Current Market Conditions

The mortgage markets have seemed quite volatile lately. With a quicker turnover than an AirBNB, No10 Downing Street has undoubtably had an impact on some of these changes.

Rates were increasing daily, and some lenders even pulled all of their mortgage products completely from sale. This wasn’t because they didn’t have funds to lend, but to ensure they could still be profitable. After all, they are a business with shareholders to please!

Behind the scenes lenders are struggling. Not financially, but because they simply don’t have enough staff to cope with the unprecedented demand. Whilst rates rising were supposed to calm lending down, all it has actually done is cause a scramble for customers to secure rates before they increase again.

We are currently seeing one lender not even looking at applications for 4 weeks after they have been submitted, whilst others are taking a week plus. The latter doesn’t sound very long, but it wasn’t that long ago that we could get an application submitted, assessed and offered within a few days in some circumstances.

Even with the rises in interest rates, people still need a mortgage. Whether to buy their first home, review their existing deal or to borrow funds to extend their property, the need is still there. Whilst the monthly payment is likely to be higher than it has been in recent years, what we will always look at is the overall affordability. If the repayments are affordable and your requirements are fulfilled, then the mortgage market is still very much open to you.

All mortgage borrowers will need to refinance and secure a new rate at the end of their current deal, whenever that will be.

Ok, so I have given you the facts and my professional overview, but what about the nitty gritty and the impact to the average borrowers. There is no doubt that they will feel the squeeze but with some careful budgeting, the mortgage is, or should be, the priority payment to be factored into outgoings. We then need to look at what other changes can be made to expenditure to alleviate some of the pressure. This period isn’t going to last forever, but it is a wave we will all have to ride, so make sure you don’t spend time worrying about it! Talking is good and taking on the advice of professionals has never been so important

Whatever the circumstance, many will more than ever, need the help and support of a broker.

Speak to us at Acclaimed about your mortgage and protecting yourself, family and lifestyle. We care about our clients.


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