We must seek out other opportunities.
Posted on January 12th 2009
I for one won’t be sad to see the back of 2008 which undoubtedly was an annus horribilis for the mortgage market. My view of 2009 is that it will be a difficult and very challenging year for the entire Country as well as being particularly painful for the mortgage market. Rather than being pessimistic about 2009 I am feeling optimistic as I can see that at some point there will be light at the end of the tunnel and we are a good two years into the cycle.
With a new year comes the opportunity to face into the reality of the current market and shape your business accordingly. If gross mortgage lending is going to be in the £150bn region instead of the £364bn achieved in 2007 then now is the time to acknowledge this fact and set a strategy that exploits other opportunities. When one market contracts there are always other markets that are expanding.
On a personal level now is the time to do a full financial review to ensure that personal finances are in the best shape they possibly can be. My mortgage broker (Ian Morley from YFS Ltd)rang me a couple of weeks ago to remind what a great job he had done in getting me a very competitive tracker deal in March 2008. I am truly grateful as my mortgage payments have plummeted in line with BBR. This was a great example of relationship building and made me remember what a valuable job my broker does for me; I will now be speaking to him to ensure all my insurances are in as good a shape and that I am on the most competitive deals possible.
The best way to stand out from the crowd in 2009 is to seek out the positives when all around you are staring at the negatives.
