Although the media has been reporting some negative changes in the mortgage market, there are plenty of products available, and options out there to suit your circumstances. The mortgage market is currently experiencing some strange and unusual conditions. This is due to several factors, such as increasing Bank of England interest rates, which have led to an unprecedented surge in demand for mortgages as homebuyers seek to secure a deal should rates change again further.
Some mortgage lenders are repricing their products to manage demand, whilst a few lenders have pulled products altogether to allow them to catch up on existing applications and give time to reassess the situation before relaunching again, potentially with a revised rate structure.
This may only be affecting a small number of products, however if you are thinking about applying for a mortgage, it’s a good idea to act quickly as the process may take longer and there could be further pricing changes in the near future. As your mortgage adviser, we are always here to support you and provide quality mortgage advice and work together to find the most suitable solution for your individual circumstances. Source Wood, Z. (2022) UK mortgage market turmoil: what does it mean for your deal?. Available at: https://www.theguardian.com/money/2022/sep/27/uk-mortgage-deal-banks-building-societies-interest-rate-rises (Accessed 28/09/22)
All the information in this article is correct as of the publish date 28th September 2022. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.