You may have seen a number of headlines over the past weeks around mortgages and interest rates. Despite the headlines about rate rises and shortage of mortgages, there are a significant number of mortgage products available and more and more products are being brought back to the market albeit the pricing may look different.
All this is because lenders are repricing their products in line with the changing interest rate. There are also changes in they way they calculate how much you could borrow.
This is something that happens continuously in the mortgage market, and it means we’re well placed to support you with all your financial advice requirements during these ever-changing circumstances.
Martin Lewis* shared some useful advice about what mortgage customers should do next:
“If you're serious, speak to a broker - they're currently more important than ever. Lenders' acceptance criteria differ from one to the next, plus they're subject to change - something that's been done at short notice in reaction to the cost of living crisis. For example, one lender might include overtime or commission in your income assessment, and another might only count your base salary.
To navigate the maze , we strongly suggest you use a mortgage broker. They do the 'finding a deal' work for you and have details of most lenders' acceptance criteria, which aren't easily obtainable by the public, plus many deals (even some product transfers) that can only be accessed via brokers.”
As always, we are available should you need any support or advice on your finances and insurance.
If you would like to talk with one of our advisers, contact us on 01538807101 or office@grnfinancialservices.co.uk
*Source – Money Saving Expert’s Weekly Money Tips dated 28 September 2022
Information contained within the blogs was correct at time of publication but is subject to change.
Your home may be repossessed if you do not keep up repayments on your mortgage.
