Its A Race Against Time To Review Mortgage Options
I was scrolling through twitter the other day and came across an eye watering statistic. The number of residential mortgages available on March 11th was 5,329 and this had dropped to 2,768 as of 06.04.2020. This is accounts for 47% of the mortgages withdrawn from the market in 3 weeks. There are multiple reasons for this and a big one is the servicing levels from the lenders. The way banks manage their service levels is by usually increasing pricing or removing products. The main issue we are seeing here is we believe a large amount of the higher loan to value options may not comeback to the market. This potentially causes an issue for any clients coming to the end of their mortgage rate in the near future, especially if you have taken a mortgage above 85% loan to value in the last 2 years.
As lenders try to navigate through this unprecedented time it is clear there will be a full alignment of risk assessment whilst this is going on, which will essentially mean less choice for people. If you have a mortgage which is due to expire this year our advice would be to reach out to your broker as soon as possible. The reason for this is your broker can navigate your worst case scenario and put a plan in place to try and put you in the best possible financial position. We have already witnessed people having to go on to their lenders higher rates at the end of rate due to the current situation. It is better to be prepared given the circumstances. People will be facing a host of challenges at the moment and the financial impact of everything will probably be one of the biggest issues. Reach out to a professional and use their expertise to ease any of those unanswered questions. We will offer free financial reviews for anyone that needs to talk.
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