around mid October.
So before I even started looking at the numbers I was not expecting much…
Business Volumes
This is one of the important ones for us as its the part that pays the bills! Last year we wrote a little over £8m in Mortgages. This year we will complete on just under £9m so overall business volumes are quite similar, we are about 8% up on last year.
Thats good in one respect – every increase is nice! But with an extra advisor its obviously not enough, we were hoping to hit £10m as a minimum this year, but because of the reasons mentioned above, I think its one of those things we have to just take on the chin and move on from.
The £10m will remain the target for 2027!
Interest rates
This is some positive news, this time last year a 5 year fixed rate at 90% LTV was around 4.64%, we are now a little closer to 4.2% so rates have come down by around 0.5%. Interestingly I said last year that it was unlikely we would see interest rates beginning with a 3 but in true Mortgage Success style where are not afraid to admit we were wrong…. It is possible to hit 3 point something with a 15% deposit!
There is an expectation rates will continue to drop a little more so I expect that we will also see 90% products under 4% in the first quarter of 2026…
You can keep an eye on the rates here
Summary
It has been a bit of a turbulent year for various reasons. Matt has settled in well, the mortgage market as a whole seems to have settled down and the government seem to have moved on to something else to tinker around with so hopefully things will continue to be steady, there is a lot to be said for calm!
2025 has ended a little earlier than we would have liked but at the same time I think we all like a bit of R&R so I will take that for what it is and make the most of it. We are having a few conversations with people who are looking to buy in the new year so I hope we can come out of the blocks racing in January and quickly get back in to it.
Have a nice Christmas and/or new year if we do not speak to you beforehand and we will see you in the new year.