Buyers can get mortgages at some of the best rates that have ever been on the market, according to the co-founder of an Isle Of Dogs financial advice firm.
Andrew Brown recently launched Bennison Brown in Manchester Road with his brother-in-law Mike Bennison and he had some advice for locals considering taking their first steps onto the property ladder.
The 36-year-old said: “You’ve got the best rates that have ever been on the market for mortgages at the moment. There are rates out there that are less than 2%.
“I saw one that was 1.99% fixed for seven years, which wouldn’t be great for our business as they wouldn’t need advice for seven years. But if that’s what they want then fantastic.”
Andrew admitted his firm had opened in a climate of uncertainty following the vote for Brexit and the rise of household debt.
But he said such unknowable forces might lead people to think more carefully about what to do with their money and to seek the services of firms such as his.
“I think people are always going to need advice,” he said. “If you look around the Isle Of Dogs I think there are around 25,000 homes and most of those are probably going to have a mortgage.
“Some won’t but generally you have got a lot of flats with first-time buyers and young professionals in them that are probably going to have a mortgage.
“I read that 30% more people are in debt now than in 2012. There are people that don’t have much disposable income.
“But here we have a segment of people that are generally wealthy. If we took the demographic on the Isle Of Dogs, a proportion will have a higher than average disposable income.
“Brexit will make them think: ‘Should we invest that? Should we have that in the stock market? Should we have that in currencies? Should we have it just in cash’.
“So it will get people thinking about their assets and what to do with them.”
Andrew set up Bennison Brown with his brother towards the end of November.
Both have left corporate positions – Andrew was a former manager at Lloyds Register and Mike worked at Barclays as a mortgage advisor.
More information is available by calling 0207 427 6067 or on the Bennison Brown website.
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