As 2023 draws to a close, it’s time to reflect on the past year’s trends in the mortgage market and look ahead to what 2024 may hold. In a message to Oportfolio Mortgages brokers, Mike Hardy of The Equity Release Experts offers a promising outlook for the coming year, with a focus on decreasing interest rates. In this blog, we’ll explore the 2023 roundup and 2024 predictions made by Mike Hardy, shedding light on the evolving landscape of equity release mortgages.
2023 Roundup: An Equity Release Market in Flux
Mike Hardy observes that 2023 witnessed some market misbehaviour, but amidst the uncertainty, there’s a glimmer of optimism for the year ahead. The most notable development is the lowering of interest rates, with the lowest rate hitting 5.58% MER. Hardy expresses hope that this trend will persist into 2024, especially if inflation remains under control. The anticipation is that yields on gilts will continue to reduce, allowing lenders to pass on the benefits to borrowers.
Looking forward to 2024
While Hardy cautions that the rock-bottom rates of the past may not return, he foresees a positive shift. The expectation is that rates could dip below 4%, signalling a potential uptick in business. As the market gradually adjusts, the prospect of more favourable rates creates opportunities for those considering equity release mortgages.
Understanding Equity Release Mortgages
For those reading this blog who aren’t clear on equity release mortgages, equity releases are financial products that allow homeowners, typically those aged 55 and older, to access a portion of the equity tied up in their property. This can be a viable solution for those looking to supplement their retirement income, fund home improvements, or address other financial needs without the need to sell their home.
How Oportfolio Mortgages Can Help
At Oportfolio Mortgages, we understand the importance of navigating the complex world of equity release and we understand that mortgage needs have evolved over time. Our partnership with Mike Hardy and The Equity Release Experts ensures that you receive expert guidance tailored to your unique circumstances. Whether you’re exploring the possibilities of equity release for the first time or reassessing your options, our team is committed to providing personalized, transparent, and ethical advice.
Why Choose Oportfolio Mortgages?
- Expertise: Benefit from the wealth of knowledge and experience offered by our team of mortgage specialists.
- Tailored Solutions: We work closely with The Equity Release Experts to tailor solutions that align with your financial goals and circumstances.
- Transparency: Our commitment to transparency means you’ll be well-informed throughout the entire process, from consultation to closing.
- Ethical Guidance: Oportfolio Mortgages prides itself on providing ethical guidance, ensuring that our clients make informed decisions about their financial future.
Speak to Oportfolio Mortgages about equity release mortgages in 2024
As we step into 2024, the evolving landscape of equity release mortgages presents both challenges and opportunities. With interest rates expected to become more favourable, 2024 is an opportune time to explore the potential benefits of equity release. At Oportfolio Mortgages, we stand ready to guide you through this journey, leveraging our expertise and partnership with The Equity Release Experts to help you secure the best possible financial future. Contact us today to get the conversation started.