Following the Chancellor’s mini-budget and the Bank Of England’s decision to increase the base rate last week, we are seeing unprecedented times in the Mortgage Market.
Some Lenders are currently withdrawing rates with little or no notice as they respond to the unpredictability of the market. Many are then assessing the situation before launching new product ranges.
Although lenders are constantly changing their rates there are many mortgage products still available.
If you’re worried about how this will affect a mortgage application that has already been submitted, please rest assured that your rate will have already been secured and will not change with the current volatility of the markets.
If you have a valid mortgage offer your rate is also secured and will not change with the current situation.
If your current mortgage deal is coming to end within the next 6-8 months, we would urge you to speak with an advisor urgently to look at all options currently available to you. In times such as these, it is imperative to seek the expertise of a mortgage advisor that will look at all options available to you, including your current lender and other products being offered from alternative lenders.
With threats of interest rates hitting 6% in the coming months, the earlier you speak with an advisor the better, as nobody knows what is going to happen in the next few days, never mind the next few months.
