Whether to meet the demands of renters and buyers, to lower operational costs (energy bills), or to add value to an asset, we should expect green upgrades to be commonplace among property investors in 2024.
Brokers and advisers may therefore see an influx of clients seeking finance to enable them to make such upgrades – things like bridging loans or home improvement loans could prove popular.
Advisers on hand to assist
Come what may in 2024, one thing is certain: we are not out of the woods when it comes to negative economic headwinds, and borrowers will continue to need the support of brokers if they are to navigate the higher-rate investment landscape with confidence in the months ahead.
Whether their clients want to add a new BTL property to their portfolio, refinance, or simply acquire a new home, lenders and brokers must work together to help borrowers optimise their portfolios and adapt to market fluctuations.
Flexible financial products, which offer things like deferred or rolled up interest payment options, will be key in the investment space, but so too will be proactive communication about how borrowers’ loans or mortgages might be impacted by the wider economy.
Ultimately, while 2024 will still present challenges to brokers, lenders and investors alike, the outlook for the next year appears to be brighter than the reality of the last.
However, we cannot become complacent, and must continue to assist our clients with their investment plans wherever possible in the months ahead.
Paresh Raja is founder and CEO of specialist lender Market Financial Solutions
