It has been an increasingly stressful period for many looking to purchase a new home or investment. The Bank rate has continued to rise, and lenders, driven by initial market panic had pulled and or increased their lending rates considerably.
However we have been really pleased to see how the market has responded and adapted to some of the panic created. Lenders have returned in swathes and they’ve continued to reduce rates across a number of their products.
Why Use a Mortgage Broker
It is no secret that the last few months have been very busy for lenders and brokers alike. Many rushed to secure competitive rates and this caused a massive back log with some cases taking months to be completed.
For many of our clients, the best way to achieve a competitive rate was via a product transfer. We had a number of cases where the product transfer requests took 4 months to be actioned by the lender. And as interest rates continued to rise, monthly mortgage payments were almost tripling. We were seeing Standard Variable Rates increasing from 5% to 8%+ in the months from July- October.
Our experienced brokers acted decisively to support our clients, we raised complaints advising that the delay was creating an unfair and costly situation for our clients. The lender responded positively promising to refund the difference in the monthly interest (between what they did pay and what they should’ve paid had the switch taken place) for the period, plus £200 compensation as a gesture of goodwill.
If you would like to discuss your current mortgage or have a large portfolio that you’d like us to review, speak to a member of the team or our senior broker, Danny O’Keeffe on 0208 364 3444
The average price of homes coming to the market drops by 1.1%
According to this months Rightmove House Price Index. The average price of homes coming to the market drops by 1.1% this month, which despite the weight of financial uncertainty, is in line with the average drop recorded in November during the pre-pandemic years of 2015-2019.
New limited edition range of buy to let mortgages enter the market
A specialist lender has just announced a number of limited edition buy to let products. With options for personal ownership and limited company landlords. The limited edition range features 2 and 5-year fixed rates up to 75% LTV with competitive 2-year fixed rates at 5.19% and 5-year fixed rates at 5.44%