Advisor gives her views on what all brokers need to be
Julie Gilbert, business owner and mortgage adviser, has observed major shifts in the mortgage and housing market, and she isn’t afraid to dig into the realities her clients face – even believing one area has been “killed” by recent developments.
Gilbert’s client base includes property investors, and she has strong opinions on the buy-to-let market’s current state.
“The only thing that we’re kind of seeing up here is… product transfers and potentially some remortgages,” she said, noting that this side of the business has slowed significantly due to both regulatory and financial pressures. She describes how rising taxes on rental income, tougher interest rates, and the stamp duty on second properties have made buy-to-let investments far less attractive, even unviable for many potential investors.
“It’s killed the market,” she admitted, and there’s been limited relief even for those setting up limited companies for investment purposes. The changes in this sector are more than a passing trend—they highlight a shift in the property investment landscape that many aren’t prepared for.
Remortgage changes
According to Gilbert, however, the biggest shift has been the resurgence of the remortgage market, which has given clients a chance to save on interest rates—a rare positive amid years of rate hikes and tough borrowing conditions.
“Now the remortgage market is really quite exciting,” she said, reflecting on how, only a year ago, product transfers were often the only affordable route available. “We’re going to be able to save you money, rather than it’s going to cost them an absolute arm and leg.” This new freedom has allowed her to tell clients they might finally see some relief in their mortgage payments.
Operating in a prosperous area—what she calls the “golden triangle” between York, Leeds, and Harrogate—has added a layer of stability to Gilbert’s practice. For those in the market to buy, she noted that the area has seen a period of slower turnover as potential movers wait to see what the Bank of England will do with its base rate.
“I genuinely think here we’ve been seeing the same properties on the market for quite a considerable time,” she said, noting that the market’s uncertainty has kept homeowners holding out for better options. For first-time buyers, however, it’s an entirely different picture. Younger buyers have been resilient and active in Gilbert’s experience, largely because, as she puts it, “they don’t know any different… their affordability is based on today.” With no experience of the historically low rates others are holding out for, these buyers often don’t have the same hesitation.
In this environment, Gilbert highlighted the vital role brokers play in helping first-time buyers understand their options. “All brokers… should be good listeners,” she said, explaining that every buyer’s situation is unique and requires a careful, client-focused approach. In particular, she sees value in helping clients choose products that can be viable in both the short and long term, even if interest rates fluctuate.
“You’re not just thinking about that first-time buyer’s situation right now; you’re also thinking about what their future plans are,” she explained, underscoring the importance of holistic financial planning for buyers entering a volatile market. While fixed-rate products might be a safer choice for some, trackers or variable options could better suit others, depending on their future plans. But no matter the type of mortgage, Gilbert ensures her clients are aware of the financial implications beyond the monthly payment, considering not only affordability but also the risks to the property itself.
Beyond first-time buyers
In a high-cost lending environment, Gilbert emphasized that, now more than ever, brokers must not only guide clients through their immediate needs but also help them consider longer-term impacts. Her advice to her clients: remain flexible and open-minded about the options available today, and keep a keen eye on the future.
“It’s about making sure that income… and all those different protection needs… are fully covered,” she explained, referring to the importance of broader risk management beyond just mortgage payments. For those buying for the first time, it may seem daunting to account for both their mortgage and unforeseen life events, yet she stresses it’s crucial to build in protection from day one.
Despite these challenges, Gilbert sees opportunity for clients who are willing to make strategic, informed decisions based on current conditions. The demand among first-time buyers, she explained, is encouraging and has remained consistent over recent months. She views this as a stabilising force in the property market, particularly as younger buyers are unphased by the rate increases that might seem high to more experienced homeowners. Gilbert hopes lenders will begin to recognise this demand and adapt their product offerings accordingly.
“Lenders need to get on board with limited company buy-to-lets, that’s without a shadow of a doubt,” she said.
