Since Liz Truss’ disastrous mini budget in 2022, there’s hardly been a positive piece of press about the mortgage market. With 14 consecutive base rate rises resulting in mortgage rates creeping over 6%. And, the latest inflation figures showing that inflation is still not behaving as we would hope. At last though, there seems to be some positive signs on the horizon for the mortgage market. Here Adam Nanson, Managing Director at Your Mortgage Expert looks at what is happening with mortgage rates in our October Mortgage Market Update.
What is happening with mortgage rates?
“Over the last few weeks, mortgage rates have been consistently falling. So much so, that many media outlets have been terming this current trend a “mortgage war” as lenders compete for your mortgage business*.
“Nationwide, Virgin Money and Barclays have all cut their rates recently. In fact, average fixed term rates are now below 6% for the first time since June**.
“This is great news for my clients looking for a new mortgage or to switch their current deal. It’s a relief to be able to start talking about good news to my clients. Now is a perfect time to review your options and I’d love to speak to you.
Is the trend with mortgage rates likely to continue?
“I feel like I’ve been saying this all year, but none of us have a crystal ball. We think we know what is happening with mortgage rates, but then inflation doesn’t behave as expected or international events impact the UK financial situation.
“So, while some experts are predicting that rates will continue to fall throughout Autumn*. We must remember that The Bank of England will decide on 2nd November 2023 what level interest rates should be set at. And industry experts are divided over whether the base rate will stay the same or increase by a possible further 0.25%***.
“What I am advising my clients is – hope that rates will continue to fall, but lock in rates now in case they don’t.
“So, if your mortgage is up for renewal in the next 6 months, act now. With rates lower than they’ve been for a while, many of my clients are choosing to lock in a low rate now. We can then always review your mortgage rate again over the next six months if the downward trend does continue.
“It’s the same if you are buying a property. We can apply for a mortgage offer now, but if rates drop before you complete then we can always review your options.
“As your mortgage broker, we love to work hard for you. And if that means reviewing your rate several times, then that’s what we will do.”
We are not like other brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry. We have over 70 five star reviews on Google and we have over 90 verified reviews on VouchedFor. And we would love to work hard for you.
We have access to thousands of mortgage products, many of which are only available through brokers. There are a very small number of lenders who don’t work with brokers. And, if you’re better off going with them, we will let you know.
If you have read our October Mortgage Market Update and wish to speak to a member of the mortgage advice team ring Your Mortgage Expert now on 01722 322683. Or visit www.your-mortgage-expert.co.uk and complete a contact us form and let us know when we can call you back.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
**Source : https://www.rightmove.co.uk/news/articles/property-news/current-uk-mortgage-rates/
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“This was knight in shining armour stuff. Our conscientious mortgage broker was a delight to deal with from the off and the key to our dream home.”
Max and Martha, First Time Buyer customers from Cardiff
“Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”
Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury
“I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me. During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field. This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”
Andrew and Helen, Armed Forces Mortgage Customers from Salisbury
“Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”
Fiona and Graham, Armed Forces Mortgage Customers from Wilton
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Andrea, Contractor Mortgage Customer from Warminster
“I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”
Matt, Contractor Mortgage Customer from Southampton
“Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”
Hannah and Steve, Protection Insurance Customers from Stamford
“Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”
Saul and Laura, Home Mover Mortgage Customers from Salisbury
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Mike and Bethan, First Time Buyer Mortgage Customers from London
“Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”
Chris, Help to Buy Mortgage Customer from Southampton
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