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Ten years since the financial crash: a view from the Legal & General Mortgage Club

John Eastgate

 

Jeremy Duncombe, Director, Legal & General Mortgage Club:

“The years after the financial crisis marked the beginning of a long road to recovery. Yet, nearly a decade on, the reforms and checks put in place have now built a safer and more robust financial system.”

“Over the last three to four years in particular, the mortgage market has shown how resilient it can be when faced with change. From increased regulation, the European and Scottish referendums, two General Elections, Brexit, and Trump, to other recent turmoil we have seen, the market has grown despite the challenges. Over the last twelve to eighteen months thousands of new mortgage products have also been launched to the market – vastly up on the all-time low of April 2009. New lenders are increasingly entering the sector, too, offering more choice and options to a range of customers.

“With last week marking the first anniversary of the MPC committee’s historic decision to cut Bank Base Rate to 0.25%, we have been living in an era of record low interest rates for quite some time. Now more than ever it is paramount that first time buyers, and existing borrowers take this opportunity to get in touch with an adviser, and use the market conditions to their advantage – securing a favourable mortgage deal now, or taking their first steps onto the property ladder.”