A Cornish firm of independent financial advisers is reporting an increase in mortgage business despite the uncertain economic times.
Truro and Wadebridge-based Worldwide Financial Planning has seen business for the current quarter – July, August and September – increase compared to last year’s equivalent figures.
Worldwide’s specialist mortgage adviser, Ronan Marrion, believes the boost is a result a variety of factors.
“We’ve seen a surge in the popularity of tracker mortgages over the last few months,” he said.
“People had tended to go for fixed mortgages or stayed on a standard variable rate over the last two years, but with the Bank of England base rate continuing to stay at an historic low, people are now prepared to take a calculated risk.
“On average tracker rates are 0.5% lower than fixed rates, so the interest rate has to go up at least one percent for it to make a real difference.
“People now seem to be more savvy and happy to take a chance over the two-year period.”
The company says it has also seen an increase in buy-to-let mortgages, accounting for around 40% of Marrion’s workload.