With hundreds of deals disappearing from the proverbial shelves amidst another jolt of market madness, we’re urging prospective buyers and current homeowners to act quickly in order to secure the best possible deal.
Last week saw another titular shift in the mortgage market, as several banks and building societies raced to withdraw a range of their products. Borrowers searching for a good deal may well be very concerned about the recent market activity, so today we thought we would give you a quick run through on the situation as it currently stands.
What’s happening in the mortgage market?
The turmoil in the market follows on from official data published last week, which showed a rise of 8.7% in inflation, markedly above the 8.4% rise expected by the Bank of England.
According to comparison experts moneyfactscompare, this data triggered a shock response from lenders, with several major providers withdrawing selected fixed-rate products in recent days, whilst other lenders have pulled their fixed-rate range entirely.
How does this impact available rates?
Unsurprisingly, as a result of the fall in product choice, we are now seeing a rise in the average rates of a fixed mortgage, and experts have speculated that mortgage rates are likely to continue their upward trend, due to the ongoing concerns around future hikes to the interest rate.
Whilst this shift still does not compare at all to the market turmoil that followed the 2022 mini-Budget when thousands of products were wiped from the market, experts are still concerned about the potential repercussions of this development as it plays out.
In particular, there is concern over the impact that rising rates could have on the housing market in general. Experts fear that climbing rates could serve to undermine the recent surge in mortgage approvals, potentially resulting in faltering house prices and thus undoing some of the positive progress in the mortgage landscape that we have witnessed of late.
As such, it is highly recommended for those considering renewal or for those who are hoping to enter the market to act quickly before rates further swell.
How can The Mortgage Brokerage help?
It is essential that prospective borrowers seek professional advice in order to find the very best possible mortgage for their circumstances amidst the current market madness.
Here at The Mortgage Brokerage, we can help you to navigate the changing mortgage landscape with ease, listening attentively to your needs and leveraging our whole-of-market perspective in order to secure you a competitive deal. With the help of our professional and experienced advisers, you’ll be able to access deals that are exclusively available through our brokerage and cannot be found elsewhere.
But heed our advice and act fast, because in the current climate time is most certainly of the essence.
So, if you’re looking to make a move and renew your mortgage or secure a new mortgage fast before the market worsens, we’re ready and waiting to assist you by scouring the market and getting you locked into a competitive deal as soon as possible.
You can always count on our experienced brokers for professional and knowledgeable advice during these trying times. For guidance that you can trust, contact us today.
