OMS Insight

October saw over 5,500 applications (worth ￡1.5bn) transacted through OMS, suggesting that the market has renewed confidence and momentum (despite the budget!). At OMS, we’re busier than ever with new clients and continuous system improvements through new integrations and enhancements to existing ones.?Exciting developments have been rolling out, reinforcing our commitment to delivering greater efficiency and adaptability for our clients as the industry gears up for a busy end to the year.???

Event Highlights

In September and October, we had the pleasure of attending some key industry events:

• Mortgage and Protection Senate
• IMLA Dinner
• MAE Expo in Manchester
• Several Financial Reporter Roadshows?
• Womens Recognition Awards
• Team night out at Tulleys Farm’s Shocktoberfest

All gave a great chance to meet new faces and catch up with familiar ones, keeping connections strong and conversations flowing.

Blogs and Press

Since our last newsletter, we’ve been busy releasing new blogs and articles packed with valuable insights:

• OMS Originations partners with Phoebus
• Jodie Andrews promoted to Head of Marketing and Partnerships at OMS
• OMS integrates Experian Mortgage Passport, enhancing affordability assessments
• How brokers can use CRMs to support customer retention
• Consumer Duty and the role of technology
• Sikoia’s AI solution powers OMS’s CRM and Originations platforms
• OMS enhances API integration with Pepper Money
• Client Case Study – Positive Lending

And there's so much more in the pipeline!? Keep an eye on our socials for the latest news, blogs, and updates.

https://onemortgage.co.uk/news/

Engaging Webinars

We’re excited to announce our upcoming webinars featuring some of our key integration partners:

• UnderwriteMe – Dive into protection solutions and integration benefits with the experts.
• Sikoia – Discover how AI can elevate CRM and origination processes.
• GoCardless – Learn how automated payments can streamline broker operations.

Stay tuned for dates and details, and don’t miss these great opportunities to explore how our integrations can enhance your business offerings!

Upcoming Awards

Award season has arrived, and we’re excited to be up for several Mortgage Industry Marketing Awards! Plus, our very own Neal Jannels, Managing Director, has been shortlisted for Innovator of the Year at next month’s Mortgage Introducer Awards. Keep your fingers crossed for us!

A Market Outlook from Dale Jannels, CEO at OMS

Since the recent budget, we’ve seen SWAPS increase and the market react accordingly.? Hopefully this will shift again shortly as speculation over the upcoming Bank of England meeting and an anticipated November rate reduction moves closer.? Market confidence will be a key factor as we move towards and into 2025.??

Here's how recent developments might shape market conditions:

1. Bank of England Base Rate: The base rate, currently 5%, may indeed see reductions in early November, as inflationary pressures relax.? Economists are closely watching for any signs that additional fiscal measures or persistent inflation could alter the Bank’s trajectory. A gradual base rate reduction to 4% by mid-2025 is possible but this would depend on economic indicators showing broader economic stability.? The OBR suggests an average inflation rate of 2.6% throughout 2025.
2. Mortgage Rates: Fixed mortgage rates have softened slightly, with recent averages for 2-year fixed rates at 4.91% and 5-year rates at 4.64%, a modest drop compared to the higher peaks earlier this year. The return of sub-4% deals has renewed optimism, yet rising swap rates and global economic uncertainties could moderate future rate reductions.
3. Housing Market Recovery and Budget Impact: The market had started to recover from the 2022 mini-budget, with house prices growing slightly and mortgage rates becoming more affordable for some buyers. Nevertheless, the recent Chancellor's budget may have changed this and the full impact won’t be realised for a few weeks yet. Analysts warned that substantial changes could impact the property market, particularly if they dampen buyer or investor confidence, mirroring the market reaction following the 2022 budget.? Only time will tell..
4. Opportunities for First-Time Buyers: The availability of 95% loan-to-value (LTV) mortgages has improved, providing more options for first-time buyers with smaller deposits. However, stricter affordability assessments remain, and prospective buyers may want to await further economic clarity before making large financial commitments.

With the anticipated November Bank Base Rate meeting and fiscal updates, prospective buyers and current mortgage holders may find it wise to stay informed, as policy shifts and economic developments will likely influence mortgage rates and broader market conditions through the end of 2024 and into 2025.???

OMS remains at the forefront of technological advances and will do everything in our power to ensure that, despite market conditions and influences, you have the integrated tools to be as efficient as possible when dealing with your clients.??

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