Important news about the recent coverage concerning the mortgage market


As you are probably aware, there has been a great deal of coverage in the press and social media about the mortgage market over the last few days, highlighting increasing interest rates and lenders removing products from the market. While this may feel like a worrying period for many, we do believe there is no need to panic. We have seen posts on social media suggesting that people should come out of fixed rate deals and pay early repayment charges to move to a new deal now. This can be extremely damaging advice, as not only are you potentially paying thousands of pounds in early repayment charges, but you will more than likely be giving up a lower rate to fix into a higher one. In very rare cases this could be worthwhile, but for the vast majority of mortgage holders this is not a good idea and will prove to be a very expensive mistake. It is vitally important to take advice from an expert, rather than reacting to news headlines, that are designed to create the panic the press need to thrive.

Mortgage lenders change their rates on a regular basis in response to many different factors and have been doing so even more frequently over the last few months. While interest rates are increasing and the market is very volatile at the moment, this won’t last and there will be a calming of the market over the coming weeks. Of course, if you are looking for a new mortgage, then it will be more expensive than it would have been a year ago but using an experienced mortgage broker can help ease this and ensure that you fully understand your situation.

If you, or any of your friends or family, have any concerns, our award-winning team are on hand to answer your questions and guide you on the best way forward for your individual circumstances.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments

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The Barlow Irvin Team

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